Most of the campaign funds are raised from people, political action committees (PACs) and super PACs as the major sources of funding.
With the 2024 US presidential elections around the corner, one of the most crucial yet underrated elements of the election process is the amount of money that goes into the process of electing the leader of the free world. The financial aspect of the US presidential elections has expanded over the years to become one of the most expensive exercises in the world, a multi-billion dollar affair that attracts the interest of people across the globe.
It has been observed that the cost of the US presidential elections has been increasing day by day. The 2016 presidential election was characterised by spending that touched an all-time high of USD 2.4 billion. The 2020 election alone was over that figure, at around USD 14 billion, in which Democrats spent more than USD 8 billion and Republicans spent more than USD 5 billion. This is expected to increase in the future, with predictions that the spending in the 2024 elections could reach USD 15 billion and above.
Most of the campaign funds are raised from people, political action committees (PACs) and super PACs as the major sources of funding. While direct contributions to candidates or parties are limited by federal law, PACs and super PACs are allowed to gather and spend as much money as they wish. PACs often do so through an elaborate web of conduits that can make it difficult to trace the source of the money.
Super PACs which came into operation after the Supreme Court ruling in 2010 have become central to the current US elections. These entities can take any amount of money from individuals, corporations, and unions, and they can spend any amount of money on campaign related activities provided they do not consult directly with the candidates they are supporting. This has resulted in a huge rise in outside spending, which is money that is spent on elections but not directly on the candidates.
The largest cost in a campaign is usually on the media and advertising. The use of appeal such as television ads, social media among others are employed by the candidates or their supporters in the bid to change the voters’ perception. These slots are very expensive, and the price can even go high due to competition, especially in the evening when people are most likely to be at home.
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