Money, money, money…in politics, it matters greatly–but not necessarily in the way most Americans think about it.
One of my most politically-savvy friends points out that candidates need to raise enough money to get their message out, but need not out-raise or even match the fundraising of their opponents. Candidates definitely need sufficient funds to disseminate a persuasive message, but they need not blanket the airwaves. (For that matter, the airwaves are of declining utility, given the move to podcasts and streaming.)
That said, what can a candidate’s fundraising tell us?
I was initially excited to see the rise of the online fundraising that focused on generating many small-dollar donations, because I (naively) assumed that a candidate’s dependence on lots of folks giving less than $200 would reduce the influence of “big money” on candidates. However, I have come to realize that these appeals for small-dollar sums have had some very negative results.
The first is just annoying: those of us who are politically active–or simply unlucky enough to get on a list of partisan contributors–find our email inboxes inundated with appeals. (I have to believe that most people have come to respond as I do–by ignoring them all.)
Far more serious, however, is the way in which these appeals to small-dollar donors have incentivized extremism. The Marjorie Taylor Greenes of the political world have figured out that over-the-top accusations and ridiculous fabrications–what I’ve come to call “performative politics”–raise more money than serious communications of sound policy positions. Hysterical requests for money to combat the “evil other” is more compelling and raises more money than requests to support thoughtful policymakers.
We need to remember, however, that while the fact that extremist A has raised more money online than sane candidate B tells us something about the passions and prejudices of candidate A’s supporters, it tells us very little about the number of voters committed to voting for candidate A.
If we are interested in assessing public opinion, it seems likely that the most relevant information communicated by these small-dollar donations isn’t the amounts raised, but the number of individual donors who are actually able to cast a ballot for the donee candidate. Given the fact that online solicitations aren’t simply going to people who live in that state and thus able to vote for a particular candidate, that information is tough to come by.
There is, however, one contest where the number and source of contributions rather than the amount raised can shed light on the strength of a candidacy: the Presidency. And that makes a recent report from Vox extremely interesting.
It’s very easy to overstate the degree to which Donald Trump is supported by America’s business establishment.
Why it matters: Just because corporate America has serious issues with Joe Biden doesn’t mean they are in Trump’s camp.
By the numbers: Data compiled by Yale’s Jeffrey Sonnenfeld show that zero Fortune 100 CEOs have donated to Trump this election cycle.
- That’s the same amount of support he had when he opposed Hillary Clinton in 2016.
- In 2020, when he was running as the incumbent, Trump managed to pick up the support of two Fortune 100 CEOs. The previous time a Republican incumbent was running for president, in 2004, George W. Bush picked up the support of 42 such CEOs.
Between the lines: Roughly two-thirds of CEOs are registered Republicans, but they’re not MAGA.
- “The top corporate leaders working today, like many Americans, aren’t entirely comfortable with either Mr. Trump or President Biden,” writes Sonnenfeld in a NYT op-ed. “They largely like — or at least can tolerate — one of them. They truly fear the other.”
The other side: Big-name investors seem more likely to support Trump than big-name CEOs.
- Steve Schwarzman of Blackstone is probably Trump’s most prominent investment world supporter. Susquehanna’s Jeff Yass was described recently by Bloomberg as “a former Never Trumper who’s recently softened to become an OK-Fine-Might-As-Well-Be Trumper.”
The bottom line: “Mr. Trump continues to suffer from the lowest level of corporate support in the history of the Republican Party,” writes Sonnenfeld.
Trump’s fundraising totals have been swelled by a couple of huge donations from “big-name investors.” Those donors each have one vote–just as we peons do.
We all need to cast them.
