It’s about to become billionaire vs. billionaire in the presidential election.
In the last week or so, former New York City Mayor Mike Bloomberg has come out of the gate swinging in the DNC primaries, boasting an impressive 19% popularity and now second only to Bernie Sanders. Bloomberg has stumbled a little over some personal issues (notably, NDAs which may be covering for something more insidious), but otherwise has come out as a moderate favorite.
All this leaves America wondering whether the upcoming presidential election may be run by economic titans, rather than the grass roots campaign style of Bernie Sanders.
How Much Has Bloomberg Spent?
Bloomberg has spent a total of $409 million on his campaign. A distant second is Tom Steyer at $254 million. Sanders comes in third at $117 million. So, Bloomberg has spent close to four times what Sanders has spent. A lot of this has been his own money. Bernie Sanders has raised $121 million, which means he’s actually spent less than he’s raised. And Warren is reportedly getting close to running out of money.
In terms of campaign strategy, Bloomberg’s isn’t unique: Steyer is also attempting to outspend his rivals. But Bloomberg’s spending is working. By concentrating on the high value, battleground states, and staying out of the early primaries, Bloomberg has been able to make a fast impact — even if his few debate appearances have been lackluster.
Bloomberg Pledges $1 Billion of His Own Money
Bloomberg has promised that he’s going to support the DNC candidate no matter what, and that’s earned him a lot of goodwill from the party. In fact, Bloomberg could spend up to $1 billion of his personal funds on the DNC in the event that he doesn’t win, by paying for the candidate who does. Bloomberg says that he is committed to getting Trump out of office, and will spend any amount of money to do so.
Interestingly, on the issues, Bloomberg has always weighed more towards the side of a fiscal conservative and a social liberal. While many of his ultimate policies have been liberal in nature, his business policies are conservative, and he tends to weigh in on the side of big business. This is attracting moderates from both the Democratic and Republican side.
For other billionaires, a vote for Bloomberg may well represent a vote at potentially keeping their fortunes safe from aggressive taxation.
Just a Fraction of His Net Worth
Bloomberg’s net worth as of 2020 is $65.2 billion, making his spending just a drop in the bucket. In fact, there’s no argument that he can considerably outspend just about anyone, as well as owning his own media franchise, and previously being the mayor of New York City. Though he may be a late entrant to the race, he’s a formidable one. Comparatively, Trump’s net worth is estimated at $3.8 billion.
Campaign spending is important for awareness, and in Bloomberg’s case, his campaign spending highlights his previous decisions as mayor. Most of his social policies are in line with the DNC, but because he has been so favorable to business in the past, he may come out as a truly moderate candidate.
Will billionaires be able to purchase the presidential election? It’s possible. Those who want solid economic stability may entrust their vote to someone who has been proven to create economic stability for themselves in the past, and there’s no arguing that they can’t launch more effective campaigns. For now, Bloomberg is one to watch, especially as he is courting the vote from both sides.
