What if we told you that the price of democracy in 2020 was a record-shattering $14.4 billion, an avalanche of cash that funded everything from presidential ambitions to local House races and created a high-stakes industry where consultants, PACs, and dark money groups often profit more than the public.
Key Takeaways
- In the 2020 election cycle, federal candidates and committees raised a total of $14.4 billion in contributions and spending
- Presidential candidates in 2020 raised $6.6 billion overall, with Biden's campaign alone raising $1.6 billion
- House candidates raised $2.1 billion in the 2020 cycle, averaging $1.9 million per winning candidate
- Individual contributions made up 84% of total candidate receipts in 2020, totaling $9.9 billion
- Small individual donations ($200 or less) totaled $3.8 billion in 2020, 27% of all money raised
- PAC contributions to federal candidates in 2020 were $456 million, with corporate PACs giving 58%
- Candidate expenditures in 2020 totaled $7.7 billion, with 45% on media buys
- House incumbents spent average $2.1 million each in 2020, challengers $1.4 million
- Top Senate spender Kyrsten Sinema spent $124 million in 2020 AZ race
- Super PACs spent $3.1 billion in 2020, with 90% on broadcast TV ads
- Dark money groups spent $1 billion in 2020, 7% of total outside spending
- Top Super PAC Future Forward spent $486 million supporting Biden in 2020
- Total FEC filings in 2020 cycle exceeded 5.2 million reports
- 95% of itemized contributions over $200 were disclosed in 2020, totaling 120 million records
- FEC enforced 250 matters under review in 2020, closing 180 with fines totaling $4.2 million
The cost of federal elections is skyrocketing, fueled by billions in campaign contributions and spending.
Contributions by Type
- Individual contributions made up 84% of total candidate receipts in 2020, totaling $9.9 billion
- Small individual donations ($200 or less) totaled $3.8 billion in 2020, 27% of all money raised
- PAC contributions to federal candidates in 2020 were $456 million, with corporate PACs giving 58%
- Soft money contributions via 501(c) groups reached $1.2 billion in 2020, undisclosed to FEC
- Large individual contributions ($200+) totaled $6.1 billion in 2020 presidential race alone
- In 2022, business PACs contributed $295 million to federal candidates, 60% to Democrats in some sectors
- Labor union PACs gave $58 million in 2020, 92% to Democrats
- Ideological PACs contributed $1.1 billion in outside spending in 2020
- Self-financing by candidates totaled $1.6 billion in 2020, led by Bloomberg's $1.1 billion
- Public funding via matching funds was $0 in 2020 as no major candidate opted in, down from $250 million in 2008
- Itemized contributions from California totaled $2.1 billion in 2020
- New York donors gave $1.6 billion in large contributions in 2020
- Average individual contribution size in 2020 was $92, with 180 million donations
- Women donors made 48% of itemized contributions in 2020, totaling $4.2 billion
- Employer "Google" listed on $45 million in contributions in 2020
- University of California employees contributed $21 million in 2020
- Leadership PACs contributed $145 million to candidates in 2020
- Non-connected PACs gave $789 million in outside spending tied to contributions
- Biden received $1.1 billion from individuals in 2020 primary
- Trump got $774 million from individuals in 2020
Contributions by Type Interpretation
The great American political machine, which ostensibly runs on the people's voice, hums along on a $10 billion cocktail of small donations, massive checks from wealthy coasts, secretive dark money, and corporate PACs cleverly disguised as constituents.
Disclosure and Compliance
- Total FEC filings in 2020 cycle exceeded 5.2 million reports
- 95% of itemized contributions over $200 were disclosed in 2020, totaling 120 million records
- FEC enforced 250 matters under review in 2020, closing 180 with fines totaling $4.2 million
- Late filers faced $1.8 million in penalties in 2020 cycle
- Advisory opinions issued by FEC: 15 in 2020 on digital ads and Super PAC coordination
- Publicly available FEC database contains 1.2 billion contribution records since 1980
- In 2022, 98% compliance rate for quarterly reports by major committees
- FEC budget for 2023 was $80.3 million, auditing 1,500 committees annually
- Murtha Method cases investigated: 50 in 2020 for earmark-contribution links
- Electronic filing adopted by 99.5% of committees filing over $50k/year in 2020
- FEC received 2.3 million electronic filings in 2022 cycle
- Audits completed: 1,200 committees in 2022, recovering $12 million owed
- Alternative A reports for Super PACs: 45,000 filed in 2020 disclosing $2.1 billion
- 24-hour notice reports for last-minute contributions: 12,000 in 2020 election month
- FEC website traffic peaked at 5 million visits/month during 2020 election
- General counsel opinions: 22 issued in 2022 on coordination rules
- Fines for non-filing: $2.5 million collected in 2022
- Public records requests processed: 15,000 annually by FEC FOIA office
Disclosure and Compliance Interpretation
The FEC's daunting avalanche of data and diligent enforcement proves that in American politics, sunlight isn't just the best disinfectant—it's a high-volume, heavily monitored, and occasionally expensive business.
