How Much Does It Cost to Run for President?

If you’re thinking about running to be leader of the free world, get ready to pony up more than half a billion dollars judging from the last two campaign cycles and current fundraising trends.

Republican President Donald Trump spent about $450 million on his debut campaign, while Democrat Hillary Clinton spent about $770 million, or about $320 million more than her rival, according to data published by the Center for Responsive Politics on OpenSecrets.org. The center, a nonpartisan independent nonprofit based in Washington, D.C., tracks money in U.S. politics and its effect on elections and public policy.

Campaign Spending Trends

The last two presidential campaigns show a decrease in spending after adjusting for inflation, despite a large increase in spending by outside groups, according to the center’s data. However, fundraising in the 2020 presidential race is outpacing that of the last two campaigns, said Andrew Mayersohn, a researcher for the center.

“It’s costing more than ever before to run as a serious candidate,” he said. “And spending was up in the 2018 midterm elections when there was a massive explosion in small contributions to Democrats. It’s hard to predict, but I think it’s likely campaign spending will continue to increase.”

How Much Did the Candidates Spend in 2016?

After adjusting for inflation, recent presidential campaign spending, including all candidates in each cycle, shows a decrease according to the center’s data: $3.2 billion in 2008, $2.9 billion in 2012, and $2.5 billion in 2016.

But it looks like those totals will be eclipsed this time around judging from current fundraising. For example, Trump has raised more than $165 million so far, a haul of large and small donors “that’s breaking records and way ahead of where Obama was at this point in 2011” ahead of his successful reelection bid in 2012, Mayersohn said.

In his first run, Trump raised $333.1 million through his campaign committee and $116.8 million from outside groups for a total of $449.9 million according to the center’s data. The money raised by Trump’s committee was about two-thirds of what Republican Mitt Romney raised when he failed to unseat Obama in 2012, Mayersohn said.

Clinton raised $563.8 million from her campaign committee in 2016 and $206.1 million from outside groups for a total of $769.9 million according to center data.

Description: A chart showing the campaign spending of various presidential candidates.

How Much Are Candidates Spending for 2020?

Current Democratic presidential campaign fundraising is also on the upswing, Mayersohn said.

“A number of the Democratic presidential candidates are raising serious amounts of money,” Mayersohn said. “Small donor fundraising has opened up a whole new world.”

So far, the big Democratic fundraisers are Vermont Sen. Bernie Sanders with about $74 million, Massachusetts Sen. Elizabeth Warren with about $60 million, and Pete Buttigieg, the mayor of South Bend, Indiana, with $51 million based on Federal Election Commission data posted on Oct. 16. Despite polls still showing former Vice President Joe Biden as the front-runner, his fundraising lags at about $37 million.

The amount of funds raised from corporations and other groups outside traditional campaign committees increased with the Supreme Court’s 2010 decision in Citizens United v. Federal Election Commission, which along with other legal developments loosened laws around election fundraising and spending. In addition, it seems campaigns are feeling more pressure with each subsequent funding cycle to raise more, and outside groups are getting better at raising money, Mayersohn said.

Description: A chart showing the fundraising amounts of various presidential candidates.

Conclusion

Running for president is an expensive endeavor, with candidates spending hundreds of millions of dollars on their campaigns. The costs are only increasing with each election cycle, driven by the need to raise significant funds to compete seriously. Understanding these financial demands is crucial for anyone considering a run for the highest office in the land.