Is billionaire Bloomberg on a path to the presidency?

February 18, 2020 Off By HotelSalesCareers

“The 360” shows you diverse perspectives on the day’s top stories and debates.

What’s happening

For most of the Democratic presidential race, Michael Bloomberg’s candidacy has been an afterthought. He was polling in the low single digits, absent from televised debates and wasn’t on the ballot in Iowa or New Hampshire. In recent weeks, however, the former New York City mayor has surged in the polls, rising to third place nationally behind Sen. Bernie Sanders and Joe Biden.

Bloomberg, who is worth an estimated $64 billion, has spent more than $400 million of his own money on his campaign so far. Rather than compete with the rest of the candidates in early voting states, he is pumping cash into large states with big delegate prizes later on the primary calendar. On Tuesday, he qualified for his first debate of the campaign thanks to a rule change by the Democratic National Committee.

A lifelong Democrat before becoming a Republican in 2001 and winning the first of his three terms as mayor of New York, Bloomberg rejoined the party after leaving office in 2013. He’s also been a major financial backer of progressive causes, specifically gun control and climate change initiatives.

Why there’s debate

Bloomberg’s rise in the polls has coincided with the emergence of Sanders as the presumptive frontrunner for the nomination, in part because Biden — seen by many as the most viable moderate alternative to Sanders — has faded. Bloomberg’s believers see his extraordinary wealth as a tool he can use to drown out the voices of his competitors in the primary and even compete with President Trump’s massive war chest in the general election.

Beyond his financial advantages, Bloomberg’s supporters say, he is a proven leader with a quick wit and a policy platform that will appeal to the moderate swing voters that Democrats need to win the presidency.

Bloomberg’s detractors counter that his wealth, along with accusations he’s trying to “buy” the nomination, are a poor fit with a Democratic Party that has become increasingly skeptical of the role money plays in politics. “Michael Bloomberg came in on the billionaire plan — just buy yourself the nomination,” Sen. Elizabeth Warren said. Critics also wonder how Bloomberg will hold up when forced to face scrutiny from his opponents in debates and in face-to-face interactions with voters. Others argue that his personal history — specifically the racially biased “stop and frisk” program he carried out as mayor, and allegations of sexism — will be disqualifying for many voters, especially women and people of color.

What’s next

Bloomberg will appear on the ballot for the first time on Super Tuesday, which falls on March 3, when crucial states like California and Texas will be up for grabs. Even if he doesn’t win the primary, Bloomberg could be a significant factor in the general election. He reportedly plans to use his campaign resources to support the Democratic nominee there, regardless of who it ends up being.

Perspectives

Supporters

Bloomberg’s wealth is an enormous advantage

“As in many puzzles, the answer is following the money. And that’s what Bloomberg has, and lots of it. And unlike some other billionaires, he’s willing to spend it, as much as it takes, to win both the nomination and the presidency.” — Joe Lockhart, CNN

He will appeal to moderates in the general election

“If the voter field is the same as always, Bloomberg makes sense as a candidate. He brings swing independents and ex-GOP voters into the Democratic fold.” — Christopher Suprun, New York Daily News

Biden’s struggles have opened space for another moderate candidate in the primary

“Bloomberg is establishing himself alongside [Pete] Buttigieg as an alternative to Biden for voters worried about how the impeachment proceedings are affecting the former vice president’s reputation. That’s a remarkable shift in momentum, transforming the notion of Bloomberg winning the nomination from inconceivable into a real possibility.” — Jon Healey, Los Angeles Times

He has the media influence and buying power to dominate the conversation

“He can fight this fire at the scale of the fire. His team has for years used social networks to promote progressive issues to centrist and conservative audiences. He won’t cede the internet/Facebook/Twitter battlefield to Trump’s team, who are killers in that space.” — Thomas L. Friedman, New York Times

He’s smartly avoided the pitfalls of the early primary states

“Bloomberg seems to be playing chess while the other Democrats are jumping slowly around a checkerboard, one square at a time. In the large March primary states where Bloomberg is first competing, he’s already moving into the lead.” — Will Bunch, Philadelphia Inquirer

Skeptics

He lacks the charisma of other candidates

“How well Bloomberg will hold up under public scrutiny is unclear. He is notoriously uncharismatic. All too often, his responses under even vaguely tough questioning reek of contempt and condescension — two mistakes that Trump, an expert public performer, never makes.” — Helaine Olen, Washington Post

His wealth is a liability among crucial Democratic voting blocs

“Republicans pay an electoral penalty for their perceived fealty to the wealthy. It is hard to believe that Democrats could nominate a Wall Street tycoon without eroding this vital source of partisan advantage.” — Eric Levitz, New York

Skipping early states may backfire

“Since Bloomberg is not participating in either the Nevada caucus or the South Carolina primary, there is also a danger that former Biden supporters, and his black and Latino supporters in particular, could coalesce around a different Democrat in those races and thus steal Bloomberg’s momentum heading into Super Tuesday.” — Andrew Gumbel, Guardian

He hasn’t proved his appeal to voters yet

“There is much to be said for grassroots politics. It forces candidates to take account, up close and personal, of what their voters believe and want. … The candidate who does dozens upon dozens of these events must have the ability to inspire and impress, think on his feet, show endless patience and stamina. If he’s not up for it, or is a pretender, he will inevitably be exposed.” — Rich Lowry, Politico

His past will turn many voters away

“Bloomberg is only now beginning to face scrutiny over his record and previous statements on the range of issues from Wall Street power, stop-and-frisk, transgender rights, sexism and sexual harassment and civil liberties. The curtain is only slowly being pulled back on his long public record. If he steps on the debate stage, voters will finally be forced to pay attention to the man behind it.” — Paul Blumenthal, HuffPost

Nominating Bloomberg could cost Democrats the general election

“The danger with Mr. Bloomberg is that his nomination could infuriate the Sanders-Alexandria Ocasio-Cortez wing of the Democratic Party, leading to low turnout or worse. Some in the party’s base are already branding him an interloper and a plutocrat who is attempting to buy his victory.” — Editorial, Providence Journal

Is there a topic you’d like to see covered in “The 360”? Send your suggestions to [email protected].