President Biden’s bid for re-election in 2024 is being fueled by substantial contributions from affluent Democratic supporters, while donations from middle-class voters have not gained any traction.
The Biden Victory Fund has amassed tens of millions of dollars in donations from affluent party members residing in San Francisco, Chicago, New York City, and Washington, D.C. However, small-dollar donations, categorized as amounts under $200, have fallen significantly behind previous Democratic campaigns.
During the three-month period ending on June 30, small-dollar donations contributed $10.2 million to Biden’s fundraising efforts, according to the New York Times.
This figure falls short of the $21 million President Barack Obama received during the same period for his 2012 re-election campaign.
While Democrats attribute the decline in small-dollar donations to various factors, the trend suggests that Democratic voters are currently less enthusiastic about supporting Biden compared to the 2020 election.
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Senior officials within the Biden campaign partially attribute the slowed donations to the absence of a clear Republican opponent, suggesting that contributions will surge once the Republican field narrows down to a single nominee.
“Right now there is no day-to-day competition combat going on,” noted Jeffrey Katzenberg, co-chairman of the Biden campaign, in an interview with the Times. “So these are the most loyal, most dedicated believers and supporters. It’ll build over time.”
At present, Biden heavily relies on donations from wealthy individuals, outpacing major Republican presidential candidates. The campaign received contributions of over $500,000 from 10 donors, while an additional 82 individuals donated at least $100,000, according to the report.
Conversely, Republican candidates are reporting significant donations during the initial weeks and months of their campaigns.
Florida Governor Ron DeSantis, for instance, amassed $20 million within the first six weeks of his campaign. Additionally, former President Donald Trump’s campaign and his political action committee, Save America, jointly raised over $35 million between April and June.
As the first primary votes draw near, all eyes are on the Republican field, although Trump maintains a commanding lead in primary polling.
At the same time, all eyes are watching Biden as his ongoing family scandal, stamina, and mental ability to do the job have come in to question. He appears to be struggling with knowing where he is, who he is with, what is happening and basic appropriate decorum.
These may be indicators why the middle class is not sending campaign funds to Biden. The real question for democrats is will Biden be allowed to run or will they sour on him and bring in another candidate, maybe California Governor Gavin Newsom for instance?
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