McCain, Obama enter final stretch with plenty of cash

For the better part of this campaign, Barack Obama has been raising serious amounts of cash from the beginning. Meanwhile, John McCain has stumbled up until recently to bring in the dollars necessary to compete on a national level. That all being said, it appears from financial statements released by both campaigns that they are on a nearly equal financial footing, all things considered.

The report from Yahoo News:

WASHINGTON – For all Barack Obama’s remarkable fundraising and sizable surplus, the Democratic presidential nominee entered the final two months of the presidential contest on virtually equal financial footing as Republican rival John McCain.

According to finance reports filed in the past two days with the Federal Election Commission, Obama and the Democratic National Committee ended August with $95 million in the bank. McCain and the Republican National Committee ended with about $94 million.

The parties are crucial players in the general election, coordinating some activities with the candidates while also spending independently to help them. Both sides also distributed money to state party committees to assist in the race.

Obama is bypassing the public financing system for presidential contests. That burdens him with the continuing need to raise money. McCain has decided to accept $84 million in public financing — and the spending limitations that go with it.

But both men have chosen distinct money paths that seem suited to their circumstances.

The Democratic National Committee has $17.7 million in the bank and Obama has $77.4 million. The Republicans present a mirror image. The Republican National Committee has $76 million in the bank and McCain has given it $18 million of his surplus.

And McCain now has $84 million for the next two months, without exerting any effort.

Obama has been the money leader of the presidential campaign. Overall, he has raised more than $450 million to McCain’s $210 million. Despite the advantage, Obama didn’t shake Hillary Rodham Clinton until the final primary in June, and his race with McCain remains practically a dead heat.

Insofar as money matters in this race, Obama can’t afford to stay even with McCain.

It appears to me, at least, that the Obama campaign was probably planning on a much wider advantage at this point in the race. Obama’s fund raising has been massive, however, since McCain is on a near equal footing with cash, they will both have to be choosing where to spend it very carefully.

Furthermore, McCain is set with the $84 million in public financing without having to lift a finger. No doubt Obama can match or exceed that number in fund raising but it means he has to devote time away from campaigning to raise money. It will be an interesting trade-off to watch.

I continued to hear bits and pieces about McCain attempting to open up a front in New York State since he is not polling completely out of competition in that state. Keep in mind New York went to John Kerry in 2004 by 31 points. Obama currently leads by 13 points on average right now, well within a safe zone but much closer than New York traditionally is for the Democratic candidate.

In a slight conclusion, I have a feeling this campaign will not come down to cash as originally predicted by the media way back when. The debates and policy differences will determine voter sentiment, not TV ads in my opinion. Besides, who actually trusts and/or believes a TV ad from either campaign?

  • Christopher Schwinger

    Palin’s the big moneymaker for McCain right now. Not that he really needed more money, since he was already funded by Soros, the Rothschilds, etc.. But here’s a good appraisal of what Palin means. She’s just more of the same: big-government, personal vendettas, and interventionism.

    http://baldwin08.com/ARTICLE-Baldwin_Sarah_Palins_Answers_Very_Troubling.cfm

  • Bill Hedges

    If one judges by donations, Obama used to be winner. With few citisism about it. But when McCain catches up, then complaints are made of foul play. Obama has financed one of the larges staff campaigns in Presidental history. Obama did not take governmet campaign monies, by his choice. McCain took that money. Obama did not want the restrictions that taking that money would require. What should that tell you. And with all Obama has had, money is equal as well as polls at the final streach…

  • Bill Hedges

    CS–I was going to read the article you pointed out. But it started with Palin first interview. When she was questioned about a quote of hers.. The problem ,he asked her twice, and each time he quoted her wrong. She said she did not say that. And in reality, she did not….Videos are around of her real statement, and truth differs from the interviewer. Why would interview quote her wrong. I stopped reading when it said sarah did not know what the BUSH DOCTRINE was. Bush does not know what it is. Few do. It lives in the mind of a presious few.

  • Bill Hedges

    CS– Rothschild backed Hillary. I may have missed it, but I heard nothing bad about it during that time. Nor any indictments. Seems legal. I saw the news show where she announced she was not going to back Obama but McCain… Is it possible some bad blood that Democrats have lost some deep pockets. I would first check Democrat party, she has been there a longer time. McCain, unlike Obama , took government Campaign funds. So unlike Obama, McCain does have specific restrictions.

  • JD

    I have to agree with NATE. I don’t see money as any type of factor in this race. Both Candidates have plenty of cash on hand but I don’t see Obama really having to take much time out to raise money. It seems as though the more McCain\Palin attack him the more it rolls in with no effort.

    Christopher – “Palin’s the big moneymaker for McCain right now.”

