Everything You Need to Know About Donald Trump's Finances
~Nothing but pennies in his pockets~
1. Donald Trump's Campaign Has Money Woes
The Short of It:
Donald Trump's got empty pockets. Or at least, his campaign does.
The Longer Version of It:
When Donald Trump announced his candidacy last summer, you might remember the presidential candidate declaring that his net worth was at least $8,737,540,000 and that he'd be funding his own campaign. His words grabbed the attention of voters who liked the idea of voting for a candidate who couldn't be bought by lobbyists.
Then earlier this month the Trump campaign released its first "emergency" fund-raising email, asking supporters to spot him a cool $100,000 to help get ads on the air in an attempt to counter an ad blitz from the Hillary Clinton campaign. People were, in a word, flummoxed. The "urgent fundraising" tactic is actually pretty routine for presidential campaigns. However, it raised eyebrows across the country after Trump insisted (repeatedly) that he would be running a self-funded campaign. You know, the 1 +1 = 2 thing: Donald Trump + lots o' money should = ZERO need for an urgent fundraiser.
But this month, according to a report filed by the Federal Election Commission, Hillary Clinton is reported to have over $42 million tucked away. Trump entered June '16 with less than $1.3 million in his campaign bank account. That's one-fortieth of what Clinton has on hand.
According to The New York Times, the billionaire who promotes his wealth as a pillar for his future success as a president, puts him at the "worst financial and organizational disadvantage of any major party nominee in recent history".
The cost of running a winning-campaign has shot up and reached record highs with recent elections. The campaigns for both Barack Obama and Mitt Romney in 2012 spent over $1.12 Billion in total (not counting the millions more spent by the parties and outside groups). News of Trump's dwindling finances have drawn attention of those concerned that his lack of funding could be his downfall. With less funding than many congressional and local candidates, the hashtag #TrumpSoPoor is trending on social media with many poking fun of the candidate's financial woes.
In the initial leg of the race, Trump's outlandish proclamations and statements were fodder for attention and got him huge amounts of free media attention (~$2 billion worth of earned media). Now that we're getting into the general election, it looks like Trump might be running out sleeves to pull tricks from. If the presidential candidate is as rich as he claims to be, he'll have to start coughing up the big bucks to keep up with Clinton. If he doesn't, he'll risk being called a liar (about his personal wealth) but also put his presidential dedication in jeopardy. If he's not willing to pay for his own campaign -- a fact he built his campaign on -- is he really ready to run the country? What's more, Trump's fundraising failures could signal bigger Republican donors to start investing in the Senate races in an attempt to hedge against a likely Clinton presidency.
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