How much does a few billion dollars get you in 2020?
In the heady days before the elections on November 3rd, when Democrats dared to dream of unified control of Washington and a coming progressive remake of America, two especially optimistic indicators elicited particular giddiness. First, of course, were the horse-race polls showing Joe Biden ahead of President Donald Trump by nine or so percentage points. But there was also the money race, which Democrats were winning handily: Mr Biden’s campaign raised $952m, or nearly 60% more than Mr Trump’s campaign, described by reporters as a profligate operation limping cash-strapped into...