One of the hurdles Joe Biden had to jump in his quest to be the Democrats frontrunner was the effect of the billionaires. We had two, Mike Bloomberg and Steyer. So what made Bloomberg Withdraws His Presidential Candidature?
When Bloomberg entered the presidential in November, his strategy was pretty simple: flood the airwaves and the internet with sharp, polished campaign advertisements.
Drop an unprecedented fortune from his pocket on the race; convince voters that he could beat Trump when no one else stands a chance, and ignore the early states, where his competitors had already made inroads campaigning in them for months. Also read Bernie Shocked By Joe Biden’s Super Tuesday Win
The most remarkable aspect of this strategy was that, and he wasn’t even the first person to employ it in this cycle.
His fellow billionaire activist Tom Stayer threw his hat onto the ring, with the same self-funding approach, to fund his way into viability, he was with much less money though to do it. Steyer had already dropped out last week.
Over the last just over four months, Bloomberg dropped nearly 500 million dollars on the campaign, that’s probably more than all his opponents put together.
It brought him a surge in the polls just as it did on Steyer, and an instant feeling that he is a serious contender for the nomination.
But it did not last, Bloomberg was a poor debater, slower and clumsier on stage than his campaign hardened peers.
His record soon came to question, and the American public ultimately seems to have decided that they aren’t all that interested in selling the Democratic nomination to the highest bidder.
Bloomberg’s $500 million could have accomplished great things for the causes he cares about, that’s the tragedy.
It’ said, he was opposed to a Sanders or Warren nomination-but his presence in the race ironically may have worked on Sanders’s advantage by dividing a moderate wing that seems to have lately rallied behind Biden as it’s the standard-bearer.
Bloomberg’s withdrawal from the race, therefore, gives back his rightful supporters who were on loan behind him, and his subsequent endorsement of Biden cements this.
How I wish he just supported Biden’s candidature from the word go or one of his low on moderate cash opponents.
He could have saved firepower for the general election have committed to spend, and win or lose, on beating Trump, he could have just directly funded-as he has previously done.
This race is showing that being a billionaire can buy you a lot. But won’t necessarily buy you the presidency, Billionaires often flirt with the idea of running for president –and sometimes do.
After having it all, it seems, running for US president is the next exciting achievement. The Late Ross Perot comes to mind and, of course,Donald Trump.
It’s easy to see why billionaires find it appealing to run for office. Bloomberg, Perot, Steyer, etc. all made their fortunes by steering businesses to enormous commercial success, and it’s easy for them to believe they can replicate this as president.
Now with two billionaires off the Raceland with Bloomberg as one of the billionaires backing Joe Biden, boosting his campaign with the much-needed resources and coupled with his Super Tuesday upsurge, the future looks bright for him.
He now becomes a formidable force for Sanders and, eventually, Trump.