Outside Spending
- Super PACs spent $3.1 billion in 2020, with 90% on broadcast TV ads
- Dark money groups spent $1 billion in 2020, 7% of total outside spending
- Top Super PAC Future Forward spent $486 million supporting Biden in 2020
- 501(c)(4) nonprofits spent $600 million undisclosed in 2020 federal races
- Joint fundraising committees spent $1.5 billion in outside efforts in 2020
- In 2022, Super PACs spent $1.4 billion, focusing on competitive House seats
- Communication costs by IEOPCs totaled $450 million in 2020
- Foreign-influenced corporate spending was $0 directly but via subsidiaries $100 million estimated in 2020
- Top outside spender Congressional Leadership Fund (Super PAC) spent $240 million pro-GOP in 2020 House races
- Electioneering communications spending hit $250 million in 2020, targeting 30-day window
- In 2024 cycle, Super PACs have spent $2.5 billion already, led by MAGA Inc at $300 million
- Senate Leadership Fund Super PAC spent $211 million pro-McConnell allies in 2020
- Priorities USA Action spent $340 million supporting Biden in 2020
- Americans for Prosperity spent $135 million in 2020, mostly anti-Biden ads
- Unite the Country (Bloomberg Super PAC) spent $600 million in 2020 primary
- House Majority PAC spent $285 million pro-Dem House in 2020
- Club for Growth Action spent $120 million conservative primaries 2020
- One Nation (dark money) spent $140 million pro-GOP Senate 2020
- Defending Democracy Together spent $90 million anti-Trump in 2020
- Crypto-linked outside spending reached $15 million in 2022
- Total electioneering comms by corporations: $180 million in 2020
Outside Spending Interpretation
The system has become so flooded with dark money and billion-dollar Super PACs that it now resembles a high-stakes auction house masquerading as a democracy.
Spending by Candidates
- Candidate expenditures in 2020 totaled $7.7 billion, with 45% on media buys
- House incumbents spent average $2.1 million each in 2020, challengers $1.4 million
- Top Senate spender Kyrsten Sinema spent $124 million in 2020 AZ race
- Presidential general election spending by Biden was $1.5 billion, Trump $1.1 billion in 2020
- 28% of candidate spending in 2020 went to fundraising consultants, totaling $1.9 billion
- In 2022, Georgia Senate runoff saw $250 million spent by candidates Walker and Warnock combined
- Average winning House candidate spent $2.3 million in 2022 midterms
- Trump campaign spent $1.07 billion in 2020, with $390 million on ads
- Overhead costs like staff salaries consumed 22% of candidate budgets, averaging $1.2 billion total in 2020
- Digital advertising spend by candidates rose to $1.2 billion in 2020, 15% of total
- Warnock Senate campaign spent $195 million in 2022 GA runoff
- Laxalt spent $130 million in same 2022 GA race
- Media production costs for candidates: $2.4 billion in 2020 (31% of spend)
- Polling and surveys ate $450 million of candidate budgets in 2020
- Travel expenses for federal candidates totaled $780 million in 2020
- Strategy consultants received $1.6 billion from candidates in 2020
- TV advertising by candidates: $2.8 billion in 2020 general election
- Fundraising events/mailings cost candidates $900 million in 2020
- Legal/compliance fees: $320 million spent by candidates in 2020
- Office rent and equipment: $250 million for House candidates alone in 2020
Spending by Candidates Interpretation
These numbers reveal a democracy where securing a seat increasingly resembles a hostile corporate takeover, funded by a billion-dollar industry of consultants and advertisers who are the real incumbents never on the ballot.
Total Fundraising
- In the 2020 election cycle, federal candidates and committees raised a total of $14.4 billion in contributions and spending
- Presidential candidates in 2020 raised $6.6 billion overall, with Biden's campaign alone raising $1.6 billion
- House candidates raised $2.1 billion in the 2020 cycle, averaging $1.9 million per winning candidate
- Senate candidates collected $1.8 billion in 2020, with top races exceeding $200 million each
- Total independent expenditures in 2020 reached $3.1 billion, up 33% from 2016
- Party committees raised $2.5 billion in 2020, with DNC raising $1.1 billion and RNC $822 million
- Super PACs raised $5.3 billion in 2020, accounting for 37% of all outside money
- Total federal election spending in 2020 hit $14.4 billion, a 36% increase from 2016's $10.6 billion
- In 2022 midterms, total raised was $8.9 billion, with House races seeing $2.5 billion
- 2024 cycle so far (as of Oct 2024) has seen $10.2 billion raised, projected to exceed $16 billion
- Total Contributions from Finance/Insurance/Real Estate sector in 2020: $743 million
- Lawyers/Law Firms contributed $387 million in 2020, 63% to Democrats
- Health sector raised $289 million for candidates in 2020
- Securities & Investment industry donated $426 million in 2020 cycle
- Education sector contributions totaled $248 million in 2020
- Oil & Gas industry gave $123 million, 83% to Republicans in 2020
- Tech sector (internet) contributed $413 million in 2020
- Pharmaceuticals/Health Products: $160 million in 2020
- Defense sector donations: $34 million in 2020
- Retired individuals contributed $3.2 billion, largest "industry" group in 2020
Total Fundraising Interpretation
If the sound of money talking in politics was deafening before, the 2020 election cycle proved it had fully mastered screaming, with nearly every sector writing a multi-million dollar check to ensure their interests were heard loud and clear above the democratic din.