Another Multi-Billionaire New Yorker

There’s another multi-billionaire from New York City who’s running for president, with media mogul and former Big Apple mayor Michael Bloomberg running for the Democratic nomination. Our guess is that the Democrats won’t be interested in the services of a multi-billionaire from New York City, but we’ve been surprised before.
There are some significant differences between Bloomberg and President Donald Trump, of course. For one thing, Bloomberg is verifiably a multi-billionaire, worth several times more than Trump claims to be but declines to prove. For another thing, he’s previously served in public office and actually did a pretty good job of it.
Bloomberg became mayor of New York after the two terms of Rudy Giuliani, and although the youngsters would have a hard time believing it Giuliani had lowered the the city’s taxes and increased its revenues and lowered the crime rate and bolstered the employment rolls, and the city was saved from financial ruin and a dystopian state. Bloomberg ran as a Republican and mostly kept the Giuliani policies in place, and although he later switched to independent status and pursued some strict gun control measures and restored some of the city’s welfare system he mostly remained a low-tax and tough-on-crime mayor through his two terms.
None of this, of course, will endear Bloomberg to the modern Democratic party. Even Trump and most of the Republicans went along with a soft-on-crime criminal justice reform bill earlier this year, and by now a significant number of the Democrats equate law enforcement with racism. That will likely change with the next big crime wave, which inevitably will have an inordinate number of black victims, but for now law and order isn’t a winning issue in a Democratic primary.
Nor are low taxes likely to win any Democrats, who currently seem hell-bent on punitively taxing multi-billionaires such as Bloomberg. Lowering New York City’s top tax rates stopped the exodus of rich people from the city and thus increased the city’s revenues, and raising the top national tax rates would probably start an exodus of rich people’s money from the country if not the rich people themselves, thus lowering federal revenues, but today’s Democrats are more interested in social justice than such arcane economic theories.
Yet another way that Bloomberg differs from Trump is that’s he been hugely successful in building his media empire without suffering any conspicuous failures, but Democrats also don’t care much about managerial expertise, and even suspect it proves a bottom-line indifference to the working class. At this point, they’re also quite right to question if success in the private sector can be easily transferred to success in government.
Even so, Bloomberg apparently figures that a majority of Democrats doesn’t want to go so far left as a very big chunk of the party is clearly intent on, and that the moderate candidates remaining in the field are vulnerable. The Democrats are also very eager to beat Trump, and Bloomberg has a plausible argument that with his bigger fortune and record of sound governance and polite and well-spoken persona he’d be the more appealing multi-billionaire New Yorker.
It’s worth a shot, we suppose, and Bloomberg can well afford to place a bet on it, but we won’t wager any of our more meager money. He’s already announced he’ll be skipping the Iowa caucuses and the New Hampshire and wait until the big states, but that’s the same strategy Giuliani used to dodge farm folks and factories when he ran as “America’s mayor,” still flush from the rave reviews by even the mainstream press and so far away from his current dilapidated and disgraced self, and he was out of the race by South Carolina.
Bloomberg’s path won’t be any easier. The class warriors on the left will cast him as the party’s plutocratic enemy, the moderate candidates have been earning the loyalty of moderate Democratic voters while Bloomberg was earning money, and so far we don’t see a groundswell of support for a candidate little known outside of New York City, no matter how well known and regarded he might be there.
Still, we wish him well. There should be someone on the Democratic debate stage that has a more sophisticated tax policy than ripping up that goose and getting all the golden eggs, and understands that a trillion is a whole lot of dollars, and that’s there’s still something to be said for law and order. Bloomberg’s a gun-grabber with a lot of touchy-feely welfare state ideas and other Democratic party flaws, as far as we’re concerned, but as far as multi-billionaire New Yorkers go we could do worse.

— Bud Norman

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