DimWit Politics

The Bloomberg impact

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The Bloomberg impact

The Bloomberg impact
November 11
15:49 2019

For years, former Republican (now Democrat) New York Mayor Michael Bloomberg has been playing an on-again-off-again game of presidential politics. Make no mistake. He wants to be President of the United States – and he is looking for a reasonable opportunity to make it happen. This could be the year.

Bloomberg initially hinted at a run in 2020. Then he said he would not run. Now he is running – at least tentatively. He is filing to get on the ballot in a number of states.

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Bloomberg’s earlier announcement that he would not run appears to have been based on a belief that former Vice President Joe Biden would be the formidable moderate-left candidate – the establishment guy. With Biden looking less and less formidable every day and the other so-called moderates – meaning Mayor Peter Buttigieg and Senator Amy Klobuchar – seem unlikely to secure the nomination, Bloomberg does not have a horse on the track.

As a New York billionaire Wall Street type, Bloomberg is not a member of the Warren/Sanders socialist fan club. He has every reason to oppose either of them sitting in the Oval Office as he does President Trump.

Some argue that it is too late for a new entrant into the Democrat field. After all, this is the period in which candidates are dropping out – not jumping in. However, with a potential multi-billion-dollar self-funded campaign war chest, Bloomberg has to be considered formidable whenever he enters the race.

But what is the likely political impact of a Bloomberg candidacy? Who are the winners? Who are the losers?

The obvious major loser is Biden. The former Vice President has seen his polling number slipping from the low 40s to the high 20s over the past few months. He has maintained his front-runner status largely because the two radical left-wing candidates – Warren and Sanders – have divided up about 50 percent of the likely voters. In the first-in-the-nation Iowa caucus primary, Biden is languishing in fourth or fifth place.

The last thing Biden needs is another candidate to take away moderate voters – and that is exactly what Bloomberg will do. He may well be the kiss of death for Biden.

Bloomberg might also hurt the other two moderates – Buttigieg and Klobuchar. Their strength appears to be inversely proportionate to Biden’s weakness. Bloomberg could offer the moderate Democrats a much more appealing – and better funded – centrist candidate

What Bloomberg cannot do is change the political demographics of the Democrat voters. They are largely to the left of Bloomberg – as well as Biden, Buttigieg and Klobuchar. Voters who currently support candidates such as New Jersey Senator Cory Booker,

California Senator Kamala Harris and most of the others still in the race lean further to the left than Bloomberg. They represent up to 60 percent of the likely voters.

Bloomberg could also have a chilling effect on fundraising by the other candidates. Seeing his enormous wealth – and his willingness to use it in unprecedented amounts – may chill the ardor for other candidates. Biden is already having problems keeping up with expenses – and a Bloomberg candidacy will not help.

Bloomberg does not have a consistent philosophic foundation. He is a big government nanny-state socialist who would legislate what we eat, drink and inhale. But he believes that stop-and-frisk is an appropriate crime-fighting procedure. One could argue that Bloomberg has a little something for everyone – but in this era of strict adherence to doctrine and dogma, he may have something to turn off both sides of the political continuum.

As the numbers consolidate behind a single candidate – and at this time it appears that will be Warren – the moderate champion(s) will still be languishing at somewhere under 40 percent. In other words, Bloomberg’s entering the race may only redistribute the less radical voters in the Democrat primaries.

The only factor of which there is no historic precedent is the amount of money Bloomberg can spend to achieve his ambition. With a $50-plus billion net worth, he could spend a few billion of his own money without a noticeable adjustment in his luxurious lifestyle.

He could financially swamp every candidate in the Democrat primaries – even more than all them combined. He could produce BY FAR the most expensive presidential campaign – in relative dollars — in American history. He could potentially buy the presidency. At least it is what he seems to believe.

So, there ‘tis.

About Author

Larry Horist

Larry Horist

Larry Horist is a conservative activist with an extensive background in economics, public policy and politics. Clients of his consulting firm have included such conservative icons as Steve Forbes and Milton Friedman, as well as the White House. He has testified as an expert witness before legislative bodies, including the U. S. Congress, and lectured at major colleges and universities. An award-winning debater, his insightful and sometimes controversial commentaries appear frequently on the editorial pages of newspapers across the nation. He can be reached at lph@thomasandjoyce.com.

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