Big-money donors bet heavily on the GOP
As USA Today reports, eight of the 10 biggest contributors to SuperPACs this election cycle have been backers of conservative causes or candidates.
And those are only the contributions that have become public record.
American Crossroads Super PAC, headed by Karl Rove, reports that it had raised $99.8 million by the end of March, but thanks to the Citizens United decision and other vagaries of federal law, it is not required to disclose who contributed that money. We know only that it has received 24 donations of a million dollars or more, and two donations of $10 million or more, and together those large donations account for 87 percent of its contributions.
In stark contrast, The New York Times reported Saturday that the Obama campaign is struggling a bit to tap big-money contributors, “with sharp dropoffs in donations from nearly every major industry forcing it to rely more than ever on small contributions and a relative handful of major donors….”
“From Wall Street to Hollywood, from doctors and lawyers, the traditional big sources of campaign cash are not delivering for the Obama campaign as they did four years ago,” the Times reports.
The numbers are stark. As the nonpartisan Campaign Finance Institute reports, 44 percent of the money raised by the Obama campaign so far has come in contributions of $200 or less. In contrast, small donors account for just 9 percent of the cash raised so far by Mitt Romney. As of late March, he had raised less from small donors than either Newt Gingrich or Rick Santorum.
As the Wall Street Journal reports, the guys and gals on Wall Street are also placing their bets.
“… so far this election, Mr. Romney is taking in far more money from financial firms than the president. By the end of March, the Romney camp had collected more than $12 million from bankers and other financial professionals, according to the Center for Responsive Politics.
By contrast, Mr. Obama’s campaign took in at least $4.2 million from people in those industries in the same period, according to the same tally.”
The inflow of cash is also affecting congressional races. As the New York Times reports:
“The conservative groups that helped Republicans win the House in 2010 are pouring money this year into an aggressive campaign to capture the Senate, a goal that they consider just as vital as winning the White House.
Already, they have committed at least $17 million to television commercials in more than a dozen states from Florida to Hawaii, in most cases dwarfing what their Democratic opponents have spent. Their plans call for an effort that will exceed $100 million by Election Day, strategists for these groups said, far surpassing their efforts in 2010, a high-water mark for outside money in politics….
The Chamber of Commerce, which, according to the Center for Responsive Politics, spent more than $30 million on congressional races in 2010, said it will commit “measurably more” this year to House and Senate campaigns in what officials called the most significant political effort in its 100-year history.”
The defense industrial complex is making a play as well. As Politico reports, the defense industry is backing Republican candidates much more heavily than in recent cycles, with 60 percent of its contributions going to GOP candidates.
Now, there’s no need to shed tears for the poor, underfunded Obama campaign. Overall, it continues to do quite well in its fundraising, although nobody really knows how much money will come pouring into the conservative Super PACs run by Rove and others as the race really begins to heat up.
On the other hand, things may be considerably tougher for Democrats lower on the ballot. If individual candidates are targeted for defeat by deep-pocket GOP Super PACs, they may not have the financial resources they would need to respond.
This imbalance is, I think, the most important political story of this campaign cycle. It tells you a lot about the true nature of the race, the forces that are at work behind the scenes and what’s really at stake in this year’s outcome.
If the big-money investment pays off and the GOP ends up with control of both the White House and Congress, you will see a significant impact on the policies and priorities coming out of Washington. Tax law, environmental rules, labor relations, entitlements — we’re likely to see a repeat on the national level of what Gov. Scott Walker of Wisconsin attempted to do at the state level in 2011. It will make the Bush years seem tame by comparison.
On the other hand, if Obama wins despite the big-money contributions arrayed against him, he may start his second and final term feeling somewhat liberated from Wall Street and other big-money interests. Oh, he’ll still owe them. But what he owes them they may not like.
– Jay Bookman
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571 comments Add your comment
Thulsa Doom
April 24th, 2012
2:05 pm
So in terms of job creation is Obama net positive yet??? I’ll let the libs answer that one. No need for a blame W explanation. A simple yes or NO would suffice. I’ll event hint at the answer for ya!
Thulsa Doom
April 24th, 2012
2:07 pm
Jm,
TP’s comedy routine never gets old. It never do.
They BOTH suck
April 24th, 2012
2:08 pm
TD
sayin neither one
It has been posted numerous times the job creation under Reagan and that person makes a huge deal out of the tax rate
When asked how did job creation take place at other times with much higher tax rates………. one gets rhetoric or silence
I said nothing about Obama………. you did
My whole point…… tax rates are one of many variables that come into play when looking at job creation on a macro level
And that can be shown by looking at rates overtime and job creation over a period of time……..
