Barack Obama realizes he’s on track to break yet another record and it’s one he’s feverishly trying to avoid. With Mitt Romney‘s campaign coffers piling up with “super political-action-committees” cash, Obama admitted during a recently leaked recording of a conference call with his 2008 campaign donorsthat at the current rate he’s on track to becoming the first sitting U.S. president in modern history to be outspent by his challenger.
The Obama campaign has been doing a decent job of raising cash the past few weeks making some in the political arena question whether or not Obama is actually as ‘bad off’ as he makes it appear, but for team obama it isn’t about how much they’ve raised, it’s about how much they haven’t raised when compared to Mitt Romneys campaign. And we can’t forget that this is the same crew of people who in 2008 set campaign fundraising records across the board, raising nearly 3/4 of a billion dollars. For them to “appear” to fall flat on their faces now means one of two things: Obama is sandbagging in an attempt to “poor mouth” more cash out of ‘straight ticket’ democrats, or his record over the past 3.5 years has gotten him in political hot water with prospective donors who are opting to pass this go around.
I honestly think it’s a combination of both. According to the Center for Responsive Politics, the Obama crew and the DNC together have raised $461 million this campaign cycle (through the end of May). That’s way ahead of the combined $298 million raised by Romney’s campaign and the RNC. Recent events in Hollywood in honor of Obama such as the George Clooney bash and Sarah Jessica Parker effort accounting for some sizable chunks of that Obama fundraising effort.
It’s the pace at which the two men are now accumulating their incoming donations which is alarming. The Campaign Finance Institute reports that in May Romney and the RNC raked in an almost identical amount as Obama and the DNC with June figures expected to be even better for the red team. The Romney campaign has even hinted that the pending June report will reveal a record setting haul of $100 million which would send a pretty devastating message to the democrats, Obama in particular.
Romney’s two largest super PAC’s have reported and handed over approximately $95 million through May with much of that coming from 50 extremely wealthy donors. Restore Our Future and the Karl Rove founded American Crossroads, the two super PAC’s aforementioned, housing some of the nation’s most well-off million and even billionaire political players who insist on shaping the political future of our country. Las Vegas casino magnate Sheldon Adelsonrecently contributed $10 million and has insinuated a maximum investment of $100 million.
In a contrast of greens and greys, the main DNC super PAC, Priorities USA Action, was only able to raise just over $14 million in the same time period. Much of that, as with Romney, came from wealthy individuals such as Jeffery Katzenberg of DreamWorkswho gave $2 million but much more of Obama’s came from labor organizations who many feel no longer fully support the Obama presidency and instead of donating out of enthusiasm, are simply donating because it’s what’s expected. But even halfheartedly giving, big labor is still project to dump $200-$400 million into the Obama campaign.Other special interest groups who offer up blind support regardless of policy or aptitude such as the National Abortion Rights League – will play a big role for both candidates as well.
In the coming months expect Romney to clean up big time with pr0-capitalist organizations on Wall Street such as Goldman Sachs, JPMorgan, Chase and Bank of America as well as the Mormon owned Marriott hotel chain – while Obama will make gains with technology based Google and Microsoft as well as liberal thinking (and teaching) institutions such as the University of California and Harvard with support also being rendered from governmental agencies and law groups.
Anyone who knows Mitt Romney will tell you he is a personable and very likable person. He has a certain gift for entering a room and five minutes later walking out of that room with the occupants singing his praises, which comes in handy when the room is filled with potential campaign contributors. His campaign is also very well known for taking extra special loving care of it’s contributors, with Romney giving hands on and in-person attention whenever possible, something the Obama team seems to be less and less concerned with, at a time when it should be their main objective.
But before we crown Romney the king of campaign cash, let’s take a deep breath and realize one of the most important aspects of the Obama’s campaign thus far: According to the Center for Responsive Politics, 43 percent of those donating to the Obama campaign this cycle gave $200 or less, compared with just 13 percent of those giving to the Romney campaign, and in the end, this entire event isn’t actually about money, it’s about votes, and just because a donor can afford to send $100 million to team Romney, he still only get’s one vote on election day. Personally, I would rather have a million donors contributing $100 each, than 100 donors giving $1 million each because behind each of those cash vouchers is what both men are really after: the votes.