Pod Save America’s former Obama-era hosts are puzzled. After years of Democrats losing money hand over fist, they can’t understand why donors are still hesitating to open their wallets for November’s midterms.
Dan Pfeiffer and Tommy Vietor spoke Friday at the Texas Tribune Festival about the party’s financial squeeze. Pfeiffer warned that Democrats have far less money to work with than the GOP. Vietor responded that the party’s biggest donors seem to see this election as anything but a once-in-a-generation chance.
Why Donors Are Holding Back
Pfeiffer laid out two reasons. First, the anger from 2024 still lingers.
He said, “Part of it is people still angry about how that election went and feeling like they lit a billion dollars on fire in that election, which is a fair quibble in some ways.”
Second, the threat of federal targeting has changed how wealthy donors behave.
He continued, “There are a lot of people who are very afraid of being targeted by Trump like that just that your business is going to be targeted. You’re going to have all of a sudden, you’re going to have the FBI showing up at your door. You’re going to have regulatory scrutiny you wouldn’t have before. And so that has limited money.”
He also argued that this midterm could produce a swing larger than any in recent history.
“We’ve been using 2006 as like the most relevant example of an election because it’s you know, it’s an unpopular president, unpopular war, all of that. But it very well could be a little more like ’94, where everything changes where it’s a realigning election.”
Epstein’s Pushback
Not everyone agrees the party faces a fundraising crisis. Democratic consultant Julian Epstein dismissed the podcasters’ analysis.
“It’s always funny to me how these group think ‘insiders’ parrot one another, even when they’re ‘consensus’ is obviously wrong,” he told Fox News Digital.
He pointed to polling margins that suggest the race is tighter than the podcasters acknowledge.
“The truth is that the so-called ‘blue tsunami’ is very likely overstated. The margin of error and the 40 battleground congressional districts is more like 2% right now, and we’ve consistently seen Republicans being undersampled in recent years,” he said.
Epstein argued that the party lacks a clear agenda.
“Donors are holding back because the Democrats don’t have any attractive, positive agenda,” he continued. “Democrats have an even lower approval rating than the president. Democrats used to be about building; today they are about tax-and-spend redistributionist big government welfare. They are about the victim Olympics.”
He challenged the podcasters directly: “Try going out on the street and ask 10 voters to name three things Democrats stand for today. I doubt you’ll find any that can.”
Marslender’s Agreement
Republican consultant Mary Marslender agreed with the podcasters that donors are indeed holding back.
“Yes, major Democratic donors are holding back, still frustrated by the fallout from the 2024 cycle and increasingly concerned about the party’s direction,” she told Fox News Digital.
She pointed to Kamala Harris’ failed presidential campaign as proof of the poor returns on investment.
“Harris’ failed presidential campaign spent a staggering $1.5 billion in just 15 weeks, losing the popular vote, the Electoral College, the Senate, the White female vote, and support among both Latino and working-class voters,” she said. “That’s the equivalent of spending $25,000 per hour only to lose nearly every key demographic and benchmark the campaign touted as strengths.”
She added that donors who gave eight-figure sums in 2024 have noticed this poor return and appear less willing to spend again.
“Additionally, many major Democratic donors have slowed or withheld contributions because of concerns about the Party’s shift toward socialist policies,” Marslender added. “Unsurprisingly, calls to destroy the country’s financial institutions have not resonated well with wealthy Democratic supporters.”
The Hard Numbers
- Kamala Harris’ campaign spent $1.5 billion in 15 weeks
- That works out to $25,000 per hour
- The margin of error in 40 battleground districts is around 2%
- Pfeiffer described the 2024 election as costing donors a billion dollars
What Each Side Actually Said
- Pfeiffer and Vietor: Democrats have far less money to work with than the GOP, and donors should treat this as a once-in-a-generation chance.
- Epstein: The party has no attractive agenda and voters can’t name three things it stands for.
- Marslender: Donors are holding back because of poor returns on investment from 2024 and concerns about socialist policies.
The podcasters see a historic opportunity. Epstein sees a party without a clear message. Marslender sees a cautionary tale from 2024.
The 2024 election cost donors a billion dollars. It made them fear the FBI. It showed them that spending $25,000 per hour gets you nothing. Those lessons are fresh.
Source material: “Former Obama aides claim Democratic donors are still holding back after being burned by 2024 loss,” Fox News.
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