President Joe Biden's campaign has touted its recent fundraising numbers, but inflation has undermined the significance of those totals.
campaign Said On Monday, the company announced it raised $97 million in the fourth quarter of 2023, ending the year with a whopping $117 million in cash. The latter figure is “the highest amount ever raised by a Democratic candidate at this point in the cycle,” the campaign said.
Biden campaign manager Julie Chavez Rodriguez Said:
This historic victory, proudly driven by a strong and growing grassroots enthusiasm, sends a clear message. The Team Biden-Harris coalition knows the stakes of this election and is poised to win this November.
Additionally, Biden campaign finance chairman Rufus Gifford claimed that the Biden campaign had accomplished something even the successful Barack Obama campaign was unable to accomplish.
“I remember that time [Obama campaign manager Jim Messina] “I was told to aim for $100 million in the fourth quarter of 2011,” Gifford said on social media. “Even President Obama's much-touted fundraising machine couldn't come close, and when I was updating the total, we raked in until we hit $68 million.” On New Year's Eve. “
But is it true? Couldn't the Obama campaign “even come close” to these numbers that the Biden campaign came up with?
Inflation also puts a damper on Gifford's gloating, given that it plagued the economy, eroded the dollar's purchasing power and subsequently hurt Biden's re-election chances.
Accounting for inflation, the Obama campaign's $68 million is equivalent to $92.4 million today, much closer than Gifford would have you believe.obama camp 2011 too Cash on hand was $81.77 million, currently equivalent to $111.1 million. So while Mr. Biden's fourth-quarter fundraising is impressive, it's not as earth-shattering as his campaign claims.
On the other hand, the Biden camp Said 97% of all donations came from people who donated less than $200, a number that is generally a good representation of grassroots support. However, in public opinion polls, keep showing it That may mean nothing, as Trump has led Biden since last fall.
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