I and others disagree that it’s just a
matter of money. Romney has vastly outspent his rivals in Iowa, NH,
Michigan and SC and will win only one. (Yes, I’m not counting
uncontested caucuses in Nevada and Wyoming.) Money didn’t buy him
evangelical support in Iowa nor convince voters in his own backyard
of his bona fides. The better argument is that if he had no money
he would be in the worst position of any of the remaining
contenders. Coming in third in SC (at best) leaves a fundamental
problem: where is he going to win on February 5? The Red states of
Alabama, Georgia, Tennessee, and Arkansas don’t seem any more
accessible. Is he going to best McCain and Rudy in NJ, NY,
California and Illinois? It seems unlikely. More importantly, he
simply has never caught a surge, a bump of national excitement like
any of the other candidates and remains mired in third
place in national polls (which are the closest approximation to
the landscape of February 5 out there). Could he win? Yes, but
money is not the key or he’d be the undisputed frontrunner
already.