They have been times with “lower rates” where there was high job creation and low job creation…… same goes for “higher rates”
I said nothing more,,,,,,, nothing less
TaxPayer
April 24th, 2012
2:08 pm
JB,
You clearly are not taking advantage of the Bush/Republican tax cuts. They’re geared toward investment income.
Matti
April 24th, 2012
2:10 pm
The guys in the snake shirts:
http://www.bartcop.com/corp-dupe-4.jpg
JOE COOL~DoWnToWn THUG
April 24th, 2012
2:11 pm
“is Obama net positive yet”
Ahhhhh, thats the new lingo…”net positive”. lol
TaxPayer
April 24th, 2012
2:11 pm
Thulsa’s comedy routine, on the other hand, is
. What is it you do again. Sell supplemental medicare insurance.
JOE COOL~DoWnToWn THUG
April 24th, 2012
2:12 pm
SHEEEEEEEEEEEEEEEEEEEETS
JB
April 24th, 2012
2:13 pm
Creating a climate for customer Spending and consumer confidence would be Washington’s job, not mine. Read it again taxpayer. I said ” he could work on the economy”…. Not me. I have the goods and services…..That’s what I do.
Jm
April 24th, 2012
2:14 pm
Debbi wasserman is a complete idiot
She basically thinks lying is smart
Shows the lack of any morality or lack of any anchor to values in the democrat party
Jay
April 24th, 2012
2:14 pm
Sheets ….
Matti
April 24th, 2012
2:15 pm
The real reason it’s illegal:
http://www.bartcop.com/hemp-threat.jpg
Oscar
April 24th, 2012
2:15 pm
Don’t Forget
April 24th, 2012
12:57 pm
This is kind of a drive by post on an unrelated subject but if you’re worried about healthcare costs, solve this problem.
http://rockcenter.msnbc.msn.com/_news/2012/04/24/11371569-health-care-laws-leave-hospitals-overwhelmed-by-permanent-patients?lite
_______
This is the kind of problem that medicaid should take care of. Or the state of Arizona if they don’t want to change their medicaid requirements.
JB
April 24th, 2012
2:17 pm
It’s so bad, the Mexican’s have quit coming…………….Make a great Romney bumper sticker wouldn’t it?
TaxPayer
April 24th, 2012
2:17 pm
You’re the “job creator”, JB. And those Bush tax cuts have been in place since 2001 and 2003 just so you can create those jobs. Obama has not raised your taxes.
They BOTH suck
April 24th, 2012
2:18 pm
“Obama has not raised your taxes.”
You are not supposed to bring that up…….
JB
April 24th, 2012
2:18 pm
I’ve laid off 35% of my workers since Obama was sworn in……But I’m on here enough to learn to just blame Bush.
Jay
April 24th, 2012
2:20 pm
I’ve laid off 35% of my workers since Obama was sworn in……But I’m on here enough to learn to just blame Bush.
So it’s Obama’s fault instead? Where’s your sense of personal responsibility? When your business was doing well, was that your doing or the federal government’s?
Or is the government only responsible when it does poorly?
They BOTH suck
April 24th, 2012
2:23 pm
“I’ve laid off 35% of my workers since Obama was sworn in……But I’m on here enough to learn to just blame Bush.”
So I guess anyone or any company that is doing well financially should throw a party for Obama?
JB
April 24th, 2012
2:27 pm
Jay, the feds have nothing to do with my business doing well except foster environment of consumer confidence with policy. During the Bush years, I went from 85 employee’s to 208. Under Obama, from 208 to 135. From paying 1.8 mil in federal taxes to 400K……………………What should I think?
Pass the Cheesy Grits Please
April 24th, 2012
2:28 pm
If Republicans gain more power in the next election, I just want to know how much more of a tax cut they’re gonna give me. Do you think maybe they’ll divert more payroll taxes toward tax cuts for the wealthiest or just borrow more money to give away to the wealthiest or both.
My bet would be on both.
Thank god they aren’t gonna win.
Thulsa Doom
April 24th, 2012
2:29 pm
“When asked how did job creation take place at other times with much higher tax rates………. one gets rhetoric or silence”
Job creation will generally take place and it is taking place now- just not at an acceptable rate.
What other times do you speak of? There was job creation under Clinton but that was during the age of the opening of the internet which was a profound economic event in our lives. Castro could have been president and our economy and hence job creation would have grown.