    This is very true. Palin is carrying the GOP when it comes to fundraising.

    None the less, I believe this election is not going to be a close one. I know, I know… the polls say it will be but the polls have been wrong all year.

  • Christopher Schwinger

    Bill, you are correct that a Rothschild backed Hillary. That was an American woman who married into the Rothschild family. Baron de Rothschild himself backed McCain, and Baron de Rothschild is “the big cheese”. The significance is that people have actually done research on how people connected with the Rothschild family inevitably gain great power, such as Napoleon as Otto von Bismarck. Also note how the media newscasters bemoaned having to dwell on the Rev. Wright issue, which destroyed the unity Obama was creating. McCain came out on top after that fiasco. There are a lot of other indications that McCain is being helped by the most powerful people in the world; Henry Kissinger endorsed him.

  • Christopher Schwinger

    Whom do you think will win, JD?

    Oh, by the way, Bill, I did not see the interview; I concede that you may be right about this, but there are numerous other things about Palin pursuing personal vendettas, etc., that concern me.

  • Bill Hedges

    CS– I don’t know much about the family except they are rich. And I saw her being interviwed.. The preacher went to the news media in interviews. He really looked bad in them to me. I am certain those interview hurt Obama. How could Obama not see something was wrong with the guy . I don’t see the Roths caused the preacher to go on the news, I feel it is in his nature. Just a guess. Palin ex bother in law taggered a 15 year old boy. I think that is good reason to want him fired. The boss of the patrol, from my understanding, is employed at the Governors pleasure. Meaning he can be let go without cause. I understand there are diagreements on other issues as well. But most important, if I am right that his job is at the pleasure of the Governor, he doesn’t have a leg to stand on…Which would expain why she is not going to the hearing. No need..As an example, the Presient advisers can be fired at any time. For no cause. Last time I heard of Henry, he was in a think tank. But that is a long time ago. He is still alive. The old German..He is German, right..

  • Bill Hedges

    CS–John gained a lot of ground at that separate interview at the church. John came out and answered the questions. Obama beat around the bush. Best example when questioned about abortion I believe. Obama said it was not in his pay grade. Hope I said it right. I thought after that John finially got really close poll results..

  • Christopher Schwinger

    Yes, Kissinger is German. You will find a lot about his desire to rid the world of 85% of its people. He is still around, still active, and still believes in dissolving the United States Constitution. And as for the Rothschilds, they are responsible for creating the Federal Reserve System, the policies of which created the Great Depression. They established a central bank here using the Federal Reserve, and if government always owes money to the Fed, the Fed can dictate government policy. They exert enormous power over our foreign policy, domestic policy, economy, etc..

  • Dreadsen

    “Just a guess. Palin ex bother in law taggered a 15 year old boy. I think that is good reason to want him fired. The boss of the patrol, from my understanding, is employed at the Governors pleasure. Meaning he can be let go without cause.”

    True
    He admitted in an interview that he has done this. It was a trainer taser not the real one. The kid asked for it and even bragged about it.
    But all of the appropriate actions against the trooper were done already. He had already been disciplined before she even got into office. The case was closed a few years ago. Even the judge involved with the custody case advised them to leave him alone. If this guy didn’t have a leg to stand on the investigation never would have gotten approved. They would have raised this point and it wouldn’t have picked up any steam.

  • JD

    Christopher – “Whom do you think will win, JD?”

    I am pulling for Barack Obama.

  • Bill Hedges

    CS- I don’t know enough to talk about you last comment

  • Christopher Schwinger

    That’s okay, Bill. Just keep it in mind.

  • Bill Hedges

    D-I would sue officer who tasered my minor child. Officer supervisor can be fired for no reason if serves at the pleasure of the Governor. I understand the supervior was not following the orders of Governor on other issues on fisical reform. Sarah handed over paperwork to committee to study . Obviously the request of committee did not require her present. I undestand not enough members showed up to have a legal hearing. It may be only a few want the hearing. I am sure Obama’s army of investigaters were there to report all this.

  • Bill Hedges

    CS –America has one the hightest corporate tax rates in the world.. As you know,companies past on those taxes to the buyers of their products. A hiden tax. you and I pay. Do you thnk thoses taxes should be lowered. As you are aware,Guessing, increase cost does lead to jobs loses and jobs going overseas. What do you think. I have to leave soon. Just wanted to hear your thoughts.

  • JD

    Bill – “companies past on those taxes to the buyers of their products”

    Always a delight to see your responses, Bill. The notion that companies pass the tax buck is correct but to say it plays a substantial role in product pricing is incorrect. Let me explain other times that companies pass the buck to the customer.

    When there is shortage on material and the materials cost more…than the price is passed on to the customer.

