So Obama raised another $50 million. Why his campaign released this news on late Friday morning, I am not sure since it's not exactly bad news. Some of the doomsday scenarios I laid out last month about his campaign going bankrupt now seem less likely. But one point I made remains true: Obama is not getting much of a return on his campaign's massive expenditures. He ended June with $71 million cash on hand, and he ended July with $68.5 million cash on hand. That means Obama spent $53.5 million this past month, and what does he have to show for it? Obama's poll numbers have declined nationally and in many battleground states. Part of Obama's problem is that he's spending a ton of cash on states he has no chance of winning. Why does he have staffers in Texas and Utah? Why is he buying advertising in Alaska? That blowout victory that many Dems envisioned now seems less and less likely, and they should forget about these states if they want to win.