Show me the money. That was the message, and boy did 2008 Presidential campaigns respond?
Total dollars raised by the Democratic and Republican 2008 Presidential contenders - a whopping $127 million dollars.
With twelve (12) Presidential candidates reporting (six Democrats and six Republicans), there were three candidates that accounted for over $70 million - Senator Hillary Clinton, Senator Barack Obama and former Massachusetts Governor Mitt Romney. Democrats collectively raised approximately $77 million; Republicans collectively raised approximately
$50 million.
So, what does all of this mean? Running for President is expensive, or at least it appears that way. There are some other explanations as well.
The most obvious explanation is that real power is up for grabs. Unlike any other Presidential election since 1928, neither the President nor the sitting Vice President is a candidate. As a result, there is an opening in both major political parties.
In the last 80 years, there has typically been an "incumbent" (of sorts) on one ticket or the other. And typically, the money has almost always followed the power. As a result, Presidents running for reelection, and sitting Vice-Presidents trying to move up, have had the advantage in pulling in most of the money from their party's faithful. In addition, they have had the advantage in raising money from groups with special interests in maintaining power. This year is different.
Beyond the White House, many believe that the Congress is also up for grabs. What does this have to do with Presidential politics? There is a heightened interest in who the next President will be. Some part of this is due to a belief that the Presidential nominees may determine each parties' chances for winning control of Congress in the fall. Others are hedging their bets against the outcome of the Congressional elections. Either way, the power vacuum has pulled more money into the Presidential politics than ever.
There is one more factor that has led to this unprecedented giving. The winds of change are blowing. In 2006, Americans made their appetite for change clear. Now, many see the 2008 election as the last meaningful opportunity for real change for eight years. Increasingly, many more Americans are moving off the sidelines and into the political process in a direct way. They are contributing money. Although not the focus of much media attention, the fact is there are more contributors than ever. This does not diminish the significance of money in politics. Yet, it is clear that it is not just power brokers that are breaking out their checkbooks. Average citizens are contributing more than at any time in history.
Through cable news, the internet and emails, Americans now hear daily about specific issues that they care about. In addition, organizations communicate through emails to their members directly and frequently. The result has been a new vehicle for the mobilization of activists and the solicitation of campaign contributions. And it has worked.
Senator Obama's 50,000 contributors giving a combined total of almost $7 million dollars over the internet makes the point.
Of course, the internet has made it easier to give. Credit cards, debit cards and e-transactions are accepted. Significantly, individuals can now completely bypass political parties and organizations and show their support for the candidate of their choice.
And so the money totals climb - $127 million at the end of March in 2007 with only nineteen months to go until the General Election. It could be a billion by then.