They've got no margin for error': Biden cash crunch raises alarms

[Hassin Bin Sober]

They’ve got no margin for error’: Biden cash crunch raises alarms

After the latest look at his campaign finances, some Democrats question whether he can go the distance.

https://www.politico.com/news/2019/10/16/biden-fundraising-2020-049062

Stalled in the polls and on the heels of another uninspiring debate performance, Joe Biden’s campaign was forced to respond to another troubling issue Wednesday: his lackluster fundraising.

Just months ago, Biden’s initial cash haul surprised naysayers who doubted he could compete with the money-minting machines that are Elizabeth Warren and Bernie Sanders. But now the former vice president is bleeding money.

Biden spent almost $2 million more than his presidential campaign raised in the third quarter, a predicament caused by sluggish fundraising coupled with the expenses of maintaining a big payroll and a nationwide operation — one that included luxury expenses such as swank hotel stays at the Westin and The W, and nearly $1 million for private jets.

His cash on hand sum of $8.9 million is so low that it’s almost four times lower than the $33.7 million banked by Sanders, nearly three times lower than Warren’s $25.7 million war chest and more than twice as small as Pete Buttigieg’s $23.3 million.

Democrats on Wednesday expressed grave reservations about whether Biden’s fundraising performance is an indication he cannot go the distance.

[melman]

1. Wow

Sounds pretty bad.

[crazytown]

2. 3rd quarter fundraising 2015: Clinton $28.0m, Sanders $25.5m

[lapfog_1]

3. thanks... i donated again

[Dopers_Greed]

4. I'm not donating to anybody yet

Whoever, the nominee ends up being, I'll give $$$ to them to help defeat Chump

[Blistering Sun]

5. I thought some people were in favor of getting money out of politics?

[Hassin Bin Sober]

7. Joe leading by example! He's a good man.

[PDittie]

10. LOL

[RandiFan1290]

11. OMG LOL

[brooklynite]

9. Know what I'm not in favor of? Unilateral disarmament...

Doing it inadvertently is even worse.

[ritapria]

6. They need to cut out the swank hotels and traveling by private jets

Last edited Thu Oct 17, 2019, 02:03 AM - Edit history (1)

I am not Joe against staying in nice hotels and traveling by private jet …..If the staffers are doing that , they are hurting rather than helping the campaign …...

[tirebiter]

8. Joe Biden's Four-Decade Push to Get Money Out of Politics

Joe Biden in 1974 on Begging for Contributions: “The Most Degrading Thing in the World”

The Senator shows a healthy respect for money: “Politics is a damn expensive business. I had one hell of a time trying to raise money as a candidate. I had to put a second mortgage on our house to get that campaign started, and I ended up spending over $300,000 to get elected. I believe that public financing of federal election campaigns is the only thing that will insure good candidates and save the two-party system. It is the most degrading thing in the world to go out with your hat in your hand and beg for money, but that’s what you have to do if you haven’t got your own resources.”

He feels the indignity is compounded by the temptation to sell out to big business or big labor for financial help, and says it’s almost impossible for a candidate to remain true to his conscience in this situation. He admits that more than once he was tempted to compromise to get campaign money. “I probably would have if it hadn’t been for the ramrod character of my Scotch Presbyterian wife,” he says. “I am not a rich man. And my family does not have money. If I sold every thing I own, including my house and cars, I could probably’ scratch up $200,000, but that’s nothing compared to most of the guys in the Senate.”

This was not simply lip service on Biden’s part. He went on to spend a great deal of time and energy during his 36 years in the Senate pushing various forms of campaign finance reform, though largely without success. (He also remains comparatively impoverished for a big-time U.S. politician, with a recent estimated net worth of $543,000.)

In a 2001 Senate debate, Biden provided a useful thumbnail summary of the history of reform efforts since the 1970s, including what he’d personally done, and declared: “Either all of America decides who runs for office, or only a few people. It’s as simple as that.”

https://theintercept.com/2015/10/05/joe-biden-in-1974-on-begging-for-contributions-the-most-degrading-thing-in-the-world/

He just keeps on truckin'