The 2018 midterm election cycle is one of the most consequential in a long while. It is also one of the most expensive.
States all over are reporting record-breaking campaign contribution numbers, with oceans of cash flooding Senate, House, and gubernatorial races on both coasts. Though voting is not over yet, it’s safe to say that the following will go down as being the most expensive races of 2018:
1. Illinois (governor): $284 million
Incumbent Republican Gov. Bruce Rauner has $7.6 million in cash on hand after raising more than $79 million for his re-election bid, according to Illinois Election Commission data. His Democratic challenger, J.B. Pritzker, has only $39 million in cash on hand after raising a whopping $175 million. Taken together, they’ve spent roughly $208 million on this race after raising a combined $255 million. Another $29.3 million was raised by the Conservative and Libertarian Party nominees and various independent groups.
The Illinois Election Commission data doesn’t include spending from outside groups, so the already astounding price tag on this election is likely greater than what is being reported.
Pritzker is expected to win. He has a 22-point lead on the incumbent governor, according to a RealClearPolitics polling average.
2. Florida (U.S. Senate): $181 million
Incumbent Sen. Bill Nelson, D-Fla., has raised $28 million to hold off a challenge from outgoing Florida Republican Gov. Rick Scott, who has himself raised $68.6 million, according to the Center for Respective Politics. The two candidates have raised a combined $96 million, which is impressive all on its own. Add the additional $89 million raised by outside groups, and you now have the second-most expensive race in the 2018 midterm election cycle.
Nelson currently holds a 2.4-point lead over the Republican governor, according to a RealClearPolitics polling average.
3. Missouri (U.S. Senate): $118 million
Compared to the other entries on this list, the amount raised by Rep. Josh Hawley, R-Mo., to unseat Sen. Claire McCaskill, D-Mo., seems minuscule. His campaign has raised only $10 million. The incumbent senator meanwhile has raised a more impressive $35 million. Together, they’ve raised a combined total of $45 million. But then there’s the $76 million that outside groups have dumped into the Show Me State, bringing the total cost to $118 million.
This Senate race is truly a toss-up. Hawley leads McCaskill by a tiny 0.6-point margin. Personally, I think she’s toast. But man, is it going to be a close one.
4. Texas (U.S. Senate): $107 million
Incumbent Sen. Ted Cruz, R-Texas, has raised a cool $40 million in this election cycle. His campaign has also spent $33.8 million staving off a supposedly serious challenge from media darling Rep. Beto O’Rourke, D-Texas, who has raised $69 million while also spending $59 million. And all that to lose an election by roughly seven points.
Contributions to independent and Libertarian candidates account for almost a half-million of the total donated in the Texas Senate race. Outside groups have also donated an estimated $13.6 million to watch a Democratic congressman lose.
5. Florida (governor): $106 million
Rep. Ron DeSantis, R-Fla., and Tallahassee’s Democratic Mayor Andrew Gillum have raised a combined $106 million to battle over the governor’s mansion in the Sunshine State, according to Florida Politics. Like the Illinois governor’s race, this figure doesn’t even account for outside spending.
Gillum reported raising $52.5 million in this cycle, while his Republican opponent reported $53.5 million.
Moreover, according to Florida Politics, “DeSantis and Gillum accepted $2.3 million and $2.2 million respectively from the state’s taxpayer-funded match program for their bids.”Gillum has a 3.6-point lead on DeSantis, according to RealClearPolitics.
If you think the amount of cash raised in 2018 is obscene, it’s only going to get worse from here. There’s no reason to think there will be a slowdown to this trend. In other words, it’s a terrible time to be an advocate of getting big money out of U.S. politics.
