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Friday, May 25, 2012

GOP candidate losers Newt Gingrich and Rick Santorum millions in debt

The race for any political seat is always fierce, and the winner will gain so much power.  However, just as the winner gains so much, the losing candidate has so much more to lose (see the Jim Russell - Sep 2010 case here). In the GOP primary, Mitt Romney has secured the GOP candidacy, leaving Newt Gingrich, Rick Santorum, and Ron Paul deep in debt with their loses. According to the New York Times, here are the debt amounts.

Newt Gingrich: Mr. Gingrich currently has $4.3 million in debt, according to TPM Muckraker – about 20 percent of his Gross Campaign Product, which puts him in Greece territory. He has more debt than any other failed Republican presidential candidate since 1992.

Rick Santorum: The other not-Romneys managed to lose a lot more economically. Rick Santorum owes $1.9 million, and he was actually a contender for the nomination for a while there. Mr. Gingrich never had a chance.

Mitt Romney still has to face the November elections.  While he is making some progress covering up his blunders, a likely loss for Romney will result in a big financial loss to his wallet.  He won't file for bankrupcy or be forced to move into a modest $250,000 house, but a significant portion of his wealth, in the millions, will be burned and the Republican national budget and reputation will surely be diminished to help other Republicans get elected into office.