Dems spent $385 million more than GOP in midterms
The nonpartisan OpenSecrets website that tracks political spending revealed that Wall Street Democrats crushed Main Street Republicans in 2018 midterm fundraising by $385.4 million.
Final campaign filing reports demonstrate that 1,435,474, or about only 1 out of every 221 of America's 321,418,820 residents, made a reportable contribution of $200 or more to a candidate or political action committee in the 2017-2018 federal election cycle. But this tiny 0.45-percent sliver of the American population accounted for $3,825.3 billion, or 71.1 percent of the $5.2 billion in 2017-2018 reportable contributions.
Democrats also beat Republicans in the number of total contributors to their candidates and in every other major category of fat-cat giving.
The concept of individual donors giving to both parties is essentially dead, with only 7,349 donors nationwide giving at least 33 percent of their contributions to candidates from both parties. That works out to about 1 out of every 43,736 Americans.
Democrat candidates received 667,912 reportable contributions totaling $1,642.9 billion. That compares to just 364,109 contributors totaling $1,186.1 billion for Republicans. As a result of 83 percent more contributors, Democrat candidates had a $456.8-million, or 39-percent, funding advantage from individuals over Republican candidates.
Progressives and the media tend to argue that Democrats, as the party of social justice, must collect more small contributions from the poor to be competitive with their fat-cat Republican opponents. But Democrats pocketed $110.5 million more from contributors who gave between $2,700 and $9,999; $120.9 million more from contributors between $10,000 and $99,999; and $9 million more from contributors giving $100,000 or more.
Most Democrats ran on a promise to overturn the Supreme Court's 2010 Citizens United free speech decision in order to supposedly keep big money out of politics. But Williams College Political Science professor Darrel Paul commented after analyzing the richest 15 percent of congressional districts, "the big story of the 2018 election is the swing of the rich toward the Democrats."
Paul found that before the 2018 midterms, Democrats held 38- to 28-seat advantage over Republicans in the 15 percent of wealthiest House districts. But after the election, 56 of those 66 richest districts are now held by Democrats. Paul added that wealthy district-flipping contributed to about half of the Democrats' gain of 39 congressional seats and control of the House of Representatives.
According to Reason.com, three of the biggest fat-cat Democrats picked up governorships in 2018. Jay Robert "J.B." Pritzker, worth $3.2 billion as heir to the Hyatt hotel fortune, became Illinois governor; Edward M. "Ned" Lamont, Jr., worth up to $300 million as heir to the J.P. Morgan banking fortune of his great-grandfather, was elected Connecticut governor; and Jared Polis, worth up to $400 million as the heir to Blue Mountain Arts greeting cards fortune, took the governor's mansion in Colorado.
Democrats went all in with Wall Street and Silicon Valley fat-cat cash to gain control of the House in the midterms, but the "blue cash tsunami" did not prevent Main Street-friendly Republicans from enhancing Senate control by flipping two Democrat seats.
Main Street took a beating during the Obama administration, with net annual job creation for companies less than one year old tanking to less than 2.8 million, down over 1 million jobs annually under President George W. Bush, according to the Labor Bureau.
But Main Street's prospects are booming under President Trump, according to the latest Wells Fargo/Gallup Small Business Index that jumped in the fourth quarter of 2018 to an overall Index score of 129. That was 11 points higher than the prior quarter and the highest score the Index survey's 15-year history.
Eighty percent of small business respondents rated their financial situation as very good or somewhat good, and 84 percent expect their financial situation to remain good. A record 55 percent of business owners reported increases in revenue this year, and 62 percent estimated revenue increases next year. Cash flow was reported as good by 74 percent and an even stronger 78 percent better cash flow next year.
In great news for American workers, businesses for the third straight quarter said hiring and retaining staff is their top challenge. With 35 percent of businesses expecting to increase jobs in the next year, Main Street Republicans may be looking good for 2020.