November 2008 marked the end of what was the most expensive election in US history, which culminated in the election of Democratic nominee Barack Obama. Now, it’s likely true that every presidential election could claim that title until the next one came around—and that will probably continue to be true in 2012—but this last one really set the bar with over $2.5 billion spent by the twenty candidates that entered the race over the past two years.
Previous elections have cost significantly less—candidates in 2004 raised only half as much money while 2000’s candidates collected merely a third. Twenty years ago, George Bush Sr. and his opponents spent only 59 million, a mere 25th of this election cycle’s totals.
According to the Federal Election Committee, Republican nominee John McCain raised over $368 million while President Obama raised over $521 million. Other big money campaigns included Republican candidate Ron Paul’s, which raised more money in a single day than any Republican campaign in history when it raised $6 million on December 16th 2007, and Hillary Clinton’s, which was similarly successful on the blue side of the fence on June 30th 2007 and raised over $242 million in total.
