Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

2020 US Election Expected To Cost $14 Billion, Most Expensive In History

2020 US Election Expected To Cost $14 Billion, Most Expensive In History

Democratic presidential nominee Joe Biden will be the first candidate in history to raise USD 1 billion from donors.
The 2020 Presidential election is turning out to be the most expensive election in history and twice as expensive as the previous presidential election cycle, with the total cost of the election expected to reach an unprecedented USD 14 billion, a research group said.

The Center for Responsive Politics said that an "extraordinary influx" of political donations in the final months - driven by a Supreme Court battle and closely watched races for the White House and Senate - pushed total spending in the election past the previously estimated 11 billion dollars figure.

The Center said that the 2020 election will cost USD 14 billion, shattering spending records.

Democratic presidential nominee Joe Biden will be the first candidate in history to raise USD 1 billion from donors.

His campaign brought in a record-breaking USD 938 million through October 14, riding Democrats' enthusiasm to defeat Trump. President Donald Trump raised USD 596 million, which would be a strong fundraising effort if not for Biden's immense haul.

"Even amid a pandemic, everyone is giving more in 2020, from ordinary individuals making small donations to billionaires cutting eight-figure checks to super PACs."

"Women are smashing donation records, and Americans are increasingly donating to candidates who aren't running for office in their state," it said in a statement.

The 2020 election is more than twice as expensive as the runner up, the 2016 election.

This year's election will see more spending than the previous two presidential election cycles combined, said the Center for Responsive Politics, a nonpartisan, independent and nonprofit research group that tracks money in US politics and its effect on elections and public policy.

"Donors poured record amounts of money into the 2018 midterms, and 2020 appears to be a continuation of that trend - but magnified," said Sheila Krumholz, executive director of the Center for Responsive Politics.

"Ten years ago, a billion-dollar presidential candidate would have been difficult to imagine. This cycle, we're likely to see two," Krumholz said.

The group said that the massive numbers are headlined by unprecedented spending in the presidential contest, which is expected to see USD 6.6 billion in total spending alone, up from around USD 2.4 billion in the 2016 race.

Spending by deep-pocketed national groups is also driving the total cost of election higher. In the month of October alone, outside spending by super PACs and other big-money groups totalled nearly USD 1.2 billion.

These groups are spending far more to boost Biden than help Trump, further aiding the Democrats cash-flush campaign.

Driven by their supporters' strong opposition to Trump, Democrats are continuing their fundraising prowess that helped them dominate the money race in the 2018 election cycle.

"Their money machine is more powerful than ever in 2020," the Center said.

Democratic candidates and groups have spent USD 5.5 billion compared to Republicans' USD 3.8 billion, the Center said noting that Democrats have never had a financial advantage this large.

Both parties raised more than ever from small donors, but Democrats came out on top, having raised nearly USD 1.7 billion from bite-sized donors, compared to USD 1 billion for Republicans.

Overall, small donors account for 22 per cent of the money raised in the 2020 cycle. These individual donors giving USD 200 or less only accounted for 15 per cent of money raised in the 2016 election.

The pandemic also forced candidates to forgo in-person fundraisers with wealthy donors. Campaigns have increasingly relied on virtual fundraising using texts and emails, a strategy that works better when Americans are more engaged in politics, it said.

Political groups have spent over USD 1 billion this year to advertise on platforms like Facebook and Google, according to OpenSecrets' online ads database.

Democrats are also raising more in large part because women are giving more.

More than 1.5 million women have donated to federal committees, accounting for 44 per cent of all donors, up from 37 per cent in 2016.

In the 2020 election, women have given USD 2.5 billion through mid-October, up from USD 1.3 billion throughout the entire 2016 election.

According to the Center's research, women are more likely to be Democratic donors.

In the 2020 election, women giving over USD 200 have donated nearly USD 1.3 billion to Democrats and roughly USD 570 million to Republicans.

Several industries have flipped over to Democrats'' side under Trump's presidency, including the well-funded miscellaneous finance and securities and investment industries.

Real estate is one of the few major industries to stay in Republicans' corner during the Trump era, giving slightly more to GOP committees than Democrats, it said.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×