After last Thursday, I fear we have bigger problems than raising money. What I saw was disturbing. We need a viable alternative to MAGA. Joe was great but he needs to step aside ASAP for an open convention. This struggle is way bigger than any one person. Thanks Joe. Get some rest. It is time that “the torch is passed to a new generation”
Asking individuals to step aside for any reason, it ends up to be a fool’s errand. RBG was a case in point. The more mental acuity is in decline, the more incompetence rears its ugly head. The decline of mental acuity is easy for others to spot, but those that are affected by it. Their decision process has been compromised, they can’t see it themselves. They become more combative with those who recognize the problem. And it’s not necessarily age-related, but it is rooted in psychological functionality. It’s also genetically cloistered in family group DNA. In other words some are more affected by lineage than others. Although an individual who is Joe biden’s age, that is dealing with a lot of stressful situations, can start to decline rapidly before others can actually catch on to that decline. That in itself is dangerous. To depend on someone in this condition and position, to do the right thing, because something is bigger than self, is absolutely not the way to go. They will never admit to their rapid decline, and, will fight against any suggestion of that decline.
What I saw last Thursday night was PRESIDENT JOE BIDEN’S drawn and tired face when he walked on stage. How shameful he was in a position to stand before the world and plead his case against a multiply convicted felon. PRESIDENT JOE BIDEN managed, however he appeared, to answer the moderator’s questions and confront Trump loudly ranted lies and distortions in his continuing campaigning. I see that the Democratic party has no loyalty and no sense of unity to the Democratic party or this nation and at the first opportunity to find an excuse, NOT a reason, are trying to get rid of the one man who has worked to undo Trump’s damage to the nation globally and prevent his Dictatorship in our future. They are also showing a weakened condition politically, nationally and globally to the world to even consider another nominee at this stage of the most vital election in our history. If we thought President Barack Obama’s election was vital; as vital as it was to elect him twice, it pales in comparison to what is coming on November 5th. PRESIDENT JOE BIDEN was back on Friday, full force and strong in his determination to win this election for the nation and for all Americans. I’m sticking with JOE!!! News reports also showed that small donations were high AFTER the debate.
I mailed another check to Biden Victory Fund on Friday, the day after watching the Thursday night debate. No idea that AES would again have power outages on Saturday; I was without power for 20 hours and 50 minutes for the 4th time in 6 weeks. My checking account is almost bottomed out, my shopping list for today is bare bones so I will have to shop again in this holiday week after my Social Security check is deposited on Wednesday. Something PRESIDENT JOE BIDEN wants to strengthen and Trump want to cut back or end totally. After July 3rd deposit I will send checks to Destiny Wells and Jennifer McCormick locally and more to the Biden Victory Fund.
Had Debby Wasserman Schultz not have cheated Bernie Sanders in 2016, we would not be in this situation today. He garners historical amounts of donations, all small donors, and 46% of the nominations for the presidency. The Republicans are united in their stand for the Republican party, whoever the nominee is and from their slim majority in the House and minority position in the Senate they are running this country AND THIS ELECTION.
Thursday is July 4th; the celebration of our Independence, are we in another Revolution position or are we continuing the Cold Civil War we have been fighting since 2016?
Joe was having problems with young adults who are upset about his policies concerning Gaza. I doubt if this is changing because of his debate lapses. What if he were to decide to resign from the race but at the same time nominate a short list of candidates who would carry on most of his policies. This would work best if the candidates refrain from attacking each other and put the country first. As an octagenarian myself, he deserves a rest after a very successful 4 years. He would gain enormous respect – George Washington is a perfect example.
So, Dr. Todd Smekens, Ph. D., M.D. has provided the necessary information that says Biden is too old. I’m 9 months older than Biden and have a tee time tomorrow morning. I climb 11 stories of stairs in my building 3 times per week. I write at least one chapter for my next book every other day. I’m still in touch with over 150 of my former high school students.
I know. I know. Good for me. I’m not Joe Biden. I’ve never had to live in a high stress environment like he has, right? No, I haven’t lost children to tragedy. But I’m experienced enough to know that ANYONE supporting the congealed evil of Donald Trump for ANY reason has more problems than mental dysfunction.
So, here we are … Joe Biden is not going to walk away from his campaign. He is going to rally the party and the voters to obey the obvious choice between himself – an experienced leader – and a raving psychopath who will destroy everything else he touches.
What say you to those choices, Dr. Todd?
