Buying The Presidency

Michael Bloomberg’s net worth is over $60 billion. The yearly return on $60 billion is at least $2 billion – which is what Bloomberg says he’ll pour into buying the highest office in the land

I’m not saying that great wealth should disqualify you from becoming president. America has had some talented and capable presidents who were enormously wealthy – Franklin D. Roosevelt, Teddy Roosevelt, John F. Kennedy, for example. 

The problem lies at the nexus of wealth and power, where those with great wealth use it to gain great power. This is how oligarchy destroys democracy.

So far, Bloomberg spent over $380 million on campaign advertising. That’s more than Hillary Clinton spent on advertising during her entire presidential run. It’s multiples of what all other Democratic candidates have spent, including billionaire Tom Steyer.

Encouraged by the murky outcome from the Iowa caucuses and New Hampshire primaries, Bloomberg has doubled his spending on TV commercials in every market where he is currently advertising and is expanding his campaign’s field staff to more than 2,000.

That’s not the only way he’s using his billions to co-opt the election. He’s been endorsed by House Democrats and Democratic mayors who were the beneficiaries of his fortune during their campaigns. He’s also paying social-media “influencers” with large followings to promote his campaign. 

His paid staff is already three times as large as Trump’s, five times Joe Biden’s. He’s using his fortune to woo staffers away from other campaigns. 

Meanwhile, the Democratic National Committee is putting Bloomberg onto the debate stage by abandoning the individual-donor threshold that it used for the first eight debates, presumably because Bloomberg – the self-funded billionaire – doesn’t take donations.

To participate in the Feb. 19 debate in Las Vegas, Democratic candidates need to show at least 10 percent support in four national polls. Bloomberg’s wall-to-wall advertising makes that pretty much inevitable. He recently came in third place in a Morning Consult tracking poll, behind just Sanders and Biden. And he’s in the top four in many Super Tuesday states

1 2 3
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Don T. Sloan 1 month ago Member's comment

Shame that it seems like our choices these days are between two rich guys who change party affiliation whenever it suits them.

Daniel Charles 1 month ago Member's comment

Is the fact that he can "buy the presidency" such a bad thing? Unlike #Trump who merely got his daddy's money and filed for bankruptcy numerous times, #Bloomberg is a self made man whose success adds to his credentials.

Kurt Benson 1 month ago Member's comment

Every presidential spends millions to try to buy the presidency. The difference is they are then indebted to the special interests groups that funded them. Bloomberg has no such constraints.

Angry Old Lady 1 month ago Member's comment

Speak for yourself. I like Mike.