If money talks, then Obama should be a-okay

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Michael Bastasch DCNF Managing Editor
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After the victory of Republican Gov. Scott Walker in Wisconsin’s Tuesday recall election, pundits declared that money talks because Walker was able to outspend his opponent, Milwaukee Mayor Tom Barrett, seven-to-one.

“There’s really only one story in Wisconsin, though you wouldn’t know it from the high paragraphs of most news analyses. It’s M-O-N-E-Y,” wrote Politico’s Glenn Thrush. “Cash doesn’t talk in 2012, it shouts, and Wisconsin was a sonic boom that’s breaking glass in Chicago.”

“[I]t was about a contest between outside money and… grassroots organizing on the other side. Money won, and if you think about the army of Republican multi-millionaires and billionaires who are thinking about writing big checks to super PACs, they look at Wisconsin and say our dollars helped keep Scott Walker in his job, our dollars can beat the Democratic ground game in a lot of states where it is really close, unlike Wisconsin, and they’re going to be all the more likely to write those big checks and that is bad news for President Obama,” said John Heilemann on “The Last Word with Lawrence O’Donnell.”

However, if money “shouts” and will play a key role in the upcoming election, President Barack Obama should have no worries. So far this election cycle he has raised over $200 million, which is more than twice as much as Mitt Romney’s $95 million haul.

In fact, Obama raised over $750 million in the 2008 election cycle, far more than John McCain’s $400 million.

Traditional allies of Democrats, like labor unions, have been busy raising cash. Labor groups alone have been able to raise a considerable amount of money, with labor PACs raking in over $175 million so far this election cycle.

Hollywood has also ponied up, with the television, movie and music industry raising $6.8 million for Obama this cycle. Last month, a fundraiser hosted by George Clooney raised $15 million for Obama and the Democrats. Obama has also fundraised with celebrities like Lady Gaga and Spike Lee. Actress Sarah Jessica Parker and Vogue Editor Anna Wintour recently appeared in campaign ads on his behalf.

Romney has raised money with celebrities like Donald Trump, Jon Voight and Kid Rock, but has considerably less support in Hollywood than Obama.

Obama continues to fundraise, heading out to the west coast on Wednesday for a two-day fundraising circuit that includes a stop at the LGBT Leadership Council Gala with celebrities including Ellen DeGeneres and “Glee” star Darren Criss.

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