    When the demand is higher than the company can supply than in often cases the price is increased by the company.

    The truth is the buck is always passed down to the customer when it comes to any cost…not just taxes and to say that taxation is the primary reason why a product is so expensive is incorrect but it is not false enough to be totally untrue.

    Under your logic Bill you are guessing that because we lower the tax on the company that they will pass the savings to us instead of just keeping prices the same to increase their profit margins and thus their bottom line.

    To be clear the reason why Hewlett Packard ships their jobs overseas is not because they are taxed too much (though some people like to distract us with that reason) but rather it is cheaper to pay some one in china 5 dollars a week compared to 5 dollars an hour in the US.

    Please, do not compare jobs heading overseas to corporate taxes again and even for the part of the current job loss in the US it would be a stretch to say it is because of our corporate taxes.

  • Bill Hedges

    JD–I do agree with you. Can’T see anything I strongly disagree with. In other comments I have bought up lower wage. You mentioed the ideas of supply and demand, which I believe in. example, high demand for oil, higher price Lower demand , price drops. Of course other factors are at play. Companies can only charge what the market will bear. One thing I disagree with. When a company decides in what country to place their new plant, one factor they might consider is corporate tax. When america company considers moving for cheaper labor, then corparate tax would be considered. Obvious there are many factors. It is hard to completely give one’s view in a comment. That can be done though discussion.

  • Bill Hedges

    Jd–I forgot a point..When whatever cost goes up for a product a company makes, and the the market will not bear the increase. The company can either cut profit margin and sell product, or go out of bussiness. Another option is cut cost of course by laying off employees, lower cost method of making product ( cost control) . When profits are lowered, stock price will fall. Which affects stock owners, people with stock based 401 k, retirement plans and those that own that stock.

  • Bill Hedges

    Jd– I feel it is nessary to comment on your last comment paragrah. Since tax does affect the bottom line, it is a factor, and makes a point I do use. To my best recall, I never said it is the only factor. I will try to remember to add that when refering to America having the hightest corperate tax in world…

  • Bill Hedges

    JD- . My point of hiden tax , you did not discuss, I think.. Taxing company is taxing all that use that product. Mr. and Mrs. American will not know that is why price went up. Democrats have said they will not increase non-rich people taxes. In fact he did, indirectly. If company can not pass the increase tax to price, then share owers of every type will. Thus Americans pay the tax.

  • JD

    Bill – “Taxing company is taxing all that use that product.”

    Bill, I did address this but I did not call it out. There is do doubt that a tax can cause the price of a product to increase but the confusion is that tax is a cost. Any cost can raise price and most costs are hidden to the customer.

    Do you know the cost of silicon that goes in the semi-conductor?

    I could argue that because you do not know this than it is a hidden cost that is passed down to the customer. Again, Tax is a cost.

    Now let us go into why cost is necessary. Taxation is a cost to everyone. It is a way for us all to pay our fair share or rather the cost of doing business in a particular country.

    You also confuse how our corporate tax system works. It is not a clear cut system and in fact companies often deduct for capital expenditures.

    However, “Tax rates around the world vary considerably both in their statutory rates, and in their effective rates after all offsets are considered, preventing any straightforward comparisons of tax rates between countries”

    So it is impossible to say and verify that United States has the highest corporate tax because of all the deductions and subsidies given to the companies and their ability to hide income as a capital expenditure.

    For example Companies making over 18 million are around 35% but with incomes around 50,000 the tax is cut to about 15%… in the UK it is around 30% at the U.S. top equivalent which is less then the U.S. by around 5% but when you look at the lower margin, I.E. small businesses, the rate in the UK is 21%. So it would seem the US is much more friendly to the Small business market.

    Again, it is difficult to see what the companies are really charged because of all the tax write offs. The US offers some of the best write offs for a company and the ability for a company to change how they report profits using the MACRS system.

    Read more about the MACRS here.

    http://en.wikipedia.org/wiki/MACRS

    Like I said before your argument that corporate tax is the deciding factor on why companies move overseas is null. Companies who are formed in the United States or
    conducts a trade or business in the United States are subject to corporate tax so it doesn’t matter if they are in another country. They are still taxed.

    The reason why they move overseas has to do directly with the labor rates. I speak this from personal experience. For every person hired in the US 10 people can be hired in China. With the loose trade agreements we have in place it is makes it difficult for the labor in the US to compete in the low income nations.

  • Bill Hedges

    jd—How this all got started I said America has one of the hightest Coperate tax. P/P asked me for my source. Todd was helpful and put address in his comment. I believe if you look at it, it takes in to accout factors you have mentioned. Ahthough I have not studied it. I guess to make clear my point, lets use oil. If Speaker of House, which she backs Obama, plan becomes law, tax credits will end and new taxes on windfall profits. This new tax will be added to base cost. This is indirect tax because comsoumer is unaware of it. All American using gas or buy products that have transportantion charges. Or product made of oil like plastics. My point is that taxes paid by all citizens, not just the rich will be paying direct taxcharged to big business………. I don’t belive I said deciding reason.

