Besieged Biden's Fundraising Juggernaut Continues With $53 Million February – What the Heck's Going On?

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Two-thirds of Democrat and leaning-Democrat-leaning voters said in a late 2023 poll that they wanted a candidate other than Joe Biden as the party’s 2024 presidential nominee.

Yet, the Biden fundraising juggernaut continues, with a more than $53 million haul in February, bringing the embattled president’s cash war chest to $155 million, give or take.

In contrast, presumptive Republican presidential nominee Donald Trump’s campaign is facing two problems: 

A shortage of mega-donor interest and a drop in small-donor support, the latter of which is critical to the former president’s ability to raise enough money to fund his presidential campaign. Toss in Trump’s substantial legal costs, which continue to grow, and the fundraising contest favors Biden. That reality raises several interesting questions.

Are Democrat donors betting on Trump being taken down by one or more of his multiple lawsuits? Do some Democrat donors believe Biden won’t emerge as the party’s nominee during the Democrat National Convention in August and that his war chest will go to whichever Democrat replaces him? 

Or, as was the case in 2016 when a substantial number of Trump voters were, in reality, not-Hillary voters, do Democrats believe that the not-Trump vote in November will be enough to propel any eventual Democrat nominee to victory? 

While current polls continue to suggest otherwise in November, presidential elections are often tricky to handicap, and 2024 is likely to be among the trickiest. 

Here’s more:

The Biden campaign has moved this month to capitalize on its financial advantage over Trump, who is just now integrating his operation with the Republican National Committee. The Biden team has announced plans to open more than 100 offices this month and has launched a $30 million spring advertising campaign in key states.

“Every single dime that we raise right now is going to talk to voters, whether that is on TV in ads, whether that is online in ads, whether that is opening offices,” said Rufus Gifford, the campaign’s finance chair. “Our opponents are spending tens of millions of dollars on legal fees. This is a huge, huge, huge advantage that we do have, and we are excited about that.”

Trump political committees spent more than $55 million last year on legal fees defending the former president as he faces multiple lawsuits and four separate criminal prosecutions, according to campaign finance disclosures.

The February total of $53 million raised between Biden’s campaign and other party accounts eclipses the amount raised by President Barack Obama during the same period in 2012, but not when inflation is taken into account. Obama raised $45 million in February of that year, which adjusts to about $61 million in current spending power, according to the Bureau of Labor Statistics.

Again, as I asked in the headline, what the heck is going on here? 

The Bottom Line

Are Democrat donors putting all their eggs in Joe Biden’s basket, hoping like hell he either drops out of the race or is kicked to the curb during the Democrat National Convention, or are they so riddled with Trump Derangement Syndrome that they’re more than willing to bet the farm on a cognitively-declining 81-year-old man who’s done his best to destroy America as we know it in just more than three years?

I suspect the answer is “All of the above.”


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