About ten months after returning to the polls, the US presidential election is already on track to become the most expensive in history. Expressing it OpenSecrets, which analyzed the financial statements of the election campaigns run by major candidates so far. So-called “outside spending,” meaning spending by independent groups that support candidates rather than directly by candidates, totaled nearly $318 million. That's six times more than was spent at this point in the 2020 election campaign. Funding reports analyzed by OpenSecrets cover funding received by various candidates from January 1, 2023 to January 14, 2024. As will be confirmed in the coming months, next November's elections could turn out to be one of the most expensive campaigns ever. Analytics firm AdImpact estimates that overall ad spending for this election cycle will reach $10.2 billion, a 13% increase over the 2020 election.
So far, “outside spending” has focused on the Republican primaries, which former President Donald Trump won in the Iowa caucuses. As has been the case for years now, so-called “super PACs” (political action groups) generate most of the resources. These are organizations established with the purpose of raising funds to support a candidate and may receive money from individual citizens and organizations and other organizations. The SFA fund, which supported the candidacy of former South Carolina Gov. Nikki Haley with $68.1 million, was the superpack's biggest spender overall. In second place, with 47.9 million, was Make American Great Again Inc., which, as its name suggests, openly supports former President Trump. In third place, with 47.5 million, is another group backing Nikki Haley: Americans for Prosperity Action, a superpack of conservative activists led by billionaire Charles Koch. Florida Gov. Ron DeSantis, who is trying like Haley to wrest the nomination from Donald Trump, can count on the support of Super Pac Never Back Down, which has given him $37.8 million. However, DeSantis was the most attacked Republican candidate, with more than $47 million spent to damage his candidacy.
Cover photo: EPA/CJ Gunther | Former President and Republican Primary Candidate Donald Trump in New Hampshire (January 16, 2024)
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