Last month, the former New York City Mayor and a billionaire, Micheal Bloomberg finally announced that he’s running for the Presidential election from Democratic Party. “I’m running for president to defeat Donald Trump and rebuild America,” he said in a statement.
When it comes to Presidential elections, politicians don’t hesitate to splurge millions of dollars on their campaigns. However, Bloomberg broke all the records by launching a $40 million advertising campaign by spending his own personal wealth in just a week or two.
In 2016, President Donal Trump spent $66 Million of his own money, the most spent money on presidential campaign till now. Now, it looks like Bloomberg can anytime break this record. It doesn’t come as surprise, as in 2009 he spent $102 million on his political campaign, highest ever in American modern history.
Amid his decision to run for President, other candidates criticized him overusing the power of money in politics. Talking to Joe Biden, a candidate for Presidential election, he said, I have “no problems” with him getting into the race. “In terms of he’s running because of me, the last polls I looked at, I’m pretty far ahead,” he added.
Looking over the current candidate list, out of 18 Presidential candidates, three of them are billionaires. Along with Trump, and Bloomberg, Democratic Party donor Tom Steyer also joins the list. The era of using private funds to influence the election comes after 2008. In 2018, Barack Obama won the election by becoming ever the first-ever candidate to decline the public financing system since its inception in 1978.
The public funding system gradually lost all its grounds after Obama signed a bill that banned the public funding, relying upon wealthy donors to run political parties. In 1980, The Former Texas Gov. John Connall was the first candidate who refused to use public funds and spent $500,000 of his own money.
The poll conducted by Morning Consult last month said that every Democratic Presidential candidate beat Donald Trump. Micheal Bloomberg beat Trump by 6 points. Talking about Bloomberg’s advertising campaigns which are currently saturating the TV, Bloomberg News was hit by a question: How Bloomberg News will cover Bloomberg 2020?
To which, John Micklethwait, Editor in Chief at Bloomberg News, said, “We will continue our tradition of not investigating Mike ( and his family and foundation) and will extend the same policy to his rivals in Democratic primaries. We cannot treat Mike’s democratic primaries different from him”