Before a significant fundraising event, Biden’s campaign war chest surpasses Trump’s

Before November’s election, U.S. President Joe Biden’s campaign raised more money than that of Donald Trump, his Republican opponent. This is because Biden is the incumbent and has the backing of Democratic predecessors, according to observers.

This support will be on full display on Thursday at a fundraiser for Biden in New York City, which will be attended by well-known Democratic former presidents Bill Clinton and Barack Obama. According to OpenSecrets, a research organization that monitors money and influence in American politics, Biden’s campaign committee is raising more money than Trump’s, both from big contributions and little individual gifts under $200.

According to OpenSecrets statistics, of the $128.7 million that Biden’s campaign committee has raised so far in the election season, around 55% has come from large donations, while 45% has come from little ones. Of the $96.1 million that Trump’s campaign committee has raised, big donations have contributed 64%, while small contributions have contributed 36%.

Trump has, meanwhile, been more successful in gathering funds from outside organizations like super PACs, which are exempt from direct campaign coordination but are able to accept contributions of any amount. While organizations supporting Biden have raised $60.1 million, outside groups supporting Trump have raised $83.1 million.

Compared to Trump’s $179.2 million, Biden’s campaign has raised a total of $188.8 million via his campaign committee and outside organizations. Since 2004, when Bush collected more money than his Democratic opponent, John Kerry, OpenSecrets data indicates that Democratic candidates have raised more money to support their White House ambitions than their Republican counterparts in every election cycle.

The Democratic nominee, Joe Biden, raised the most amount of money from outside organizations and his campaign committee in the 2020 presidential contest—more than $1.6 billion. In contrast, Trump raised $1.1 billion. But having more money does not automatically translate into success. Hillary Clinton, the Democratic nominee, raised $769.9 million, much more than Trump’s $433.4 million. This allowed Clinton to defeat Trump in the election.

COMMUNITY SUPPORT VS MASS MONEY According to researchers, small-dollar contributors are crucial for demonstrating support from the grassroots.

“If you receive $5 from someone, it’s a sign that they think highly of you,” said David Primo, a political science and business administration professor at the University of Rochester. Fundraisers, such as the one hosted by Biden on Thursday, are crucial because they enable candidates to accumulate campaign cash for phone banks and ad campaigns.

Although Biden may draw support from past presidents Obama and Clinton, Trump does not have the backing of his Republican predecessor, former President George W. Bush, and vice president Mike Pence did not endorse him. However, Trump will soon be attending significant fundraisers. A fundraiser in Palm Beach, Florida, scheduled for early April, will be hosted by hedge fund billionaire John Paulson. Notable attendees include grocery magnate John Catsimatidis and hedge fund investor Robert Mercer as co-chairs. Individual donations might vary from $250,000 to $814,600, as stated in the event invitation.

Dmitri Mehlhorn, a big supporter of Democratic politicians and advisor to Reid Hoffman, said that “you can move some real votes with it if you can raise early money in a competitive election and have it spent intelligently.”