After former President Barack Obama nearly doubled America’s national debt during his eight-year tenure, it should not come as a surprise that Democrats are not the greatest at managing money.
And that principle applies even within the confines of their own party.
The Democratic National Committee has already gone into debt just as the 2020 election is ramping up, which could greatly hurt them in their fight against President Donald Trump, according to Bloomberg.
“By the end of April, the DNC had collected contributions of more than $24.4 million but had spent $28.4 million, according to the latest disclosures. It had $7.6 million cash on hand, $1 million less than in January. It posted $6.2 million in debt, including bank loans and unpaid invoices to vendors,” Bloomberg reported, based on Federal Election Commission records.
When will Democrats learn that spending more money than what comes in is a fast route to debt?
Democratic fundraiser John Morgan seems to believe that the large number of presidential candidates are partially to blame for the DNC’s lack of funds.
“Do you want to fix up the barn or do you want to bet on the horses?” he said, insinuating that people would rather donate to individual campaigns than the party organizer.
Morgan also added that the DNC’s reputation has gone through the wringer in recent years, as former Chairwoman Debbie Wasserman Schultz was exposed as being as corrupt as they come.
“Debbie Wasserman Schultz really destroyed a lot of confidence in the DNC for a lot of people and for a lot of different reasons,” Morgan said.
According to Bloomberg, Wasserman Schultz resigned the day before the Democratic Convention in 2016 after emails hacked and published by Wikileaks showed she was working to help Hillary Clinton take the nomination over Bernie Sanders.
On the other side of the aisle, the Republican National Committee is high on the hog.
With no debt and $34.7 million in the bank, the RNC is building a solid foundation for a strong ground game and serious advertising campaigns.
Despite exceptional numbers coming from the Republican party, the president isn’t getting complacent in the fundraising game.
Last weekend in Chicago, a three-day campaign retreat was held by Trump’s team, in which the president’s platform was pitched to large donors.
Axios reported that it was Trump’s latest effort “to court deep-pocketed Republicans who failed to come out for Donald Trump in 2016, and it further signals that the president’s days of snubbing traditional fundraising mechanisms are over.”
If donors like these change their minds and decide to back Trump in 2020, then the DNC may never match the funds generated by the RNC and the president’s campaign.
In 2016, Democratic nominee Hillary Clinton lost by an electoral landslide to Trump despite nearly doubling his fundraising numbers, according to Politico.
Imagine how much damage Trump could do if he had twice as much money as he did nearly four years ago.
The Democrats have a lot of work to do if they want even a remote shot at notching a win next year.
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