Who is the Big Money candidate this year?

Hillary was the candidate of Big Money in 2016: “Trump won with half as much money as Clinton raised” (Politico). Trump and “allies” raised only $600 million versus more than $1.2 billion for the wife of the former President (just like in Latin America!).

What’s the story in 2020? And, if Biden does not similarly dominate the fundraising and spending process, to what do we attribute the difference?

“The Two Americas Financing the Trump and Biden Campaigns” (NYT, October 25) includes a map:

Joe Biden has outraised President Trump on the strength of some of the wealthiest and most educated ZIP codes in the United States, running up the fund-raising score in cities and suburbs so resoundingly that he collected more money than Mr. Trump on all but two days in the last two months … It is not just that much of Mr. Biden’s strongest support comes overwhelmingly from the two coasts, which it does. … In ZIP codes with a median household income of at least $100,000, Mr. Biden smashed Mr. Trump in fund-raising, $486 million to only $167 million — accounting for almost his entire financial edge. … Over all, Mr. Biden raised $1.07 billion and Mr. Trump $734 million over the last six months in the 32,000 populated ZIP codes, the analysis shows.

I’ve seen some of this in Maine. In the smaller towns and rural areas, it is rare to see a Biden-Harris sign. Portland, on the other hand, is all rainbow flags, BLM, Biden-Harris, etc. Portland and its suburbs/exurbs contain close to half of the total population in Maine, so the elite high-income city-dwellers need only a handful of votes for Democrats from elsewhere in order to impose their will on the small towners.

Even if the NYT is correct that Biden is getting more money and most of it is coming from rich Americans, we’re still left with the question of why. Is it economic self-interest? If so, based on what? A belief that a bigger government will help lawyers, accountants, doctors, and others with credentials? A belief that expanded low-skill immigration will help elites (see below)? A superior moral compass among the rich? (Hunter Biden getting paid by the Ukrainian oil company while his dad was VP (Senate committee report) was okay, but Trump hotels getting paid by various folks with an interest in government policy while Trump is President is not okay) Something else?

Is it reasonable to infer that if the coastal elites are funding Biden and working class Americans are funding Trump that we can expect the coastal elites to soak up more of the good stuff in the American economy/society after Biden-Harris prevail?

Related:

• “Yes, Immigration Hurts American Workers” (Politico), a Harvard economics analysis of how low-skill immigration (promoted by Biden) enriches the educated elites with roughly $500 billion per year, nearly all of it on the backs of working class Americans, who receive lower wages (and also pay higher rents and incur other costs from the extra population, but I don’t think the Harvard eggheads factored that in)