Sorry, Todd. My mistake. Must be my age.
John Sorg, RBG died at absolutely the wrong time. Allowing a monster like Trump anywhere near the SCOTUS is a disaster waiting to happen. Watch has his minions on the court give him absolute immunity today.
What I want to hear from Joe Biden is something like this: “What is most important is the utter defeat of t*ump and MAGA, and restoring a functional democracy. If I am the person best suited to do that, I will do my best. If you, the People, decide that someone else can do it, I will step aside.”
I don’t know who else, at this point in time, would be able to defeat MAGA all the way down the ballot, but nothing is more important than that.
If Biden would step aside, he would enjoy a great legacy and keep his dignity as the man who stepped up when it was time, and walked away on his own terms.
JoAnn Green, l am 100% with you. In fact, I am managing my income as you are and there is only one choice in this election. Our very lives and those of the future generations will depend on it.
The other Joanne.
These pious and utterly naive demands that Biden step aside ignores reality. There are FOUR MONTHS to the election–no time for a new candidate to mount anything remotely like an effective campaign. There is no obvious nominee to replace him–if Kamala (who, thanks to misogyny and racism cannot win) is overlooked, much of the essential Black vote would disappear. Asking for a change of candidate at this point requires a lack of understanding of how the political world works (and doesn’t). Biden has been an effective and even transformational President, and people who are in a position to know (including Republicans) confirm he’s still sharp, but even if he wasn’t, he has surrounded himself with highly competent people who will continue to do a good job. Bottom line, I agree with the person on FB who said she would vote for Biden even if he was drooling. Our job as citizens is to prevent a mentally-ill and wholly reprehensible egomaniac from implementing Project 2025 and in all probability, using the nuclear codes to help Putin. This isn’t a difficult choice. As another meme has it, YOU AREN’T GETTING A PONY. Your choice is between an old but serviceable workhorse and an elderly, dirty pig.
Yes, John, RBG should have resigned during Obama’s presidency so he could have made the appointment. Everybody was begging her to, but the ego is a powerful thing. Obama missed two appointments, and Biden has refused to expand the courts. It’s not a coincidence.
Vernon, we would be better served with you on the debate stage running for POTUS than #GenocideJoe. As someone mentioned already, JB has already lost the youth vote and Muslims. Trump is getting a much more significant percentage of the black vote. Women may be in Biden’s corner, but Americans aren’t the brightest.
If the numbers are correct, JB will lose to Trump on July 1st. His embarrassing performance only makes matters worse. Those of us not in denial or refusing the blue pill have been questioning JB’s health from the beginning. Remember that Bernie and Pete were crushing Biden until the party turned on them to back JB. Bad move!!
Nobody in American politics admits their mistakes. They double down on stupidity or toss more money at the problem (Ukraine, for instance). The media will take its cues from the DNC and support JB for another four years. If this election is about an existential crisis (which it’s not), then JB should do the right thing for the country and step aside. He’s not fit for another four years, and NOBODY wants Kamala Harris. Her approval rating is a [negative 13] – she is hurting JB and the Democrats. Call it Karma if you’d like, but the DNC has brought this on themselves, and they will not admit they made a mistake.
The only problem that Joe Biden had was the lack of any hands to shake on the way to the stage. He was the Joe Biden we have seen for so long later that same night at the Waffle House.
The fact is there isn’t anyone that we could all agree is the best candidate to put up to replace him. Biden’s been down before. He has had more comebacks than Tricky Dick.
The faux Sheila writes, “He [JB] has surrounded himself with highly competent people.”
JB’s family was actively involved in the campaign, ‘discussing whether any of Biden’s top advisers should be fired and whether campaign staffing changes should be made, one adviser said.’
Biden’s family is blaming top advisers for the poor debate performance. That sounds like the Biden family’s MO. It’s never their fault.
CNN has now called JB’s performance last Thursday as “spotty.” LOL
Watch our mainstream media walk back their demands that he retire and find a replacement. They’ll be kissing his ass in a week…
I’m with JoAnn and will stick with Biden. The debate was indeed appalling, but it was one debate, not an entire campaign, which otherwise has been well conducted.
