Democratic presidential candidate Joe Biden's record August fundraising means 'both campaigns are tracking towards record fundraising and advertising spending,' says Guggenheim's Curry Baker.
Democratic presidential candidate Joe Biden's record August fundraising means"both campaigns are tracking towards record fundraising and advertising spending," says Guggenheim's Curry Baker.
Guggenheim Securities analyst Curry Baker on Wednesday forecast"a record political cycle in 2020 with total political advertising expected to exceed $10 billion." He mentioned ad prognosticator GroupM's forecast along those lines, which compares with the $8.7 billion recorded during the 2018 mid-term elections.
One key driver of latest momentum was Democratic presidential hopeful Joe Biden's record August fundraising."Last week, the Biden campaign announced it raised $365 million during the month of August, setting a one-month record, previously held by President Obama – $193 million in September 2008)," the analyst explained."Looking back to August 2016, Hillary Clinton raised $143 million and then-candidate Trump raised $90 million.
President Donald Trump's campaign at the end of July had $300 million of cash and had raised $1.1 billion, with August numbers not yet available, the Guggenheim analyst noted.
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