Barack Obama is the first sitting president who will be outspent in his re-election campaign. He may lose as a result.
Both Obama and Romney are projected to raise around $750 million for their respective campaigns, but the pro-Romney super PACs are projected to spend as much as $500 million in only seven states considered crucial Electoral College battlegrounds. By contrast, Obama is expected to raise $50 million from pro-Obama super PACs, a 10-to-1 advantage for Romney in a small universe of persuadable voters.
The same Republican strategy, while by no means the whole story, worked for the Koch Brothers and their ilk in Wisconsin.