A Sad, Cruel Irony If McCain Loses A Close Election — McCain-Feingold And Obama’s Buying Of The Presidency
Posted by WLS:
I’ll have more on this next week when the Obama campaign submits its campaign fundraising report to the FEC for September.
But if John McCain loses a close election to Obama, he’s going to spend some long evenings watching the Arizona sunset while thinking about how his bipartisanship in helping the Dems pass campaign finance reform in the Senate was returned by them. He’ll have to think about Russ Feingold cheering Obama on while he literally buys his way to the Presidency.
What I think we are going to discover in the aftermath of this election is that, by virtue of having opted out of the public financing system, Obama not only unshackled his campaign from the limit of spending only $84 million in this race but he also detached his campaign from the visceral obligation to spend no more than you can raise during the campaign.
Facts are coming into focus to show that the Obama campaign is likely spending vast sums of money in excess of any amount they hope to raise before election day — in essence they are running this campaign on a huge credit card. They are counting on the fact that a victory means they will possess the continuing fundraising clout as a President-elect to raise more than enough money to pay the campaign’s debts after the election from people who hope to have influence with the new administration.
The fact is that Obama started September 1 with $77 million in the bank. The most he raised in any one month at any point in the entire 2008 election cycle was $65 million. Even if you were to assume that he can raise $100 million a month in September and October, that would give him only $277 million to spend.
But we know from anecdotal reporting that he’s spending far more than that. Obama’s campaign apparatus is vastly bigger than McCain’s, Bush ’04 or Kerry ’04. That means more hard expenses like paid staff, offices and equipment, travel and lodging, etc. Obama himself, in touting the “executive experience” he was getting from running the campaign, pegged their operational expenses at $2 million a day back in August. It’s got to be significantly higher than that now.
Add to that the advertising expenses they are incurring at an unprecedented rate. A Politico story earlier this week said Obama was spending $3.5 million a day on advertising in late September and early October. That’s about $25 million a week or $100 million a month.
But yesterday Karl Rove in a WSJ article pegs Obama’s current advertising expense at $35 million a week.
There is no way they are paying for this ad time as they go — they are taking it on account, giving them 30 or 60 days to pay for it.
If their ad spending was $100 million in September and is now $140 million for October, along with the hard campaign costs of at least $60 million a month to run the apparatus — well, the math doesn’t add up. That alone would be $360 million between September 1 and the election.
As reported by David Fredosso in his book “The Case Against Barack Obama”, the lesson Obama took away from his first run for office — where he won by having all his competitors disqualified from the ballot — was the following:
“If you can win, you should win.”
When the numbers are all in and tallied, if Obama wins, we are going to find that he will have spent somewhere in the neighborhood of $750,000,000 between the primary and general campaigns in order to buy himself and the Democrat party the White House.
Hopefully McCain can get past calling Russ Feingold “My Good Friend”.