New York: The 2020 presidential election is the most expensive in history, twice as expensive as the previous presidential election cycle, and total election costs are expected to reach an unprecedented $14 billion, the study group said.
The Response Political Center said that the’unusual influx’ of last-month political donations’driven by the Supreme Court battles and meticulous contests for the White House and the Senate’ caused the election to surpass the previously estimated $11 billion. Drawing.
The center said the 2020 election would cost $14 billion, breaking the spending record. Democratic presidential candidate Joe Biden will be the first candidate in history to raise $1 billion from donors.
His campaign had earned a record $933 million by October 14, fueling the enthusiasm of Democrats to defeat Trump. President Donald Trump has raised $596 million, which would be a strong fundraising effort if not for Biden’s massive funding.
“Amid the epidemic, everyone is giving more in 2020, from ordinary individuals making small donations to billionaires who cut eight-digit checks into Super PACs. Women are breaking donation records, and Americans are increasingly giving to candidates who do not run for the state,” it said in a statement.
The 2020 elections are more than twice as expensive as the runner-up 2016 elections.
This year’s election will pay more than the last two presidential election cycles combined, according to the Center for Responsive Politics, a non-partisan, independent and non-profit research group that tracks money and its impact on elections and public policy in US politics. Said.
“The donors poured record amounts on the 2018 midterms and 2020 seems to be a continuation of this trend, but it has expanded,” said Sheila Krumholz, Managing Director of the Responsive Political Center.
“10 years ago it would have been difficult to imagine a billion dollar presidential candidate. This period will see two things,” said Krumholz.
The group said unprecedented spending is leading a huge number in the presidential contest, which is expected to increase total spending from around $2.4 billion in 2016 to $6.6 billion.
The expenditure of rich country groups is also raising total election costs. In October alone, external spending by Super PACs and other high-end groups totaled $1.2 billion.
The group is paying far more to support Biden than helping Trump to support the Democrats’ cash flush campaign. Driven by strong opposition from supporters against Trump, Democrats continue to have the financing capabilities that helped dominate the money race in the 2018 election cycle.
“Their monetary machine is more powerful than ever in 2020,” the center said. Democratic candidates and groups have spent $5.5 billion over the Republican $3.8 billion, the center noted, noting that the Democrats did not get this great financial advantage.
Both parties raised money from smaller donors than ever before, but Democrats topped the list, raising nearly $1.7 billion from bite-sized donors compared to $1 billion for Republicans.
In total, small donors make up 22% of the funds raised during the 2020 cycle. These individual donors who donated less than US$200 made up only 15% of the money raised in the 2016 election.
The plague also forced candidates to give up fundraising directly with wealthy donors. The campaign said Americans are increasingly reliant on virtual fundraising, using text and email, a strategy that works better when Americans engage more in politics.
According to OpenSecrets’ online advertising database, political organizations have spent over $1 billion this year advertising on platforms like Facebook and Google.
Democrats are raising more because women donate more. More than 1.5 million women have donated to the Federal Commission, making up 44% of all donors, an increase from 37% in 2016.
In the 2020 election, women donated $2.5 billion from $1.3 billion to mid-October in the full 2016 election.
Research from the center shows that women are more likely to become Democratic donors. Women who donated more than US$200 in the 2020 elections donated about $1.3 billion to Democrats and about $570 million to Republicans.
Several industries, including other financial and securities and investment industries rich in funding, have moved on the side of the Democratic Party under President Trump.
Real estate was one of the few major industries that had to stay in the corner of the Republican Party during the Trump era, and said it offered a little more to the Republican Committee than the Democrats.