While presidential candidate Herman Cain is vaulting up the polling charts – the latest Rasmussen Reports poll (Oct. 14-15; 1,000 likely voters) actually puts him ahead of President Obama 43-41 percent – his campaign is lagging behind in spendable resources. According to the just-filed FEC financial disclosure reports, the retired business executive only has $1.34 million cash-on-hand with $675,000 in debt. This contrasts with former Massachusetts Gov. Mitt Romney’s $16.46 million and Texas Gov. Rick Perry’s $15.08 million. Rep. Ron Paul (R-TX-14) is next with $3.67 million in the bank.
It is often said that political money is least important in a presidential race because of the extensive earned media coverage the candidates receive. This is true to a point, but Cain’s financial shortcomings, should they continue, might be felt in places like Iowa, the site of the nation’s first delegate selection event. The fact that the campaigns must convince their supporters to attend an actual political meeting instead of just going to vote, means a stronger organization requirement is necessary.
Immediately after Iowa, the campaigns will pivot to New Hampshire, Nevada, South Carolina and Florida, all within the month of January. Feeding such a mobile political machine will be expensive, so Cain will need to command greater resources if he is to fulfill his current standing. Failing to produce in the early states will be seriously problematic for Mr. Cain, since the expectation level surrounding his campaign has grown exponentially.