American historian Allan Lichtman, who has successfully predicted 9 out of the last 10 election results says the D party should NOT replace President Biden, that it would likely cost the party the election, calling the pearl-clutching panic (my words) “foolhardy nonsense.” The article with his comments was in yesterday’s (June 30) USA Today.
We, the nation—nay, the world!—cannot afford to lose this election, and instead of shoving our best candidate under the bus, need to snap out of it, rally our troops, and do everything we can to support.
And Todd, do you ever find your smug self-righteousness as tiring as the rest of us do?
I have to disagree with some of the Biden comments here this morning.
For one thing, it isn’t just “one debate”. It is a long string of missteps, fumbles and senior moments that point to real mental decline. And this was pointed out over a year ago when many in the Democrat Party were encouraging Biden to not run again.
As for the following day’s performance after the debate I note that he then had an audience and teleprompters. He does well with his written words in front of him and an audience to cheer him on. But alone? What is he like on the phone with other world leaders? Can he have a mini debate with anyone? Alone in the room without a teleprompter? Or does he need to bring in an audience of staff members?
And why no real personal moments are ever shown to the public? No pictures of him bouncing a grandkid on his knee, or walking the beach in front of his ocean side retreat? When was the last time he went to a restaurant for dinner with Jill?
We can all agree that Trump is equally unfit for this office, he is morally and emotionally bankrupt, but Biden has grown very old in that high office and is likewise now unfit.
Does anyone really think that either of these men should be in charge of the nuclear launch code?
WHO CARES if America’s CEO’s give money to a presidential candidate??? And, it is their companies and their lobbyists who are the villains. They are not stupid enough to put their name to a donation. “Dark money” exists for one reason only, to put money sources out of the light.
Your specious arguments about this important election reminds me of this David Sedaris quote On Undecided Voters: “To put them in perspective, I think of being on an airplane. The flight attendant comes down the aisle with her food cart and, eventually, parks it beside my seat. “Can I interest you in the chicken?” she asks. “Or would you prefer the platter of shit with bits of broken glass in it?”
To be undecided in this election is to pause for a moment and then ask how the chicken is cooked.”
― David Sedaris
“Undecideds” and/or “neither ones” need a fresh slate to consider! I nominate Mitch Landrieu for President and Gretchen Witmer for VP. Both are younger, have proven to be very popular in non-Blue states, are fierce…I could go on. Why Biden and – they are known and not liked. Like it or not, the “people” (the ones not in the “base” of either party) and the largest group of potential voters want “CHANGE”.
High in people’s minds for election day should be how others influence other people.
1) perceived or actual threat to safety of self or against enemies.
2) social appeal
3) appeal to ration
4) sexual appeal
5) each of the above actually or virtually
It’s easy to make lists like that and check off how people we each grant influence over us get us to decide that.
You can also decide how political candidates gain influence first in their party and then influence among enough independants.
This Election Day choice could not be more stark in contrast.
Reds have been trained to perceive liberals as threats to security and therefore positively led by threats against the left.
Democrats have been trained to personally defend liberal democracy at the voting booth.
We are polemic because its politically beneficial to parties. We didn’t change ourselves but have been changed by polititians.
It truly is an election between liberal and authoritarian instincts, whether to support reason or raw power. That is represented by Biden’s truth versus Trump’s lies.
The lines are drawn and could not be more distinct.
Who is the “friend” of CEOs and their money? Check this out: https://www.levernews.com/the-corporatization-of-donald-trump/?
As Pete wrote, “It truly is an election between liberal and authoritarian instincts, whether to support reason or raw power,” but it is not just power but rancid power to be used for despicable purposes.
God, the Supreme Court, intelligence and common sense have all abandoned America in favor of a Dictatorship Kingdom as our future.
I’m sticking with President Joe Biden and hoping the SCOTUS decision wakes up those who haven’t believed their lying eyes and ears yet regarding their “Road to Hell being paved with good intentions.” The intentions being to maybe pay attention and maybe vote.
