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According to a new prediction from the Center for Responsive Politics, an organization that studies the influence of money on politics, beating all previous records, the 2020 US presidential election is the costliest campaign in the country’s history. this. It is expected that by the time the final vote count takes place, the total cost of this event will be up to $ 14 billion. This figure is double that of the electoral campaign four years ago.
The driving force behind this year’s “huge” spending is nothing more than the race for the White House, especially the huge sums of money to support Joe Biden to oust incumbent President Donald Trump. The campaign of the two candidates alone cost $ 6.6 billion, more than the total amount spent in the White House race and in all Congressional campaigns in 2016.
Much of the spending is spent on TV ads: $ 1.8 billion was spent on the presidential campaign this year alone, according to advertising tracking firm Advertising Analytics. Total advertising costs for the 2016 campaign, including the primaries, were $ 2.4 billion.
Biden’s campaign committee, which has raised $ 938 million through October 14, is preparing to be the first group to raise $ 1 billion. The funds raised by Biden and Trump, when combined with funding from political parties, also far exceed that number.
However, it is not just the race to the White House that takes money to new highs.
Eight of the 10 most expensive Senate elections in history took place in 2020, including in North Carolina, where the total spending by the two candidates is Republican Senator Thom Tillis and Democratic Rep. Cal Cunningham. , has surpassed the figure of 272 million dollars This is one of every 4 races to reach the Senate to cross the 200 million mark this year, other expensive campaigns located in Iowa, Carolina and Arizona. This is unprecedented in a race without a self-sponsored candidate.
In South Carolina, Republican Senator Lindsey Graham’s Democratic rival, Jaime Harrison, broke the record for money raised in the third quarter. He has raised more than $ 57 million and is the first senatorial candidate to have raised $ 100 million.
Currently, the Democrats dominate financially. Democratic candidates and advocacy groups spent $ 5.5 billion in this round, while Republicans spent $ 3.8 billion, according to the Center for Responsive Politics analysis. The financial advantage leans toward Democrats, even without factoring in the more than $ 1.3 billion that two self-employed billionaires, Michael Bloomberg and Tom Stayer, spent on their own campaigns.
The “small” backers, who have supported the Democratic senatorial candidate and Mr. Biden in particular, are playing an increasingly important role, accounting for 22% of all money raised in the campaign. 2020. This is a pool of donors contributing less than US $ 200 per candidate. They constitute 15% of the money raised in the 2016 elections.
ActBlue, the Democratic Party’s online fundraising platform, has received more than $ 3.3 billion this year. Meanwhile, the Republican platform WinRed raised more than $ 1.2 billion, but generally Republicans are less used to mobilizing online.
In addition, not only the way in which the recipients of donations are made has changed. According to the Center for Responsive Politics analysis, more and more women are participating in federal career funding, accounting for 44% of the total, up from 37% compared to 2016. Women donated nearly $ 1.3 billion to Democrats, while the figure for Republicans is $ 570 million.
However, the role of large donors remains highly influential. For example, Sheldon Adelson, the casino mogul, and his wife Miriam Adelson, continue to be the biggest Republican backers. The couple has donated $ 183 million to the candidate and the Republican activist group. Meanwhile, the Democratic Party’s biggest donor has given $ 107 million to Democratic Party committees.
This year, several other major donors come from Silicon Valley. Karla Jurvetson, a doctor and his ex-wife, who is a technology investor, has donated more than $ 24 million since 2019, primarily to the campaign of Sen. Elizabeth Warren.
The Center for Responsive Politics said the leading industry in terms of campaign finance continues to be Wall Street, with a total of more than $ 255 million worth of securities and investors. The amount of support for the Democratic Party is $ 161.7 million and $ 94.5 million.
