Bush and his backers spent far more than any other candidate and more than twice the campaign-spending runner-up, Marco Rubio. And Bush also saw the biggest drop in his national poll numbers. Among the top-tier candidates, there was almost an inverse relationship between money spent and change in poll numbers: Ted Cruz is up nine points since September, after spending $1.2 million, and Donald Trump is up six and a half points after barely spending anything.
The scene is not much different at the state level. In Iowa and New Hampshire, Bush and his backers have laid out $9 million and $17 million respectively, with Bush dropping 1.1 and two points.
The more that was spent, the more he dropped. This might be because he and his backers spent more as he started to slip more in the polls, of course; it's not like the ads necessarily hurt him.
Nonetheless, for donors to his campaign -- and for the folks that gave more than $100 million to his super PAC -- the realization that Bush might be doing just as poorly if they'd instead bought brand new Maybachs must be a bit galling.