Campaign spending in the 2024 federal election season is projected to reach an unprecedented $15.9 billion, narrowly surpassing the previous high of $15.1 billion spent during the 2020 cycle. From ceaseless donation requests to massive fundraising efforts, candidates across the political spectrum have raised and spent vast sums, setting new records and underscoring the intense financial demands of modern US campaigns.
In the US, substantial funding has come from a surge of high-dollar donors. Open Secrets reports that in 2004, just 23 Americans contributed over $1 million each for a combined $58.9 million. This year, that number has ballooned to 408 donors, collectively giving $2.3 billion. Leading Democratic candidate Kamala Harris raised $300 million within weeks of entering the race and $1 billion overall, while her Republican opponent Donald Trump’s campaign has amassed $800 million.
This historic spending underscores the ever-growing financial gap between the US and other democracies, raising questions about the influence of money on American elections.
Source: Wall Street Journal