She Strengthens

The High Cost of Running for President: How Wealth Impacts a Candidate’s Chances

When it comes to running for the highest office in the land, money plays a significant role. In fact, if you make under six figures, your chances of securing the presidential nomination are slim to none. But what about candidates who are perceived as “wealthy”? Do they have an advantage or a disadvantage?

The Financial Reality of Running a Campaign

To understand how wealth impacts a candidate’s chances, we need to first understand the financial guidelines of running a campaign. Let’s assume our candidate, Candidate X, has a major party behind them, either Democrat or Republican. The start-up costs alone come out to a whopping $10 million. And that’s just the beginning. To win the first four states, Candidate X needs to spend around $160 million, excluding the initial set-up costs.

But what if Candidate X is running for a smaller office, like governor or senator? The costs are still substantial, with gubernatorial races costing around $52.8 million, senate seats around $10.5 million, and House of Representatives seats around $1.7 million. However, these costs can increase significantly in competitive swing states.

The Perception of Wealth

So, what happens when a candidate is seen as “too wealthy”? History shows that it can be a major obstacle. Take John Kerry and Mitt Romney, for example. Both were viewed as “out of touch” due to their wealth, which ultimately cost them their elections. Romney’s 2012 run is a prime example. Despite his efforts to come across as a regular guy, his wealth made him seem disconnected from the struggles of everyday Americans during the economic recession.

The Exception: Donald Trump

But then there’s Donald Trump, who seems to defy all logic when it comes to wealth and public image. Despite his opulent lifestyle, excessive wealth, and lack of political experience, he won the Republican nomination. Trump’s secret? He owns his wealth and uses it to his advantage. He’s able to cover most campaign costs himself, thanks to his vast assets and properties. Plus, he gets millions of dollars’ worth of free press and has an established rapport with the entertainment industry.

What’s the Takeaway?

So, what’s the ultimate difference between Trump and other wealthy candidates? Trump isn’t afraid to flaunt his wealth and uses it to his advantage. He’s debunked the idea that someone can be “too wealthy” to make a successful bid for the presidency. But will this strategy continue to work for him in the general election? Only time will tell.