Joe Biden’s approval ratings may be garbage, but his campaign wants you to believe that everything is just because he’s raising a lot of money.
A recent analysis from the New York Times found that Biden’s campaign had $71 million on hand at the end of February, compared to Trump’s $33.5 million. and that was before his star-studded, glitzy fundraiser in New York City, which reportedly brought in $26 million. Like clockwork, the liberal media is using Biden’s fundraising numbers as proof his campaign isn’t dying a slow death, while simultaneously presenting Trump as struggling to raise money in his third presidential campaign.
“Former President Donald Trump may enjoy a slight lead in early polling against President Biden, but the incumbent has a significant lead in another race, which is perhaps just as important this far out from November,” Democrat strategist Douglas Schoen argued last week.
Some of Biden’s fundraising advantage has been a mirage because he has been jointly fundraising with the DNC since he launched his campaign while Donald Trump only secured the Republican nomination this month. But, even if we ignore that, a deeper dive into Joe Biden’s fundraising numbers points to big trouble for his campaign.
It comes down to who is donating to his campaign. While Biden is clearly benefiting from big donations from corporations and left-wing interest groups, he is struggling to attract small, grassroots donations.
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According to a Fox Business analysis of FEC records, 35% of Biden’s 2024 re-election campaign funds stem from big donors, those contributing over $2,000. Only 38% of his donations come from small donors, those giving between $1 and $200. On the other hand, the Trump campaign boasts a remarkable 61% of its donations from small donors, with a mere 9% coming from major contributors. Compared to the previous election cycle, Biden has witnessed a 10-point increase in donations from big donors, while Trump’s numbers have decreased by the same margin.
Biden’s struggle to attract small donors has been a persistent problem. In August, Politico reported that Democrats are extremely concerned about the lack of small donors contributing to Biden’s campaign.
The lack of grassroots engagement is a warning sign for Biden ahead of a tough election cycle, raising questions about whether the 80-year-old incumbent is exciting the Democratic base the way he will need to win a second term. The new data also suggests that the threat of Donald Trump, once a huge driver of Democratic fundraising, is not motivating donors like it used to.
“Because small donors are a proxy for enthusiasm, if people aren’t concerned about the drop-off in contributions, then they just aren’t paying attention or whistling past the graveyard,” said Ari Rabin-Havt, the former deputy campaign manager on Sen. Bernie Sanders’ 2020 presidential campaign, told Politico.
So, contrary to the narrative being pushed by the Biden campaign and the media, Biden’s fundraising numbers really aren’t as great as they’re being made out to be. He’s relying on the deep pocket of elitist donors and corporations to fund his campaign, but the grassroots advantage goes to Trump by a long shot.