A common maxim in politics is that you can see how well a candidate will manage the economy by observing how they manage their campaign expenses.
Here is the story from the New York Times:
President Obama has spent more campaign cash more quickly than any incumbent in recent history . . .
The price tag: about $400 million from the beginning of last year to June 30 this year, according to a New York Times analysis of Federal Election Commission records, including $86 million on advertising.
With less than a month to go before the national party conventions begin, the president’s once commanding cash advantage has evaporated, leaving Mitt Romney and the Republican National Committee with about $25 million more cash on hand than the Democrats as of the beginning of July.
And with August a traditionally slow month for fund-raising, Mr. Obama has bombarded his supporters in recent weeks with increasingly urgent pleas for money, mindful that he will need to drastically raise his cash intake in the coming months merely to equal his record-breaking haul from 2008.
“My upcoming birthday next week could be the last one I celebrate as president of the United States, but that’s not up to me — it’s up to you,” Mr. Obama wrote last week as the campaign’s latest fund-raising deadline and his Aug. 4 birthday approached. “This July deadline is our most urgent yet, coming after two consecutive months of being significantly outraised by Romney and the Republicans.”
Mr. Obama’s heavy expenditures — and his campaign’s pressure on bundlers to find and groom new donors — have stirred worries among other Democrats, who have long taken Mr. Obama’s financial supremacy for granted.
There are a couple of key take-home messages from this article.
1. Obama is setting records for spending so much money so quickly.
2. Obama will be the first sitting president in history to be out-raised by his rival.
3. Obama will unlikely match his fundraising numbers from his 2008 campaign.
4. Obama’s pleading for campaign donations signals real desperation from the Obama team.
5. There is a serious image problem of a president so desperate that he is pleading for cash.