Joe Biden’s campaign reported $10 million raised in the second quarter from donors giving less than $200.
Meg Kinnard/AP Photo

The drop in grassroots donors may mean parties have to get creative about the battle for the House. NRCC Chair Richard Hudson (R-N.C.) said they are working on a plan to boost small dollar fundraising, but seemed to manage expectations on grassroots energy returning, citing the effects of inflation.

“We’re just careful not to overextend ourselves and to continue to grow our fundraising base, just knowing that the huge amount we raised pre-economic downturn is not going to come back right away,” Hudson told POLITICO.

Although inflation dropped to its lowest level in two years this month, it remains above pre-pandemic levels. The most common occupation listed in FEC reports is “retired,” and retirees are more likely to be affected by the rising prices while not benefiting from similarly rising wages, said Kenneth Pennington, cofounder of Middle Seat, the Democratic firm that found the drop in small-dollar giving to congressional committees. Pennington also noted that nonprofits had similarly struggled to maintain fundraising — suggesting the decline in donations may not be just about politics.

But for Democrats, the current political climate (not just the economic one) is not as conducive to grassroots giving as past cycles. The party raked in cash after the Dobbs decision last year (when inflation was even higher), and benefited financially from Trump’s presence in the White House.

So too did Republicans themselves. Trump’s fight to overturn the results of the 2021 election dominated GOP fundraising appeals in 2021, driving record fundraising then. Trump himself has said that the multiple indictments he faces are great for juicing his fundraising. But the energy of the past to cycles does not seem to be matched so far.

“Voters are looking at the likelihood of a Trump-Biden rematch and don’t seem to be excited about that,” said Eric Wilson, a Republican digital strategist. “Enthusiasm is down.”

Campaigns are still looking to leverage smaller moments that might motivate their donor bases. A Biden campaign spokesperson pointed to Trump’s CNN Town Hall and DeSantis’ buggy Twitter campaign launch as events the campaign had successfully leveraged with small donors. So-called “Dark Brandon” merchandise — a riff on an internet meme featuring Biden with laser eyes — has also been the best-selling online, the campaign said.

Ironic memes can also help make up the difference. This week, Biden’s campaign blasted a fundraising pitch via text messages and email featuring a video effectively narrated by Rep. Marjorie Taylor Greene (R-Ga.) seeking to attack Biden on policy issues, including comparing him to former Presidents Lyndon B. Johnson and Franklin D. Roosevelt. Across all platforms, the video was viewed more than 53 million times as of Thursday.