McCain Couldn't Compete With Obama's Money
America affirms Chicago's Golden Rule.
If money talks, we'll likely soon hear the real reason why Barack Obama beat John McCain. Both men and the national parties will report to the Federal Election Commission today how much money they raised in October and November. And what the numbers will probably show is that Mr. Obama outspent Mr. McCain by the biggest margin in history, perhaps a quarter of a billion dollars.
On May 31, as the general election began in earnest, the Obama campaign and the Democratic National Committee had a combined $47 million in cash, while the McCain campaign and the Republican National Committee had a combined $85 million.
Between then and Oct. 15, the Obama/DNC juggernaut raised $658.7 million. I estimate today's reports will show Mr. Obama, the DNC and two other Obama fund-raising vehicles raised an additional $120 million to $140 million in October and November, giving them a total of between $827 million and $847 million in funds for the general election.
Mr. McCain and the RNC spent $550 million in the general election, including the $84 million in public financing Mr. McCain accepted in exchange for his campaign not raising money after the GOP convention.
How did Mr. Obama use his massive spending advantage?
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