Biden Is Winning the Money Race. Does It Matter?

Last week, President Biden, flanked by former Presidents Barack Obama and Bill Clinton, came to Radio City Music Hall for what Mr. Biden’s campaign called “the most successful political fund-raiser in American history.” The three Democratic presidents, alongside celebrities like Stephen Colbert, Mindy Kaling, Lizzo and Queen Latifah, spoke to an audience of 5,000 donors. According to the Biden campaign, the event brought in more than $25 million.

That fund-raising haul further tips the scales in the money race between Donald J. Trump and Mr. Biden — a race that, so far, the Democrats have been winning. But Mr. Biden’s big cash advantage hasn’t helped solve his political problems. And when two candidates are as well known as Mr. Biden and Mr. Trump, there might be a limit to what money can buy.

This week, we speak with the longtime Democratic donor Robert Wolf about the Radio City fund-raiser and why he has donated to Mr. Biden. And Shane Goldmacher, a national political correspondent for The New York Times, explains the vast financial gap between the candidates.

“The Run-Up” is your guide to understanding the 2024 election. Through on-the-ground reporting and conversations with colleagues from The New York Times, newsmakers and voters across the country, our host, Astead W. Herndon, takes us beyond the horse race to explore how we came to this unprecedented moment in American politics. New episodes on Thursdays.

“The Run-Up” is hosted by Astead W. Herndon and produced by Anna Foley, Elisa Gutierrez and Caitlin O’Keefe. The show is edited by Rachel Dry and Lisa Tobin. Engineering by Sophia Lanman and original music by Dan Powell, Marion Lozano, Sophia Lanman, Pat McCusker, Diane Wong and Elisheba Ittoop. Fact-checking by Caitlin Love.

Special thanks to Paula Szuchman, Sam Dolnick, Larissa Anderson, David Halbfinger, Mahima Chablani, Jeffrey Miranda and Maddy Masiello.