Does Joe Biden have the money?
Not only politicians, party supporters and voters are turning their backs on Joe Biden after his TV disaster against Donald Trump. Fear is also spreading among big donors: They no longer want to invest billions into a "lost cause."
Since his disastrous TV debate against Donald Trump two weeks ago, Joe Biden and his team have been fighting back against the growing chorus of critics who are urging the US President to withdraw from the race for the White House due to concerns about his mental fitness. Behind closed doors, Biden's supporters are no longer just expressing their frustration over his lackluster performance and their concern about their candidate's age. Now they are openly discussing cutting off his funding.
From Wall Street to Hollywood, voices are growing louder demanding Biden's withdrawal and the coronation of another Democrat.
"It would be very difficult to secure significant donations for Biden today," quotes the British "Financial Times" a Democrat donor from New York. "His campaign is falling apart so quickly that it will be extremely difficult for him to stay in the race."
Another long-time supporter of the party warned the "FT" that the money flow is "drying up." Ninety percent of all the supporters Biden speaks to have no intention of giving his campaign any more money, "because they're worried about losing."
No Money, No Power
So far, Biden and his team have focused on winning over disgruntled Democrats in Congress or party loyalists who have publicly called for the President to end his campaign. Biden has therefore been calling primarily politicians, governors, or mayors. Donors have been a reliable source of funding so far. But that could change.
Campaigns in the USA are not only political competitions, but mammoth investments. Million-dollar advertising campaigns in "battleground states" (translated: contested states), an army of tens of thousands of activists who knock on doors, hundreds of major appearances, and a team of highly paid staffers: To keep this machine running, hundreds of millions of dollars are needed. Whether victory or defeat ultimately decides the path to power, it is ultimately the financial resources that decide. And that, which is brewing behind the scenes of Joe Biden, is a warning sign.
According to the newspaper, some prominent Biden donors - such as actor George Clooney, Netflix co-founder Reed Hastings, or hotel magnate Stewart Bainum - have explicitly cited Biden's mental fitness as the reason for their call for a withdrawal from the campaign. A fundraiser for the Democrats lamented that the mood had shifted from "not enthusiastically to just angry."
The most expensive election in US history is on the horizon
Acute financial need does not yet exist: According to the independent election observation institute Open Secrets, Joe Biden has raised around $390 million directly or from external supporter groups, almost as much as Donald Trump. But the trend is decisive. This duel between the two men could once again become the most expensive election in US history.
The Presidential election 2020 cost all candidates together approximately 4 Billion US-Dollars according to Open Secrets. To defeat Trump, Biden then spent more than a billion dollars directly at that time, making him the first politician in US history to do so. Additionally, he received nearly 600 Million Dollars from external supporters, who for instance ran advertisements for Biden in their own names. If these donors were to withdraw their support, Biden might drop out of the race earlier than he would like due to his age, rather than his financing.
The question is, whether the alleged declining donor enthusiasm for Joe Biden is a fact or if it is media-lanceted attacks from his rivals trying to push him out of the race. There are indications of this: A top Biden donor wrote in "FT" last week that "there is an initial wave of concern, but Democrats are now rallying around their supposed presidential candidate."
However, it might still be too early to read the impending mood shift solely based on financial flows. Many supporters might still be waiting out of respect for Biden before making a decision. "The reason why no more representatives have come forward is that they want to give Biden space to make the right decision," says a donor close to Chuck Schumer, the Democratic Fraktionschef in the US Senate, to the paper. "This will change if Biden stays in the race."
Other Democrats are already looking at the potential financial implications of Biden's exit for the party and its chances. "It would be the most exciting thing that has ever happened in US political history. It would take the wind out of Trump's sails. And it would attract the attention of donors who are all just sitting quietly and not giving any money," says a donor.
Given the financial struggles Joe Biden's campaign is facing due to decreasing support and donations, the 2024 U.S. Presidential Election could see a significant shakeup. With prominent donors such as George Clooney, Reed Hastings, and Stewart Bainum expressing concerns about Biden's mental fitness, they might withdraw their support, potentially leading Biden to exit the race before fully committing to another campaign. This could be a significant turning point, as it might attract new donors and weaken Donald Trump's appeal.
