Team Obama's profligacy:
As Election Day approaches, President Obama is burning through campaign money faster than he can collect it — exceeding his spending pace at this stage of the 2008 contest as he expands his field operation and trades combative ads on the airwaves with Republican rival Mitt Romney. Last month alone, Obama spent nearly $59 million through his main campaign account — $10 million more than he raised, financial reports filed late Monday afternoon show. The cost of his campaign so far: more than $325 million, not counting spending by the the Democratic Party committees aiding his re-election. By contrast, President Bush had spent $205.4 million to retain the White House at this point in the 2004 election.
The president's new investments included additional staffers. He employed 853 people in July, up from 779 a month earlier, a USA TODAY analysis shows. Romney had 326 staffers on his payroll last month, up from 272 in June. Obama pumped more than $48 million into advertising last month, more than twice what Romney spent. The Romney campaign has been on a winning streak when it comes to fundraising, besting Obama and Democrats for three straight months. Romney and his fundraising operation reported collecting $101 million in July, outgunning Obama and his allies by $25 million.
The Romney campaign remained in the black in July. As for the Democratic National Committee...
Early reports showed the Democratic National Committee spent about $14 million in coordinated advertising with Obama. That's as the DNC raised roughly $10 million in July while also spending $32 million, leaving the party with about $15.4 million in the bank by month's end.
Insert your own jokes here. But there's good news, America. Take it away, Joe:
The private sector's doing fine, Obama's policies "worked" and the middle class is coming back (despite median household incomes diving $4,300 since Obama took office). Everything's turning up roses, right? Right?
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