What may that drawback be? Cash.
Sure, on its face, it appears ridiculous. In spite of everything, Biden spent eight years as Barack Obama’s vice chairman. And greater than 4 a long time within the Senate earlier than that. If anybody ought to be capable to increase cash, you’ll suppose it will be somebody with a resume like Biden’s. However that assumption overlooks two crucial issues constructed into Biden and his fundraising operation: 1) He is by no means been a prolific fundraiser in previous campaigns, largely as a result of he makes no secret that he loathes asking for cash and a pair of) The mannequin of fundraising for presidential campaigns has radically modified within the final 10 years.
After all, Biden did spend eight years beside the only most prodigious fundraiser in Democratic political historical past in Obama. And the VP did increase a good amount of cash for the ticket. However the donors there have been, largely, Obama donors first and, perhaps Biden donors second. They have been giving to both elect or re-elect Obama. Biden was a part of the deal, certain, however he wasn’t the massive promoting level.
On the second subject: Fundraising — particularly for Democrats on the nationwide stage — has modified dramatically over the previous decade. Whilst not too long ago as 2008, the mannequin was easy: Construct your fundraising operation from the highest down. Discover rich and properly related individuals who might bundle 1000’s of $2,800 checks to your marketing campaign. Then discover extra. And extra. Something you get in smaller donations and on-line is gravy however not the principle thrust of your money push.
Obama’s concentrate on on-line, small-dollar donors started altering that dynamic. However Bernie Sanders’ 2016 problem to Hillary Clinton was the watershed second. Whereas Clinton used the standard top-down fundraising mannequin, Sanders constructed a fundraising operation round small-dollar donations solicited and contributed on-line. He wound up elevating $237 million for his major race, a shocking testomony to the ability of on-line donations. (One other aspect profit: Elevating cash on-line has only a few associated overhead prices and do not require the candidate to carve day out of his or her schedule to offer a sequence of speeches in entrance of well-heeled donors who’re being separated from their checkbooks.)
Now. Biden is likely one of the frontrunners. And if previous is prologue, there’s some section of donors who will give to candidate who they suppose have one of the best likelihood of successful. (All of us like a winner!) However there is not any query that Biden might properly battle to maintain up with the fundraising tempo of the likes of Sanders, O’Rourke and California Sen. Kamala Harris — a reality he himself acknowledged in a convention name with prime supporters and donors on Wednesday night time.