Democrats are constantly railing against rich people, money in politics, and people trying to buy elections.
And yet two of their candidates are old, white, male billionaires.
They’re speding a ton of cash, too.
Michael Bloomberg and Tom Steyer and throwing away a fortune on their campaigns.
‘We’ve never seen spending like this’: Bloomberg, Steyer saturate airwaves
They entered the race late, but the two billionaires seeking the Democratic nomination are making up for lost time.
Together, Tom Steyer and Michael Bloomberg have poured nearly $200 million into television and digital advertising alone, with the former New York mayor spending an unprecedented $120 million in the roughly three weeks since he joined the presidential race.
That’s more than double the combined ad spending of every single non-billionaire candidate in the Democratic field this entire year.
“We’ve never seen spending like this in a presidential race,” said Jim McLaughlin, a Republican political strategist who worked as a consultant for Bloomberg’s mayoral bids in New York. “He has a limitless budget.”
The question isn’t whether anyone else will come close to matching Bloomberg or Steyer’s ad spending. Rather, it’s whether all that spending is making any difference.
At present, the two remain mired in single digits in the polls. Steyer isn’t spending at the same stratospheric levels as Bloomberg, yet with $83 million in ad buys so far, he’s still far outpacing everyone other than his fellow billionaire. The next highest spender on ads is Pete Buttigieg at $19 million.
At the same time, Democrats and their media allies continue to demonize billionaires as if Bloomberg and Steyer didn’t exist.
From the Los Angeles Times:
Column: Billionaires emerge as the defining campaign issue for 2020
With the 2020 presidential campaign in full swing, it is clear that the defining issue of the election will be economic inequality — and that puts America’s billionaires in the dock.
Proposals for a tax on extreme wealth have been put on the table by Democratic candidates Elizabeth Warren and Bernie Sanders, eliciting responses of varying vehemence from the billionaires lobby.
These responses, as we’ve reported, have been mostly negative, although here and there a few billionaires have allowed that, yes, they may have too much money and it might be good public policy to redistribute some of it through taxation.
How do Democrats run against billionaires when two of them are vying for their party’s nomination?