Dec 04, 2008
Despite initially vowing to take public funds if McCain did, Obama is the first presidential candidate since the campaign finance reforms of the 1970s to accept private donations during the general election.
His tactic turned this election into the single most expensive presidential race ever, with over a billion dollars being spent. That’s a first for our country.
The AP reports that Mr. Obama spent nearly $720 million dollars of the $750 million he raised for his campaign. While McCain was limited to spending only $84 million from September on (because he accepted public funds), Obama spent $315 million during the same period. By the end of the race, he was outspending McCain at a rate of 4 to 1.
Lets put this into perspective a bit: the combined total of George W. Bush AND John Kerry’s bill for both the primary and general election back in 2004 was only $653 million, including federal public financing money.
Yes, that’s right, Obama spent more on this election than the combined total of the candidates for the last presidential election. And, of equal significance, his total spend was well over twice that of McCain’s reported $293 million.
I wonder what would have happened if Obama had done as he had vowed and taken the public funds? Never before in history has a presidential candidate outspent his opponent by such an overwhelming margin.
Amazing that most people continue to say that its “Fatcat Republicans” who have all the money. Overspending doesn’t stop at just the presidential election either. Over the last decade, the most expensive senate campaigns of each cycle, save one (Elizabeth Dole in 2002), have been waged by Democrats.
I think it is officially time the term Fatcat was changed to something more appropriate: FatCRAT.
Congratulations MTV Generation – you’ve got your man as President. One question though – don’t you think he should have kept his word and spent half as much money campaigning and used the other $325 million supporting some of those causes ya’ll care so much about? He STILL would have outspent McCain by nearly 10%.
Honestly though, I really would have thought that much cash would have bought more than an 8.5% margin in the results.
Oh well, at least France likes us again.