  • Bill Hedges

    Jd– yes rise in material raise the cost. But we are talking about tax increase to middle class. point beinging made is tax goes to governmemt. That tax is paid by all citizens if they buy stuff.. A indirect tax that people don’t know about. So for Obama to say 80% of citizen will not pay higher taxes, is untrue……As far a losing jobs, one factor is labor. another factor is tax rate.

  • JD

    Bill – “I believe if you look at it, it takes in to accout factors you have mentioned. Ahthough I have not studied it.”

    It does not include the factors I mentioned but do not take my word for it and do your own research. You need to do more investigation into basic accounting to understand how capital expenditure reduces the amount a company is taxed.

    Still the example you are using with Oil is windfall taxation and has a different effect on the market. Though I do not completely agree with a windfall tax, you need to understand what it means.

    Windfall profits are a type of windfall gain. They can occur due to unforeseen circumstances in a product’s market, such as unexpected demand or a certian government regulation. Since the profits were unforeseen and do not effect the cost of the product or service than the extra tax should not hurt the company’s bottom line or cost of product\sercive and therefor should not effect the price of the good or service.

    A tax that would be passed onto the customer would be a tax on a barrel of oil. Because it effects the cost of the product or service directly.

  • Bill Hedges

    JD- I have enjoyed our discussion on this subject. If anybody cares, they can read it and maybe help then decide on who they want for President Maybe they can judge if my remarks was reflective in your answers. And visa-versa..

  • Bill Hedges

    Jd- I am aware of the term. I have been trading stocks for some time. Watch MSNBC. I also watch Congress on CSPAM. The term is used for high jump in oil prices WE recently had… But I think we have gone over this a long time. Enough for me. I don’t believe I am ducking anything, just wore out. Economice 101 book is very thick. I am no expect, but feel my thoughts on this is right. I am sure you feel the same.

  • Bill Hedges

    JD —As People Power asked me of proof that America had one of the hightest corperate taxes (which I did), I ask you to prove it is not.

  • Bill Hedges

    JD–my proof was given by Todd on… Biden wantd Patriot— article.

  • Christopher Schwinger

    Yes, I think those taxes should be lowered, Bill. And I also believe the income tax should be abolished, because the basis for the income tax is The Communist Manifesto by Karl Marx, not the United States Constitution.

  • Bill Hedges

    CS–Have you read mine and jd comment on econmics. If So , what do you think

  • Bill Hedges

    CS–I read the manisfestor, but that was in college. Long time ago. As with my spelling memory of that book has faded away. No word check here to hide my mistakes. Unfortunetly taxes are here to stay. I will tell you a story about G. Washington. He and Congress raised taxes. The people fought it using same excuss they used against the English. G. Washington response, you have representation now. And the people paid. G. Wasgington paid the most. He was largest producer of Rye whisky, like 13,ooo barrel a year.. You see, he did more than cut down a cherry tree… 2.)Another story has nothing to do with taxes. Thomas Jefferson believed in small government. Yet he bought the Louisana Purchase. He realized the importants of it. He adjusted his view point. He was right. Though you may be right about taxes, the larger necessity of it, make it necessary. Does this makes sense in your view ?

  • Bill Hedges

    CS–I just read this, and thought you would enjoy. Palin is getting introduced to foreghn matters. One 7 teachers is the old german…..

  • Christopher Schwinger

    I did not understand everything you an JD were discussing, Bill, but, along the lines of what JD was saying about China, the American people need to become outraged enough about our policy toward China that they’ll actually DO something about it! An interesting part of that story is that the John Birch Society was pushing for impeachment of Clinton for his treason involving China, and as the public started paying attention, suddenly the Lewinsky sex scandal sprang up and diverted people’s attention. Sounds deliberate to me.

    Taxes are necessary, and investments like the Louisiana Purchase need to be made sometimes, but government needs to get most of its money from tariffs. That protects the American economy from cheaper foreign goods, along with balancing the budget. The income tax and property tax punish you for prospering, and government does not need the money from those taxes. It could do just fine with the money raised from tariffs.

    Did you learn that Palin is visiting the UN this week?

  • Bill Hedges

    CS. First Hillary was invited to anti Iran Ralley at the U.N.. When Sarah got invited Hillary refused to go. Soumded like a cat fight to me. Could you imagine a President that behaves like that. I guess The jews are involved in the ralley. A terrible position to put them into, How this all ended I do not know.