Republican candidates are raising less and less money from super-PACs as their campaigns hurtle towards their convention. For instance, in March, Texas Sen. Ted Cruz raised just $12.5 million for his presidential campaign, estimated to be less than half of former Sec. of State Hillary Clinton’s total and a quarter of Sen. Bernie Sanders’. Ohio Gov. John Kasich, with only $2.8 million, fared even worse. Here’s why: GOP’s super-donors are fed up with their party’s candidates.
Having seen their favorites Jeb Bush and Marco Rubio drop out of the race, GOP’s donors have spent less on super-PACs supporting the remaining candidates. Many of them have adopted a wait-and-see stance before committing more money. Some have expressed their scepticism about the two likeliest candidates, Donald Trump and Ted Cruz. Here’s what Minnesota billionaire Stanley Hubbard had to say:
“I have been called and asked for money, and I said, ‘Once we pick a nominee, then I will give money again,’ ” said Hubbard, who gave an early $50,000 donation to a pro-Scott Walker super-PAC but has made no significant investment since.
“The problem is that nobody prefers either of those two candidates, and the third candidate [Kasich] no one thinks he has a chance, so why waste your money?”
In addition, there are concerns that money put into super-PACs is not being spent well. Doug Deason, a Texas multimillionaire, even suspects fraud over Right to Rise, the super-PAC that spent over $100 million in support of Jeb Bush:
“Somebody should be indicted over Right to Rise. I would sue them for fraud.”
While super-donors may be saving their money for the main race against the Democratic nominee, their scepticism about their own candidates is a reflection of the poor state of affairs in the Republican party. Some prominent voices in the party, including billionaire industrialist Charles Koch, are even admitting that Democratic candidates are better than GOP candidates.
Given the caliber of GOP candidates and the at times embarrassing campaign rhetoric, especially on immigration, race, and foreign policy, it is easy to see why they do not appeal even to GOP supporters. As Lisa Spies, a GOP fundraiser, says:
“On our side, people are confused. They are tired.”
With the kind of policies Trump and Cruz are advocating, it is easy to be confused and tired.
Featured image is a screen grab from video on Bloomberg.
