Truthout - December 10, 2020
In light of a newly elected Biden administration, many have proclaimed that a triumph of democracy has taken place. But was Joe Biden’s win really a victory for democracy? The evidence suggests otherwise, by a wide margin.
The 2020 election was the most expensive election on record, with Democrats outspending Republicans in both congressional and federal contests. Spending was just shy of $14 billion in total, an unprecedented record and double the amount of 2016. In fact, the Biden campaign broke monthly and online campaign funding contributions of all time — boosted in large part by Wall Street donors. Biden’s campaign, in fact, became the first ever to raise over $1 billion in campaign donations. Donald Trump, on the other hand, finished second in total campaign contributions by a presidential candidate, beating out Obama’s 2008 record-shattering numbers. In fact, this characterizes the overall trends.
The Financial Times writes that listed companies increased their donations to Democratic groups this year over the Republicans, noting that this was “a sign that executives are trying to win favour with liberals on expectations of conservative defeats nationwide in the November elections.” Furthermore, both presidential campaigns were “boosted by unprecedented outside spending by big-money super PACs and ‘dark money’ groups” that were bolstered by ultra-wealthy individuals. In fact, the greater the contributions, the less transparent the Biden campaign became with records, even going as far as declining to disclose the names of its most prominent fundraisers.
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