This Campaign is About More Than Just How Much Money I Raised This Quarter. It's About How Much More Money I Raised Than Last Quarter

No one said wining the White House was going to be cheap. But at the rate the 2008 presidential race is going, it's becoming increasingly expensive just to lose. Just take a look at the second quarter fundraising totals made public earlier this week. As newsworthy as Barack Obama pulling in more than $32 million dollars in new donations was Senator John McCain's "disappointing" $11.2 million--a figure that has some political pros ready to consign McCain's campaign to the obit desk.

The pundits are pawing through the numbers, trying to make sense of "what it all means." What it means is, if your name is Clinton, Obama or Giuliani, you're feeling pretty good. Everyone else, not so good. And Democrats are feeling better than Republicans: All told, Republicans were out-raised by Democrats by nearly 50 percent: $144.3 million to $101.7 million.

So what does it all mean? Take a look at the numbers of the top candidates and decide for yourself. This ain't rocket science, after all.

THE DEMOCRATS

Barack Obama
If money grew on trees, the Obama campaign would be a forest. The junior senator from Illinois raised $32.5 million in the second quarter--nearly $7 million more than he raised during the first three months. He bested Hillary Clinton and set new Democratic fundraising records. Meanwhile, an estimated 90 percent of Obama's 258,000 donors have yet to max out on their donations, meaning he can turn to many of them again and again in the months ahead.

Hillary Clinton
Despite raising $27 million in the second quarter--the same blazing pace she set during the year's first three months--Clinton is no longer the fundraising leader. But don't pity New York's junior senator just yet. Her fundraising totals also eclipsed the previous Democratic record for the second-quarter of a non-election year, a mark of $9.6 million set in 1995 by a long-retired pol named Bill. And some observers think that playing second fiddle for a while might not be all that harmful. "This ought to increase the focus on Obama's record and his position," says political analyst Stuart Rothenberg, "and that wouldn't be bad for Hillary to get a breather."

John Edwards
Edwards saw an uptick in contributions after fading, attention-starved Ann Coulter attacked him and his wife. But he still only managed to pull in $9 million during the second quarter, a $5 million drop off from the first three months. The campaign says it's still on track to reach its goal of $40 million this year. Eight years ago, that would have seemed like serious money. Today, it seems quaint. Plus, Edwards was nearly outdone by longshot Bill Richardson, who took in $7 million.

THE REPUBLICANS

Rudy Giuliani
Giuliani hauled in $17 million during the last three months, defying some odds-makers who predicted his fundraising would fall-off. Rudy as the only one of the Republican frontrunners to improve on his first quarter total ($16.6 million). He did it by doubling his donor base. He now finds himself with $18 million in the bank, more than leading challengers.

John McCain
Much like the immigration bill he vociferously supported, John McCain's campaign teetered on the brink of collapse during the second fundraising quarter. The senator from Arizona raised $11.2 million dollars over the last three months, much less than what was expected from the one-time favorite. Making matters worse, the campaign was left with only $2 million cash on hand, forcing McCain to lay off dozens of workers. Perhaps most ominous is his shrinking donor list. During the first quarter, 50,000 people contributed to the McCain campaign. Over the last three months, only 33,000 did.

Mitt Romney
Money can buy you a lot of things, and in Romney's case, it bought him a bit of protection from negative publicity. The former Massachusetts governor raised $14 million from April through June, falling off the $20.6 million pace set during the campaign's first quarter. More telling, however, was that Romney lent himself a whopping $6.5 million, bringing his total personal tab up to $8.85 million. So while the campaign seems relatively flush with $12 million on hand, without his independent wealth Romney would find himself in a McCainsian predicament.