As the 2024 presidential election approaches, candidates are increasing their fundraising efforts, with President Joe Biden and former President Donald Trump leading in contributions. Despite the disparity in funds among candidates, their efforts underscore the varied strategies and potential impacts of fundraising on political visibility, campaign sustainability, and future opportunities.
Looking for Funds
The 2024 presidential election is less than a year away, and candidates are actively raising funds through donation emails and fundraising events, with a significant disparity in fundraising amounts among them.
Biden Budgets
President Joe Biden and former President Donald Trump led the fundraising efforts. Biden raised $71 million in the second quarter after announcing his reelection bid, totaling around $143 million, thanks to collaboration with the Democratic National Committee (DNC).
Trump Funding
Trump raised approximately $24.5 million in the third quarter of 2023, with his total fundraising reaching about $77.5 million and $37.5 million cash on hand, indicating a financial edge among GOP candidates.
Republican Money
When compared to the other Republican presidential candidates fighting for their chance at the 2024 Presidency, Trump has seven times more than Ron DeSantis and triple the funds of Nikki Haley and Tim Scott.
The Numbers
However, the amount these other Republican candidates have raised is no small feat, with DeSantis raising about $35 million and Haley around $26 million, demonstrating their fundraising capabilities and potential influence within their party.
RFK Jr.
Robert F. Kennedy Jr., running as an independent, raised about $15 million, highlighting the varied fundraising success across the political spectrum.
However, RFK is still struggling to maintain his candidacy with his low funds when compared to other candidates.
Back to 2020
The primary season has seen more candidates suspend their campaigns than those still running, suggesting a likely rematch of the 2020 presidential election between Trump and Biden.
A Losing Campaign
Despite low chances of winning against prominent figures, many politicians run for president to boost their public profiles, gain name recognition, and pave the way for future political or professional opportunities.
Still a Win
High-profile campaigns can lead to job opportunities, as seen with Pete Buttigieg’s transition to Secretary of Transportation after his 2020 presidential run, demonstrating the career benefits of running for president.
Future Funding
Presidential campaigns, even unsuccessful ones, can accumulate significant funds that can be used for future political endeavors or to influence party priorities, indicating the strategic value of participating in presidential races.
Influencing the Party
Candidates also run to shift party priorities by highlighting certain issues and policies, aiming to influence the party’s platform and address the interests of specific voter bases.
Grassroots Funding
President Joe Biden’s re-election campaign and Democratic Party allies raised over $42 million in January, with $130 million available in cash, showcasing strong support from small-dollar donors and a robust grassroots fundraising program.
January Fundraising
Biden’s campaign manager, Julie Chavez Rodriguez, said, “January’s fundraising haul – driven by a powerhouse grassroots fundraising program that continues to grow month by month – is an indisputable show of strength to start the election year.”
Preparing for the Election
Biden’s campaign has made strategic adjustments amid concerns about polling figures, demonstrating the campaign’s proactive approach to addressing challenges and preparing for the upcoming election.
The Polls
Currently, Biden and Trump are polling about the same, with Trump showing a slight favorite to win.
In the recent Reuters/Ipsos poll, Trump received 37% of the votes, and Biden only received 34% of the votes.
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The post Trump is Winning the Polls, But Biden’s Fundraising Remains Unmatched: What It Means for the Election first appeared on From Frugal to Free.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
