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The DNC Is Broke
October 2, 2013 By Arnold Ahlert
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The numbers paint a bleak picture. At the end of May, the DNC had $6 million in cash and $19.8 million in debt, and was paying off its bills at a rate of less than $1 million per month. Through August, the DNC owed $18.1 million to its various creditors. Several of those creditors, speaking anonymously to avoid any blowback from the DNC, described the organization as one falling further and further behind in its ability to pay past due bills. Moreover, senior strategists with close ties to the money-raising arm of the Democrat party have expressed concerns that the DNC has no apparent strategy for returning to solvency. They really thought they could get this money raised by the summer, said one of those strategists. But the fact is, from talking to people over there, they have no real plan for how to solve this.
DNC officials note that their problems are exacerbated in part by the White House, as well as DNC head Debbie Wasserman Schultz, who reportedly has no strong relationships with anyone in the administration. Tellingly, Wasserman Schultz has personal debt issues that mirror the organization she represents. She is currently over a million dollars in debt, with two mortgages worth at least $750,000 in total, and another $350,000 in home equity and personal loans. In 2012, Wasserman Schultz also carried more than $50,000 in credit card debt. By contrast, she has $100,000 worth of spouse-held stock in the community bank where her husband is employed, and other smaller accounts that include college savings plan for her children.
Yet while Wasserman Schultz is incompetent, the DNCs woes are not completely her fault. Organizing for Action (OFA), Barack Obamas former campaign apparatus reincarnated as a nonprofit advocacy group, has emerged as a fierce competitor for donor dollars. Last March, Fred Wertheimer, head of Democracy 21, a campaign finance reform group, aptly described what OFA is all about. It is operating as an arm of the presidency and its funded by private money including large contributions and bundlers raising large amounts, he explained.
...
It remains to be seen if Clinton is willing to return the favor. Barack Obama has established the template of organizing a SuperPac that allows him to raise large sums of money independent of the DNCs efforts. If Clinton takes the same approach, big donors may gravitate towards her, leaving the DNC to fend largely for itself in the 2014 mid-term election and beyond.
Either way, the DNCs current condition epitomizes a party that continues to insist America does not having a spending problem. Nearly $17 trillion in national debt, and more than $86 trillion in unfunded liabilities, say otherwise. It remains to be seen when denial gives way to reality for the DNCand America itself.
The DNC Is Broke | FrontPage Magazine
The DNC Is Broke
October 2, 2013 By Arnold Ahlert
...
The numbers paint a bleak picture. At the end of May, the DNC had $6 million in cash and $19.8 million in debt, and was paying off its bills at a rate of less than $1 million per month. Through August, the DNC owed $18.1 million to its various creditors. Several of those creditors, speaking anonymously to avoid any blowback from the DNC, described the organization as one falling further and further behind in its ability to pay past due bills. Moreover, senior strategists with close ties to the money-raising arm of the Democrat party have expressed concerns that the DNC has no apparent strategy for returning to solvency. They really thought they could get this money raised by the summer, said one of those strategists. But the fact is, from talking to people over there, they have no real plan for how to solve this.
DNC officials note that their problems are exacerbated in part by the White House, as well as DNC head Debbie Wasserman Schultz, who reportedly has no strong relationships with anyone in the administration. Tellingly, Wasserman Schultz has personal debt issues that mirror the organization she represents. She is currently over a million dollars in debt, with two mortgages worth at least $750,000 in total, and another $350,000 in home equity and personal loans. In 2012, Wasserman Schultz also carried more than $50,000 in credit card debt. By contrast, she has $100,000 worth of spouse-held stock in the community bank where her husband is employed, and other smaller accounts that include college savings plan for her children.
Yet while Wasserman Schultz is incompetent, the DNCs woes are not completely her fault. Organizing for Action (OFA), Barack Obamas former campaign apparatus reincarnated as a nonprofit advocacy group, has emerged as a fierce competitor for donor dollars. Last March, Fred Wertheimer, head of Democracy 21, a campaign finance reform group, aptly described what OFA is all about. It is operating as an arm of the presidency and its funded by private money including large contributions and bundlers raising large amounts, he explained.
...
It remains to be seen if Clinton is willing to return the favor. Barack Obama has established the template of organizing a SuperPac that allows him to raise large sums of money independent of the DNCs efforts. If Clinton takes the same approach, big donors may gravitate towards her, leaving the DNC to fend largely for itself in the 2014 mid-term election and beyond.
Either way, the DNCs current condition epitomizes a party that continues to insist America does not having a spending problem. Nearly $17 trillion in national debt, and more than $86 trillion in unfunded liabilities, say otherwise. It remains to be seen when denial gives way to reality for the DNCand America itself.
The DNC Is Broke | FrontPage Magazine