We live, like it or not, in the age of “optics”, not words/thoughts. It started with TV and now social media nicely congruent with the decline of civics/thinking education. Today’s optics are what drives voting for those (the very much majority of voters) who are neither committed DEMs or GOPers. The optics are crooked, rambling politicians who don’t change the housing, gas or food prices in their eyes every day.
I’m really put out that the New York Times wants Biden to pull out, but says nothing about Trump continually lying and refusing to say that he would accept the results of the next election. THAT should be the big news. Biden was tired and over prepared. Big deal. I’m voting for his administration and what he stands for, and voting against his criminal opponent.
For those who don’t get the Washington Post…a letter today from a reader – wish it had been me….
I am unspeakably saddened by our current emphasis on appearances, and on what historian Daniel J. Boorstin called “pseudo-events.” Those are events planned for the sake of appearances, for the sake of presentation in the media and for the purpose of being commented upon. (About 30 percent of broadcast news over the week has been speculation of what might be said. Weeks of coverage after the event will turn on what might have been or should have been said.)
God forbid that anyone might spend a few minutes in a real debate laying out a thoughtful policy position.
Boorstin’s example of the quintessential pseudo-event was the presidential “debate” in which people pop spontaneous questions to someone who must answer within two minutes without pausing to think or having the opportunity do so. The worst thing that could happen on TV is that there should be two minutes of silent airtime while a thoughtful person thinks before articulating meaningful thoughts for a few minutes.
So, no important issue is ever served in this format. Recall that past debates have been “decided” by policy-free snappy retorts: “There you go again” or “Senator, you are no Jack Kennedy.”
To take one example, an issue of current importance is the size of the national debt. On such an issue, thoughtful legislative debate leading to serious policy statements in the body holding the power of the purse is called for. Fat chance we’ll get it, though. If we relied on debates like these to select designers for the James Webb Space Telescope or CRISPR researchers, we’d be doomed.
I fear that we are tailgating in the parking lot of history, shouting slogans and wearing team regalia, while real events play out in the arena.
Vern, Todd, Lester,
I consider all three of you friends. And it’s not because I’m desperate for friends, lol, I have plenty. But, all of your opinions I do value. I pay attention, and I enjoy learning.
That being said My friends, I mentioned the decline of mental acuity because it happens to everyone, and, it’s not necessarily age-related. Stressors can accelerate that decline. The thing is, appearance, what people can see, is the largest part of making a decision, rather than research and/or information.
When Hillary was running, for some reason, you had the FBI, The New York times, and other organizations that should have known better, jumping on the anti-Hillary bandwagon. These and other organizations are the ones that elected Donald Trump.
The folks commenting on this site usually are very aware of the inequity of politics. And the reasons given for what was done to Clinton were ridiculous. From not wanting to seem partial to Clinton and other ridiculous comments, just were plain cowardly. I wouldn’t renew my subscription to the New York Times if my life depended on it.
And, they can’t claim it was a perfect storm, they pushed issues that should not have been and gave Trump a pass. Why? And why did voters ignore the calls of many, when they were working on fixing the court, the supreme Court, in a conservative manner. Yeah, the fix was in, and then everyone tried to hide their complicity.
I’ve already mentioned many times on how Joe Biden can repair everything before the election. Declare martial law, disband the supreme Court shut down the authority of the Congress, remove Federal judges who have a record of promoting opinions that are not constitutional. The court systems and Congress would then be reconstituted after the cleansing. This martial law has been done several times before by the way. Look it up, in times of war. Does anybody think we are in war? Does anybody deny we are in war? The few that understand, are fighting seditionists. The unseen war.
And let me be extremely clear, if JB doesn’t do it, the other guy will absolutely do it. And history will ask the question, why? If you think those enemies of the Constitution are going to play nice? You are going to regret that thought process, as you’re going to the soup kitchens if there is one, because there is no more social security, and, wish for the good old days of health care. So, to the procrastinators, cannon fodder is your new moniker. The lack of foresight, the supreme ineptitude of those who are supposed to be in the know, is astounding. But, it’s happened before in history, and it caused centuries of extreme misery. And this time, it might be the end of civilization altogether. That’s why everyone better hope there’s more to this universe than just humanity, because humanity tends not to be very bright.