I also saw Robert Reich opine that in the 50s that we had significant job creation despite high marginal top tax rates. Well duh. We were the world’s lone standing economic power after Japan and all of Europe had been devastated from WW 2. We enjoyed a decade or even 2 of tremendous advantage while they were rebuilding. But even Kennedy had to lower top marginal rates because even he could see that it was bogging down economic growth.
“My whole point…… tax rates are one of many variables that come into play when looking at job creation on a macro level”
Marginal tax rates and capital gains tax rates are one of many variables- true. But they are 2 of the far more important variables.
They BOTH suck
April 24th, 2012
2:31 pm
JB
Was you business still doing well when Bush left office or was it already trending down?
Was your business in any way tied to construction, real estate, banking or relied directly or indirectly on those type industries for business?
Pass the Cheesy Grits Please
April 24th, 2012
2:32 pm
Jay, the feds have nothing to do with my business doing well except foster environment of consumer confidence with policy,
Way to move the goalposts.
I work for a company and we are adding employees all the time. We have doubled in size while Obama has been in office. I guess in spite of his not fostering consumer confidence.
Just cause your not doing well don’t blame it on everybody else. If you aren’t doing well its your fault. Not mine. Take some responsibility for yourself will ya.
JB
April 24th, 2012
2:32 pm
Higher tax rates with continued run away spending cures nothing.
JB
April 24th, 2012
2:34 pm
Mr grit………………One size fits all in your house heh?
Woodstock Mike
April 24th, 2012
2:35 pm
I love how Democrats say business and the economy are doing well right now with a straight face!! LOL
GDP, employment, and housing (arguably the 3 most important parts of the economy) are all doing horrible. Are Democrats living on another planet or do they think Americans are so stupid they might believe that crap? I think it’s the later…
Jay
April 24th, 2012
2:35 pm
I believe we’ve discussed your business before, JB. Highly dependent on the housing industry, as I recall.
So you did well as the housing bubble got larger and larger, and not well at all once it burst. And somehow this is Obama’s fault and he ought to fix it for you.
So you
JB
April 24th, 2012
2:37 pm
Mr Grit……………….. I have adjusted our expenses with our current sales opportunities as to still make a profit to stay in business. unfortunately,85 people lost their jobs.
They BOTH suck
April 24th, 2012
2:38 pm
http://www.americanprogress.org/issues/2011/06/marginal_tax_employment_charticle.html
http://news.yahoo.com/blogs/signal/does-28-top-marginal-tax-rate-mean-175706337.html
While the government isn’t going to tax us into prosperity, this notion that if you just keep lowering rates that jobs will just appear demand or no demand is as much BS as those that say tax, tax, tax
Got to run……. be back later
Woodstock Mike
April 24th, 2012
2:38 pm
“So you did well as the housing bubble got larger and larger, and not well at all once it burst. And somehow this is Obama’s fault and he ought to fix it for you.”
No Jay, it’s Bush’s fault…
JB
April 24th, 2012
2:39 pm
Jay, see post at 2:37
They BOTH suck
April 24th, 2012
2:42 pm
JB
I’m glad that you were able to stay in business, however if you were tied any way, shape, form or fashion to construction or real estate then chances are you were trending down before Bush left office and if not like many business no Pres was going to stop the hit that many took in those industries and others dependent on them
JB
April 24th, 2012
2:42 pm
I’m opened minded. Will someone list 2 or 3 new laws, policy’s that Obama has put in place to create this robust economy recovery deserving of another four years. Maybe I’ve missed it.
JB
April 24th, 2012
2:44 pm
They both suck……………I’m tired of swimming for bottom….I would like to come back to surface for some air. What economy we have is in spite of Obama, not because of him.
OBG !!
April 24th, 2012
2:46 pm
JB, I have enjoyed watching you “school” these liberal idiots. I need to do a little work now….I’ll check back again.
P.S., thanks for taking the risk associated with owning a business. Most of the others on here are probably “Government”, “Union”, or on the take from others hard work. You won’t change their minds, Liberals always want to “Help” others with “your” money.
TaxPayer
April 24th, 2012
2:46 pm
I hope JB has at least seen the light that those Republican/Bush policies and tax cuts were the only ones in effect both during his business’s rise and fall. If only Obama could have passed a tax hike so JB could truthfully point a finger at his policies for his business’s failings.
JB
April 24th, 2012
2:47 pm
If he’s reelected, I’ll probably liquidate and move to the mountains. No way to sell.
