2024 Election Projected To Be Most Expensive Ever, With Spending Expected To Reach $15.9 Billion

The 2024 election is set to become the most expensive in U.S. history, with an estimated total expenditure of $15.9 billion. This projection, reported by OpenSecrets, a nonpartisan organization that monitors money in American politics, indicates a significant increase over the previous record of $15.1 billion established during the 2020 elections.

“There may be a saturation point where elections can no longer get more expensive, but we haven’t reached it yet,” stated Brendan Glavin, Deputy Research Director at OpenSecrets. “Super PACs and billionaires continue to increase their spending in an effort to influence the selection of our elected officials. Currently, it appears there is no ceiling to how much an election in the U.S. can cost.”

Research from OpenSecrets reveals that the top 10 individual donors in the country have contributed a staggering $599 million, accounting for approximately 7% of total federal election fundraising. In contrast, small donors—those who contribute less than $200—make up about 16% of the overall fundraising efforts.

As of now, outside groups, including Super PACs, have already spent $2.6 billion and are projected to reach a total of $5 billion by Election Day.

“Spending for the 2024 election cycle began slowly but picked up pace significantly after Vice President Harris assumed the Democratic nomination,” said Sarah Bryner, Director of Research and Strategy at OpenSecrets.

Data from OpenSecrets indicates that Vice President Kamala Harris’s campaign and associated groups have raised over $1 billion since she replaced President Joe Biden at the top of the ticket in July. Meanwhile, former President Donald Trump’s campaign and supporting organizations have garnered $642 million.

As the election approaches, the escalating costs raise concerns about the influence of money in politics and its implications for the democratic process.

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