In the lead-up to the 2024 Presidential election, the fundraising strategies of Joe Biden and former President Donald Trump are painting two very different pictures of their campaigns’ health and support base. A new report highlighting the stark contrast in their approaches to securing campaign funds could signal challenging times ahead for Biden’s re-election efforts.
First up, Biden, who seems to have taken a “go big or go home” approach to fundraising. According to recent reports, a whopping 35 percent of Biden’s 2024 re-election campaign donations have come from big donors. We’re talking about contributions greater than $2,000 a pop. Meanwhile, only 38 percent of his campaign dough has come from small donors, those valiant supporters chipping in between $1 and $200.
Biden recently threw what can only be described as a fundraising extravaganza in New York City, complete with former presidents Bill Clinton and Barack Obama. This shindig raised an eye-watering $26 million, with tickets going for as much as $25,000 each. Talk about a party for the elite!
Now, let’s pivot to Trump, who seems to be playing a completely different game. His campaign is raking in cash from small donors like it’s going out of style, with 61 percent of his funds coming from these grassroots contributions. Big donors? They only account for a measly nine percent of his campaign kitty. It looks like Trump’s appeal to the everyday American is paying off, at least in terms of fundraising.
But here’s where it gets juicy. While Biden’s event was all glitz and glamour, hundreds of pro-Palestine supporters were outside, making it clear they are not fans of his approach to international diplomacy. Their message? They’ll “never” vote for Biden due to his handling of the Israel-Hamas situation. Ouch.
Meanwhile, Trump’s been hobnobbing with potential billionaire backers like Elon Musk in Palm Beach. Although Musk has been critical of the Biden administration, he’s playing coy about throwing his financial support behind Trump.
And let’s not forget the Republican National Committee (RNC), which has seen a fundraising spike since shaking up its leadership. With former North Carolina Republican Party chair Michael Whatley and Lara Trump at the helm, the RNC posted its highest fundraising numbers since the 2020 election.
So, what does all this mean for Biden’s 2024 campaign? Well, if money talks, then it’s whispering some pretty ominous things. With a reliance on big donors and a notable lack of enthusiasm from the progressive left, Biden’s path to re-election might be bumpier than a cross-country road trip in a jalopy. Meanwhile, Trump’s grassroots fundraising juggernaut shows no signs of slowing down.