US polls: A multi-billion-dollar game by the rich, for the rich

US presidential election 2024 draws closer so as the excitement. People are eagerly awaiting the final showdown between Vice President Kamala Harris and former President Donald Trump, alongside a host of tense congressional races. But as the candidates ramp up their campaigns, have you ever stopped to wonder just how much all this costs? 

A sky-high price tag

According to election transparency group OpenSecrets, the total cost of the 2024 election cycle is expected to exceed $16 billion (1.328 lakh crore rupees) —an amount that includes not only the candidates' official campaigns but also spending by outside groups like super PACs. Even when adjusted for inflation, this total is expected to be the second-highest in history, just shy of the record-breaking $14 billion spent in 2020.

Super PACs and other independent groups will contribute a significant chunk to this total, with their spending forecast to top $5 billion. For voters in swing states, that means an overwhelming bombardment of political ads and campaign messages in the final weeks leading up to the polls.

Political Action Committees (PACs) and Super PACs are two types of organizations that play a major role in funding political campaigns in the United States. While they both aim to support political candidates or causes, there are key differences in how they operate, how they raise money, and what they can do with those funds

Who’s spending big?

The two leading candidates—Kamala Harris and Donald Trump—have already spent and raised staggering amounts. Ms Harris has brought in over $906 million in donations by the end of September 2024, according to OpenSecrets. This sum includes contributions to Joe Biden's campaign from earlier in the cycle, but fundraising for Ms Harris herself really took off after Mr Biden's exit from the race in July. When combined with over $359 million raised by outside groups supporting Harris, the total backing for her campaign has surpassed $1.27 billion.
In comparison, Donald Trump has raised comparatively less. His official campaign has accumulated around $367 million. However, this is supplemented by over $572 million raised by pro-Trump super PACs, bringing his total to just under $940 million.

Where does the money come from?

The bulk of political funding in the United States comes from individual donors, corporations, political action committees (PACs), and super PACs. Individuals can contribute directly to candidates, but there are strict limits on how much they can donate. For example, individuals can give up to $2,900 to a candidate's committee during the general election.

However, the real big-money players are super PACs, which can raise and spend unlimited amounts of money, as long as they do not coordinate directly with a campaign. This opens the door for wealthy individuals and interest groups to inject millions into the race.

Prominent billionaires like Melinda French Gates and George Soros have donated millions to groups supporting Harris, or founded super PACs of their own. The Financial Times calculated that another group of billionaires — Elon Musk, Timothy Mellon, Miriam Adelson and Richard Uihlein — have given a combined $395 million to pro-Trump super PACS.

Where is all the money going?

So, where exactly are all these billions being spent? The bulk of campaign spending, particularly in this tightly contested race, is focused on advertising. During the 2020 election, 56% of campaign spending went towards media, with a significant portion of that earmarked for television and digital ads. This trend is expected to continue in 2024, especially in the swing states where every vote counts.

In addition to media buys, campaigns also spend heavily on get-out-the-vote efforts, fundraising, salaries, and administrative expenses. In the 2020 cycle, around 10% of the budget was spent on fundraising alone, while about 17% went toward salaries and campaign operations.

As election day approaches, voters in key battleground states can expect a relentless flood of TV ads, social media posts, and campaign phone calls. It’s a highly strategic use of funds, as campaigns focus on getting their messages out to the voters who matter most.

The controversy over big money

With such enormous sums of money flowing into US elections, there are serious concerns about the influence of wealthy donors and outside groups on the political process. Many critics argue that the current system allows the rich and powerful to wield disproportionate influence over policy decisions and elections, potentially eroding public trust in democracy.

The very existence of super PACs—able to spend unlimited amounts of money, often on negative ads or targeted campaigns—has raised questions about fairness and transparency in the electoral process. After all, with so much money at play, it’s hard not to wonder whether cash is buying more than just votes—perhaps even access to power itself.

The final word

As the 2024 election cycle winds down, it’s clear that running for president in the United States is an extraordinarily expensive endeavour. With the battle for the White House neck-and-neck, these funds are being used in highly targeted ways, ensuring that the final few weeks will be packed with ads, calls, and voter outreach.
For the average voter, it’s hard not to feel a little overwhelmed by the sheer scale of the spending. But whether we like it or not, this is the price of democracy in modern America—one where the race for the White House is often determined by who can raise, spend, and advertise the most.