Why Obama's Well Will Run Dry
Much has been said about the sums of money Barack Obama has raised for his presidential contest. Even more has been said about the vast numbers of people who contributed (100,000). Conventional wisdom sees this as a broad-based support for his candidacy among mainstream Democrats. Professional pundits are calling it "netroots enthusiasm." I, however, see it differently.
Small political contributions are easy to make. Unlike big-money donations, they represent a lesser emotional commitment by the donor to the candidate. A donation of $50 is the economic equivalent of a family of four going to the movies and buying a couple of sodas, or filling up the tank on the family SUV. Those opposed to the Iraq War or the presumptive candidacy of Hillary Clinton can make a $25-50 donation to Obama without feeling the pinch.
When all is said and done, the money raised by a candidate is only as good as his (or her) message. I don't think Obama's message is all that potent. It makes good rhetoric but lacks strong substance. We'll see how far that and his cash can take him.
