As revelers rang in the new year of 2008, Democrats Barack Obama and Hillary Clinton had each surpassed the $100 million fundraising mark in their presidential campaigns. According to the Washington Post, this was the first time two candidates had eclipsed that milestone before a single primary/caucus vote was cast.
Today, as the 2016 campaign begins in earnest, no single candidate - Democrat or Republican - has raised $100 million*. Due to the "Citizen's United" ruling in 2010, half of the reported money so far has come from donations to groups like "Super PACs" (that are not subject to limits) rather than to individuals.
Republican Jeb Bush and his PACs have raised the most money so far ($133 million) but he is polling at only 4% in the latest National Quinnipiac Poll. The unlikeliest candidate, Donald Trump, tops the poll at 28%, but has been personally financing his campaign. On the Democratic side, Mrs. Clinton leads rival Bernie Sanders in both money raised ($98 million vs. $42 million) and the latest poll numbers (61% vs. 30%).
Compared to the current presidential campaign, the 2008 election seems almost quaint. Today's dollars are mind-boggling (over $560 million for 23 candidates so far). And although the concept of politics-on-social-media got its start at the turn of the century, today's campaigns live there. Tweets fly and the nightly news is made.
For the rest of this year, we plan to post interesting contrasts and comparisons between this election and 2008. We hope you will follow along.
*Source: Candidate reports filed with the Federal Election Commission on finances through September 30. "Which Presidential Candidates are Winning the Money Race," New York Times, October 15, 2015.
For a compelling history of the 2008 campaign, as told by news media, politicians, and ordinary people, see King's Dream: Barack Obama Becomes President of the United States of America.
