As all signs point to a Republican blowout, far-left billionaire George Soros is investing heavily to sway midterms in the Democrats’ favor.
According to Just the News:
Soros has poured $125 million into a super PAC this election cycle, with the money already being distributed to political action committees backing Democrat candidates and causes. Soros has used the super PAC, known as Democracy PAC, since 2019 to support political campaigns.
The money is so far going to Democrat-leaning groups, including $2.5 million to Senate Majority PAC, $1 million to the House Majority PAC, and $1 million to the Democratic Association of Secretaries of State, a group fighting to elect Democrats to the formerly obscure posts that became a well-known and heavily politicized after the 2020 election, according to Politico.
The funds will go towards “causes and candidates, regardless of political party” (but only to Democrats) committed to “strengthening the infrastructure of American democracy: voting rights and civic participation, civil rights and liberties and the rule of law.”
Soros described the $125 million in spending as a “long-term investment” that will continue past 2022, so we don’t know exactly how much will be spent this year. While Soros has had enormous success in influencing politics at the local level, it’s harder for him to move the needle in races where there’s already hundreds of millions collectively being spent.
Currently, Republican groups looking to retake Congress are out-fundraising their Democrat counterparts. The GOP’s campaign committees for the House and Senate in addition to Super PACs affiliated with the GOP’s House and Senate leadership reported nearly $220 million in cash on hand on December 31, 2011, while the Democrat equivalent had $176 million in cash reserves.
Depending on what percent of the $125 million Soros allocates for 2022 specifically, it could easily eclipse the $44 million advantage in cash on hand that the GOP enjoys. However, whether this will tilt the scale in Democrats’ favor is another story. It’s generally the case in national elections (with some notable exceptions) that the candidate(s) that out-fundraises the other tends to win their race, but it’s entirely possible the eventual winner simply raised more money because they were the more attractive candidate to begin with (and thus the donations were a proxy for voter enthusiasm). Big money donors complicate that correlation (as evidenced by Hillary Clinton out-raising Trump due to large donors – and then losing to him).
All polling indicates that Democrats are heading into heavy losses in November, and will Biden’s agenda stalled, it’s hard to imagine any major event that would change that.
Historically, the president’s party has lost an average of 37 seats in midterm elections (Trump lost only 26 – 30% fewer than average). Republicans picked up a net 63 seats in the 2010 midterms, the largest shift in seats since the 1948 election, and that was in a year where Barack Obama’s net approval rating averaged at +4 (48% approve, 44% disapprove). According to the Real Clear Politics average of polls, Biden’s approval is currently at a net –12.9 disapproval (-15% when you remove outlier polls). No President with a negative net approval rating has lost fewer than 13 seats (which Obama had lost in 2014 – but that was after the House had already shifted massively in the GOP’s favor). Twenty-nine House Democrats have already announced their retirement (13% of all House Democrats) because they’re self-aware enough to know how the midterms will turn out.
Furthermore, Under Biden there’s been a double-digit shift in party preference at the national level, with 47% of Americans now saying they prefer Republicans, and 42% preferring Democrats in the Gallup poll. Gallup noted that gaps of around 5 percent in party preference are “among the largest” that have appeared in their data since they began collecting it in 1991. The last time the GOP was this well positioned in their polling was in 1995.
Despite constantly railing against dark money, Democrats spent far more of it in the 2020 election than Republicans. Predictably, none of the same leftists decrying the influence of money in politics have spoken out against Soros’ looming spending spree here.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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