The 2024 U.S. election has set a new benchmark in campaign spending, becoming the most expensive election cycle in American history. According to OpenSecrets, a nonprofit tracking political donations, spending for this election has surged to a record-breaking $15.9 billion. This surpasses the $15.1 billion spent during the 2020 election and more than doubles the 2016 spending total of $6.5 billion, showcasing an unprecedented level of financial commitment from both parties and their supporters.
In the high-stakes presidential race, Vice President Kamala Harris leads fundraising efforts, generating over $1 billion in contributions directly to her campaign, with another $586 million flowing in from supporting political action committees (PACs). Former President Donald Trump’s campaign has raised $382 million, with an additional $694 million from aligned PACs and committees, demonstrating strong financial backing from his supporters.
Top individual donors have contributed significantly to these record-breaking numbers. Timothy Mellon, a major Republican donor, has contributed $197 million towards Trump and other GOP campaigns, while Democratic megadonors Michael Bloomberg and George Soros have given $93 million and $56 million, respectively, to support progressive causes.
Campaign advertising has been a major expense, accounting for $10.5 billion, with Pennsylvania standing out as a major battleground state, amassing $1.2 billion in campaign spending. Digital ads made up about 17% of the presidential advertising budget, with Democrats investing heavily in platforms like Facebook, while Republicans took the lead on X (formerly Twitter).
Key themes in campaign ads revolve around critical issues such as the economy, immigration, and healthcare. This record-breaking spending underscores the intense competition and the high financial stakes of the 2024 election as candidates rally for voter support on pressing national matters.
Discover more from TheTech
Subscribe to get the latest posts sent to your email.
