‘Twas just four years ago that Senator Barack Obama (D-IL) was displaying such fundraising prowess that he decided to opt out of the public matching fund financing system for presidential elections, believing that he could raise enough money to outspend Senator John McCain (R-AZ) in the general election campaign. It broke a campaign promise — The Washington Post, not exactly a bastion of conservatism, gave him three “pinocchios” — but was hardly a surprise. Senator Obama’s campaign spent $740.6 million, leaving everybody else in the dust, while Senator McCain spent $227.7 million. From September 1 through November 24, Mr Obama’s campaign outspent Mr McCain’s by a four-to-one margin.
What a difference 3½ years of incompetency makes!
By Dan Eggen and T.W. Farnam, Monday, July 9, 1:27 PM
President Obama has fallen behind Republican Mitt Romney in monthly fundraising totals and may now be the underdog in the 2012 money race, given the juggernaut he faces of conservative groups with unlimited contributions at their disposal.
The trend has set off at least a mild sense of panic at the Obama campaign, which warned donors on Monday: “We will get beat if this continues.”
The Romney campaign announced Monday that it raised an eye-popping $106 million last month in conjunction with the Republican National Committee, compared to just $71 million announced by Obama and the Democratic National Committee. The $35 million gap is wider than it was in May, when Romney and his party allies raised $17 million more than the Democratic side.
The momentum shift marks a change in fortunes for Obama, whose 2008 victory was propelled by a breathtaking fundraising operation that brought in $745 million by Election Day, much of it fueled by grassroots donations. In September 2008 alone, Obama and the DNC brought in $193 million.
Much more at the link. Your Editor is proud to note that his contribution was part of Governor Romney’s fundraising total, and he anticipates contributing more in the future.
While Senator Obama liked to claim that his contributions were all from the little people in 2008, he raked in the dough from corporate contributors and Wall Street firms as well. It is no surprise to anyone who pays attention that the corporations and Wall Street investment firms hedge their bets, and contribute to both sides, but Senator Obama outpaced Mr McCain in corporate fundraising, especially after it became apparent that the junior Senator from Illinois would win the election.
However, it seems, at least according to early reports, that the wealthy contributors are not hedging their bets as much this year, at least, not so far. It’s pretty simple, really: most wealthy people are wealthy due to business, and President Obama is simply not seen as either very business-friendly or a competent economic manager. A noticeable slowdown in gross domestic product growth and a decrease in corporate profits will do nothing to increase business’ confidence in President Obama. Add to that the fact that Mitt Romney is a businessman himself, someone who has run, and run successfully, large corporate ventures as well as the rescuing the Salt Lake City Olympic organizing committee, and businessmen see a candidate who understands them, who understands business, and who understands what it takes for a business to earn a profit.
Some of our friends on the left seem to see business as the enemy, but five out of every six Americans who have jobs, work for private businesses; the jobs of the American worker depends upon the businesses for which they work being successful and earning a profit.
And so, it looks like American business is putting its money where its collective mouth is. American businessmen are mostly unconcerned about same-sex marriage or whether Mr Obama was secretly born in Kenya or whether Michelle Obama blows too much of the taxpayers’ money on vacations. American businessmen have more important things on their mind than abortion or tuition vouchers for private schools. Most of them are even content with the Patient Protection & Affordable Care Act, as long as the Administration doesn’t get stupid with burdensome regulations — which is always a possibility with this crowd! — because a lot of them see it as stabilizing their costs vis a vis their competitors, though smaller companies which had not previously offered health insurance plans for their employees don’t like it one bit. What the American businessman is concerned with is business, with whether or not his company will make a profit tomorrow, next week, next month and next year. And the economic record of President Obama and his Administration has been so dismal that businessmen just don’t like it. The Chamber of Commerce despises the President and President Obama has just as much respect for the US Chamber of Commerce as they do for him.
President Calvin Coolidge once said, “the chief business of the American people is business.”1 Without business, the vast majority of Americans would be without jobs. In a time where prosperity is our greatest concern, and increasing the number of jobs for the American worker the most obvious issue, it is only through making American private enterprise more profitable that real jobs can be created . . . and the American businessman doesn’t appear to believe that the re-election of President Obama will help with that.
- President Calvin Coolidge’s address to the American Society of Newspaper Editors, Washington D.C., January 25, 1925. This is frequently misquoted as being, “The business of America is business.” ↩