Many Big Donors to Democrats Cut Support

Obama and company seem to keep reaping the rewards of failing to deliver on campaign promises and, in the case of the White House, playing kiss up to the GOP which would as soon run over him with a truck than look at him - and that's when they're not claiming he's a Muslim. The New York Times is reporting that a number of major donors have closed their wallets and check books just as many in the LGBT community. Interestingly enough, a number feel that their money is better spent with groups that will actually push for progressive reforms as opposed to the Democratic Party and the White House which talk a good game but which are missing in action when it comes time to actually do something. The post mortem on November 3, 2010 will be most interesting and, if as some predict, it's a Democratic Party disaster, I truly hope much of the blame is hung around Obama's condescending neck. Obama has forgotten the old rule of remembering the ones who brought him to power and that is largely the progressives who helped turned out the vote of the independents. Here are some story highlights:

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Many wealthy Democratic patrons, who in the past have played major roles financing outside groups to help elect the party’s candidates, are largely sitting out these crucial midterm elections. . . Democratic donors like George Soros, the bête noire of the right, and his fellow billionaire Peter B. Lewis, who each gave more than $20 million to Democratic-oriented groups in the 2004 election, appear to be holding back so far.

“Mr. Soros believes that he can be most effective by funding groups that promote progressive policy outcomes in areas such as health care, the environment and foreign policy,” said an adviser, Michael Vachon. “So he has opted to fund those activities.” The absence of these Democratic megadonors is contributing to a huge disparity in spending between pro-Republican and pro-Democratic groups.

In the last week, Republican-leaning groups outspent their Democratic counterparts on television by more than seven to one on Senate races and nearly four to one on House races across the country, according to data from theCampaign Media Analysis Group, which tracks political advertising. The gap shows few signs of abating, even with the midterm election season in full swing.

The donors’ reluctance stems from a variety of factors, including pessimism about the party’s prospects in November, but also President Obama’s strong condemnations of this kind of independent activity

[S]ome more ideological donors are also upset that the Obama administration has not been more aggressive in pushing a liberal agenda. Big donors from Wall Street, including hedge fund executives and investment bankers, are also angry at the administration.