It’s true enough that Biden is currently outspending Trump on swing-state television. But these reports also suggest that Trump’s newly-installed campaign manager Bill Stepien has made the strategic decision to save money for a final barrage later in the race. Perhaps this choice is somewhat born of necessity; if the Trump campaign had no realistic limits on its financial resources, it would presumably be matching Biden right now. However, that doesn’t mean the strategy will fail. Trump had an overall financial disadvantage in his 2016 race against Hillary Clinton, but his campaign actually outspent hers on television ads from mid-October onward and received considerable last-minute help as well from Republican-aligned super PACs…

Even if Trump does face a financial disadvantage from now until November, this is very unlikely to be an election decided by money—especially his money. Most Americans’ opinions about the incumbent, whether pro or con, are so strongly held that they will be very resistant to being swayed by advertising, and ad messages must compete with news media coverage to serve as information sources for the remaining bloc of undecided voters. Though he is being outgunned on the airwaves at the moment, Trump has already spent a lot this year on ads in both the television and digital realms, and these efforts didn’t seem to exert a measurable effect on the horse race. The main Republican lines of attack since Biden became the apparent Democratic nominee in March haven’t significantly damaged Biden’s vote share or personal favorability rating, so it’s not clear that putting more ad dollars behind the same message would make much of a difference.