JB
April 24th, 2012
2:51 pm
Taxpayer…………….His on Damn party wouldn’t go along with it. He wanted it. He had ALL the marbles for two years………………..And All he got was the Bush tax cuts extended………Rich….LOL
Pass the Cheesy Grits Please
April 24th, 2012
2:52 pm
I have adjusted our expenses with our current sales opportunities as to still make a profit to stay in business. unfortunately,85 people lost their jobs.
Thats your problem not mine. Run your business better and stop depending on the government to solve your problems. Take some responsibility.
TaxPayer
April 24th, 2012
2:54 pm
In fact, I recall Obama implementing the very policies that the Republicans asked for in order to address the negative impact on the economy. I believe Isakson had a lot of say in that policy. Didn’t those Republican ideas work out for folks in the housing biz.
Pass the Cheesy Grits Please
April 24th, 2012
2:56 pm
JB is your Typical Obama bashing Republican.
All he can do is blame the government for his problems.
Anybody but himself.
JB
April 24th, 2012
2:56 pm
Mr Grit……………..I would love to read your 2 line resume. You don’t have a clue.Which agency sends your check to you.
JB
April 24th, 2012
2:58 pm
I don’t blame the government for my problems…………but I sure do blame them for theirs.
JB
April 24th, 2012
2:59 pm
Gotta go………….No stimulus or bail outs coming here…………Just help provide them……Good day.
Pass the Cheesy Grits Please
April 24th, 2012
2:59 pm
Which agency sends your check to you.
None. I am a Network Engineer working for a firm that has doubled in size in the last 4 years.
We are doing quite well.
We dont need government handouts like you. We are doing just fine.
Dr. H.
April 24th, 2012
3:00 pm
And this is news , how????
yuzeyurbrane
April 24th, 2012
3:01 pm
Middle class America, put your money where your mouth is. Otherwise you deserve what you get.
JB
April 24th, 2012
3:05 pm
Ok, one more shot…..It’s too easy………….Mr. grit, you must have the “food stamp” contract.
JKL2
April 24th, 2012
3:10 pm
-In stark contrast, The New York Times reported Saturday that the Obama campaign is struggling a bit to tap big-money contributors, “with sharp dropoffs in donations from nearly every major industry forcing it to rely more than ever on small contributions and a relative handful of major donors….”
People with big money not wanting to give it to the president who hates his country and the free market economy. Didn’t see that one coming..
I guess obama is finally starting to get judged by the content of his character rather than by the color of his skin.
OBG !!
April 24th, 2012
3:23 pm
JB… Good one, his little firm doubled in size from 6 to 12 !
I know it’s not all people on food stamps, but I get so sick of seeing some slob in front of me buy two carts of groceries (you can imagine the contents), then pay for cigs while talking on their Iphone, and loading it into their Cadillac Escalade with the Handicap sticker.
Anyone that doesn’t believe this, you pick the store and I’ll meet you there….won’t take long to spot them.
mmm, mmm, mmm, Barack the Liar Obama - BEND OVER, Here comes the CHANGE!
April 24th, 2012
3:45 pm
Thanks for the laugh! The money whore and his friends keep rolling it in, yet you want to bash the republicans. You are beyond belief…..
Hmmmmmmm
April 24th, 2012
3:49 pm
@mmm,mmm
They are lost, and don’t want to be found….
Dawg '88
April 24th, 2012
4:01 pm
Uhh…Obama doesn’t receive SuperPac money and millions of dollars from other lobbyists? Yeah right.
The only reason that there are 8 donors to the GOP is because there were several candidates at first. Obama ran against who? Liberal logic is amazing. To say the Abortion President isn’t in bed with lobbyists is just being untruthful and delusional.
Lobbyists get favors in this adminstration far more than previous ones. How? Because they have been given positions in the administration which were created to just get them in the WH.
The Pro Death faction of the US is being represented overwhelmingly in this administration. There is not one….not a single one….pro life person in the WH. Why….they don’t give him money.
Abortion President Obama has been deceitful, disingenious, non-tranparent, and a plain liar! Period! Now slam away….with illogical, irrational and immoral rants and beliefs that now prevade the WH and liberals in general.
Obama and liberals want to keep religion silent….yet they subscribe to the growing religion of secularism. Faith in nothing leads to nothing after this life. Better get that one right soon. Supporting immoral causes is just nailing the door shut that Christ opened on Easter morning.
Tundra Dude
April 24th, 2012
4:10 pm
Jm wrote:
Scott Walker is a good governor
for the top few %.
