Trump's fundraising is greater cause for concern than his rally

As Trump was on stage in Tulsa, his campaign filed its most recent financial report with the Federal Election Commission, revealing that it had brought in just under $25 million last month, well short of the nearly $37 million in receipts reported by the Biden campaign. The real concerns for the Trump campaign, though, were in the details. For the second time in three months, Biden’s campaign reported beating Trump’s in small dollar donations, both in terms of gross receipts—Biden more than tripled the $5.4 million that Trump brought in in May from donations of under $200—and as a share of total individual contributions. All told, 38.2 percent of individual donations to the Trump campaign in May came via contributions of less than $200, compared to 47.2 percent for Biden.

In addition to its campaign contributions, the Trump campaign leans heavily on a joint fundraising committee with the Republican National Committee that also regularly reports robust income from small-dollar donations. That committee hasn’t yet reported its fundraising totals for the second quarter of the year, though it will likely boost Trump’s small-dollar fundraising numbers considerably when it does.

A direct comparison of the two candidates’ campaigns, though, reveals that Biden has closed the gap considerably as his campaign has dramatically scaled up its grassroots fundraising.

Even as a coronavirus-induced recession hammered American pocketbooks, Biden’s small dollar fundraising has exploded. His campaign brought in nearly $20 million from donations of under $200 in March, according to its FEC filings.