One of the most undercommented on features of the 2016 election was the fact that Hillary Clinton outspent President Trump 2-to-1. She lost a squeaker.

In 2020, little changed. Joe Biden outspent Trump by nearly 2-to-1. Although he won, his margin of victory in the states that he needed for the required electoral votes was smaller. For all of his financial dominance, the favored candidate won by the skin of his teeth.