Biden Team Announces Massive Haul
As the 2024 election looms closer, the Biden and Trump campaigns are gearing up for what is expected to be a fierce battle. However, new fundraising numbers reveal that the two candidates are starting off on unequal footing. According to reports from the campaigns, Biden raised significantly less money in quarter four of 2023 compared to what the Trump campaign raised in 2020 at the same point in the election cycle.
The Biden campaign boasted a $97 million haul in donations during the last three months of 2023, along with a reported $117 million in the bank. In contrast, the Trump campaign raised a whopping $154 million and had a balance of $195 million in the same period during the 2020 election cycle, as reported by The New York Times.
The gap between the two campaigns becomes even more pronounced when considering inflation. With a dollar’s value 20% less now than it was in January 2020, as per the Bureau of Labor Statistics’ Consumer Price Index calculator, the $97 million raised by Biden’s campaign is equivalent to about $77 million in 2020 dollars. Compared to the $154 million raised by Trump’s campaign at the same point in time, this is a significant difference.
The issue of inflation has been a major concern for Americans, with polling consistently showing dissatisfaction with President Biden's handling of the matter. In a December 2023 poll by Monmouth University, only 28% of respondents approved of Biden's handling of inflation. Additionally, just 34% approved of the president's overall job performance, which is a record low for Biden.
Despite these low approval ratings, the Biden campaign claims to have received donations from 520,000 unique donors. This indicates that while Biden may be struggling in the polls, he still maintains a strong base of support and is able to mobilize a significant number of donors.
Interestingly, most of Biden's donations seem to come from wealthy donors. In December 2023, the Biden campaign held a series of high-dollar fundraisers in wealthy neighborhoods of Los Angeles, specifically targeting Hollywood elites. According to reports, the campaign raised over $15 million during that one weekend alone.
This trend is reflected in the overall fundraising numbers, with Biden receiving an outsized amount of support from the wealthiest zip codes in the country. The Trump campaign, on the other hand, has not yet released its quarter-four donation figures.
While Biden may have a significant amount of money in his war chest, the Trump campaign has also been spending big on its ongoing primary. Reports show that Republicans have spent over $100 million on advertising in Iowa alone, according to NBC News.
As both campaigns gear up for what is expected to be a fiercely contested election, these fundraising numbers highlight the different strategies employed by the two candidates. Biden's reliance on wealthy donors may be a cause of concern for some, as it raises questions about his ability to connect with average Americans. Trump, on the other hand, seems to have a strong base of grassroots support, as evidenced by his high donation numbers in 2020.
The 2024 election is still far away, but these early fundraising numbers provide a glimpse into the potential trajectories of the two campaigns. With both candidates facing issues and challenges, it remains to be seen how their strategies and fundraising efforts will impact the outcome of the election. The Trump and Biden campaigns have yet to comment on these numbers, but it is clear that the battle for the White House is already well underway.