Wisconsin is the only state that had “statistically significant” job losses over the most recent 12-month period, according to the U.S. Bureau of Labor Statistics.
http://www.jsonline.com/business/state-posts-largest-percentage-job-loss-in-us-over-past-year-report-shows-ib54utt-148694855.html
Joseph
April 24th, 2012
4:22 pm
Obama has received donations from numerous companies that received stimulous money. Why don’t you talk about that Jay? Campaigns being fueled by our tax money….
Get Real
April 24th, 2012
4:32 pm
He can’t Joesph as he is busy preparing for his next interview on MSNBC
Vast Right Wing Conspiracy
April 24th, 2012
4:50 pm
Where’s the unions when you need ‘em? Don’t worry, Jay, as long as you have Soros and Corzine, you Democrats will be alright.
Obama supportors are brain dead
April 24th, 2012
5:02 pm
2008 Obama top contributiors :
University of California $1,648,685
Goldman Sachs $1,013,091
Harvard University $878,164
Microsoft Corp $852,167
Google Inc $814,540
JPMorgan Chase & Co $808,799
Citigroup Inc $736,771
Time Warner $624,618
Sidley Austin LLP $600,298
Stanford University $595,716
National Amusements Inc $563,798
WilmerHale LLP $550,668
Columbia University $547,852
Skadden, Arps et al $543,539
UBS AG $532,674
IBM Corp $532,372
General Electric $529,855
Obama supportors are brain dead
April 24th, 2012
5:03 pm
He is such a standup guy -> http://www.huffingtonpost.com/2012/04/19/barack-obama-2008-campaign-contributions_n_1438250.html
Obama supportors are brain dead
April 24th, 2012
5:04 pm
Top contributors for Mccain in 2008:
Merrill Lynch $375,895
JPMorgan Chase & Co $343,505
Citigroup Inc $338,202
Morgan Stanley $271,902
Goldman Sachs $240,295
US Government $202,929
AT&T Inc $201,938
Wachovia Corp $199,663
UBS AG $187,493
Credit Suisse Group $184,153
PricewaterhouseCoopers $169,400
US Army $169,020
Bank of America $167,826
Gibson, Dunn & Crutcher $160,346
Blank Rome LLP $155,226
Greenberg Traurig LLP $147,437
US Dept of Defense $146,356
FedEx Corp $131,974
Lehman Brothers $126,557
Ernst & Young $114,506
Obama supportors are brain dead
April 24th, 2012
5:05 pm
Hey Jay,
See above. Hmm. Who bought the 2008 election?
Obama supportors are brain dead
April 24th, 2012
5:10 pm
2012 top contributors;
Predident Obama:
Microsoft Corp $304,690
DLA Piper $302,527
University of California $243,486
Sidley Austin LLP $234,611
Google Inc $191,719
Mitt Romney:
Goldman Sachs $564,580
JPMorgan Chase & Co $400,675
Bank of America $364,850
Morgan Stanley $363,550
Credit Suisse Group $316,160
Notable that Goldman Sachs fipped, but not a surprise. Seems to me that evil wall street wants your boy our of office.
Sheez Louise
April 24th, 2012
5:22 pm
Oh don’t worry…. as SOON as Obama kicks his campaign into high gear my wallet will open with multiple small dollar donations. I will probably donate upwards of $300 when all is said and done.
Sheez Louise
April 24th, 2012
5:35 pm
Talk about doing well. My organization has also been growing like crazy this past year. And the bonuses, the EMPLOYEE BONUSES, oh my god!! GOBAMA 2012!!!!!! Some of you clowns need to get a grip.
Oh sorry, did I let it slip that I am employed in the private sector?? Wouldn’t want to let the frothy-mouthed believe I do anything other than receive food stamps to finance my Escalade or work in a “govmint” office doing nothing all day.
Just saying..
April 24th, 2012
5:48 pm
real john
April 24th, 2012
9:31:
Did you just instruct Jay on how to use the internet and tap sources?
He should try Google? Really?
Boris Badnoff
April 24th, 2012
5:55 pm
Sheez. How the weather in Columbia?
givememyfairshare
April 24th, 2012
6:22 pm
“And those are only the contributions that have become public record. ” – So what you’re saying is the dems could have 10X the money, just not on public record?…
Jay
April 24th, 2012
6:50 pm
Sinkwich, the whole Keystone pipeline thing is itself just a shiny distraction.
Jay
April 24th, 2012
6:53 pm
Does that shoe fit a little too comfortably, Tread?
Joseph
April 24th, 2012
9:14 pm
Funny how Jay tries to nip stories before they even come out…. Lucky for Repubs he has few readers….
http://freebeacon.com/obamas-swiss-banker/