We would be better off not trashing REPUBLICANS. they are not all stupid.
and many may? not vote or do a write in vote. Full TILT ON TRASHING MAGA.
Caren,
Save your trashing energy for building up/selling good DEM candidates!
Since the Supreme Court just ruled 6-3 that POTUS cannot be prosecuted for actions taken in official capacity seems that Biden has more protective options in his arsenal to defend US democracy?
I heard Jamie Raskin interview where he said how much they all love Joe (his work and intents) and all Dem leaders are working as a party with Biden to decide what’s best for Joe and the party.
As far as business leaders and most CEOs of large corporations they want to keep the rule of law intact to continue fair business practices. There are a few Wall Street billionaires who would like to have DJT in charge of oligarchs, but not the majority.
During war a lot of tactics are going to be thrown and staying on course is vital. Presently we have a decent old Statesman at the helm with a wealth of experience and knowledge and with enough support he can keep the Magas and an evil crime boss from completely taking over.
Rose,
“As far as business leaders and most CEOs of large corporations they want to keep the rule of law intact to continue fair business practices.” Hmmm “fair business practices” like fighting OSHA, EPA regulations, dodging a fair share of taxes, gauging the public with raising prices, etc..
I’ll have one of whatever you’re drinkin’
If what you say is true, Rose, then we could elect a monkey to be president. The monkey would be helped by the fellow Democrats in Washington. The monkey probably wouldn’t be pro-war or pro-genocide. 😉
Thanks for your comments, John. I consider all of you fine people, my friends.
Lately, I have been spending more time on geopolitical matters. I’m watching Europe swing to the far right, and the US will likely do the same. JB is losing in the polls, so he needed a solid performance in the first debate to get back on track with voters. He failed horribly!
We all know the media will try and fix things for JB, and there is always an October surprise, but I don’t see him bouncing back with voters. Nobody will forget what they saw last Thursday.
We can either be the party of protest, or the party in power. I strongly suggest that we make winning our top priority.
I think Biden has been a good president. He has surprised me many times.
I also agree that at this late date we can’t change candidates and we need to focus on getting people out and getting him elected again.
Shelia,
Regarding your coverage of online contributions, I would like to add those emails and tests that ask for one to participate in a survey only to find at the end that you have to contribute to finish the survey. I would like for once request to participate in a survey without the contribution which causes me to question whether they actually compute such responses.
Lester, I resent that you, who doesn’t know me, have said that I’m drinking or impaired. Not true. Stop it! Most companies that make big deals want assurances when they risk their capital on the national/international stage they are reciprocated in good faith. True big business has deference’s that are swayed by donations to politicians to promote favorable circumstances for their business. When those deference’s overreach we have laws that can be used to fight it out in court. Keeping the libertine capitalists in check is constant effort and work as it is now, tear down the laws we have and see how much worse it will get.
Todd, that’s ridiculous.
Attacking others who are prodemocracy and rule of law at this time is dissipating a unified front against the Maga movement that wants to usurp all power for their own evil agenda. That’s not the way to win wars. Whose side are you on?
Rose,
Apologies. Thought you knew that phrase was a joke line from a famous movie. There was no intent to suggest you are a “drinker”. Look it up…
Regarding big business doing the right thing…the SCOTUS decision last week will effectively kill most regulatory efforts on them.
I’d like to see Biden step aside. What I don’t want to see is a convention which goes on forever to select a candidate. It would be a circus.
My wish is that a few very wise leaders of the party consider creation of a democracy ticket comprised of a Democrat and Independent/Never Trump Republican. This year’s presidential race should be about preserving and enhancing our democracy.
Michael,
I believe, if I’m not mistaken, originally, the vice president and president were of different parties. I could be wrong, but I believe it would be a fine idea.