Obama Less Reliant on Big Donors than McCainPaul Hogarthbyline‚ Aug. 07‚ 2008Yesterday’s New York Times described the various moguls, real estate investors and hedge fund executives who are giving big bucks to Barack Obama’s candidacy. The subtext behind the story was clear: forget Obama’s “people-powered” campaign fueled by $50 online donations, because the same fat cats who always run the show are still in power. But while Obama has collected more money from high-end donors (i.e., contributions that exceed $1000) than has John McCain or did Hillary Clinton, the Times failed to explain the obvious reason why: Obama has surpassed his rivals in total contributions. When evaluating such contributors and their agendas, the question is not how much they have given – but to what extent a candidate depends on them to run their campaign. The Times reported that one-third of Obama’s money comes from these large contributors. What they failed to mention is that big donors are funding one-half of McCain’s treasury. |