> Trump notably had much smaller campaign budgets than his opponents in both winning elections
I'm not sure where you're getting this information.
> Fundamentally, it's presidential democracy that is flawed.
No disagreement
https://www.researchgate.net/publication/240633007_Measuring...
TL;DR: Spending might matter up to a certain point, but becomes very inefficient. It's also more effective for challenges than incumbents.
https://en.wikipedia.org/wiki/Fundraising_in_the_2024_United...
https://en.wikipedia.org/wiki/Fundraising_in_the_2020_United...
https://www.washingtonpost.com/graphics/politics/2016-electi...