Trumps ended May 1.2 million in cash on in the bank. Hillary had 42 million.

Considering that campaigns are basically machines that turn fundraising into advertising, the difference in financial health was a clear sign of a campaign in ruin.

In a single month, Trump cut that cash deficit nearly in half.

He did this despite being outraised by nearly 10 million dollars.

Lower Burn Rate

In a recent interview on Glenn Thrush’s podcast, Ted Cruz said he learned from history that effective political campaigns have low burn rates. Every dollar you save operationally is one you can spend on advertising.

Hillary’s campaign spent 34 million in June while Trump spent 7.8 million. During the same period, the polls didn’t budge.

If you extrapolate June’s cash flows, Trump will have a $40 million dollar cash advantage in the critical weeks before the election.

Obviously, the goal is to win votes, not to build up the biggest pile of cash.

But if you fault Trump for his limited operation, you need to grant him that being leaner lets him spend a higher percentage of every dollar raised on ad buys.