Billionaire US Presidential Aspirant Michael Bloomberg?

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Billionaire US Presidential Aspirant Michael Bloomberg?

by Stephen Lendman (stephenlendman.orgHome – Stephen Lendman)

What the US needs most of all is peace, equity and justice leadership, serving all Americans, not just its privileged few the way both right wings of the one-party state run things.

Reportedly billionaire businessman, former New York City mayor, Michael Bloomberg may enter the presidential race as an undemocratic Dem aspirant.

On Friday, he filed papers to run in the March 3 Alabama Dem primary, one of 14 so-called “super Tuesday” contests.

His action contradicts earlier ruling out a run for the nation’s highest office last March. Is a formal announcement otherwise forthcoming?

His advisor Howard Wolfson said “(w)e now need to finish the job and ensure that Trump is defeated. But Mike is increasingly concerned that the current field of candidates is not well positioned to do that.”

He considers Biden’s performance underwhelming, expressing concern about Sanders’ and Warren’s populist rhetoric, their record in office belying their campaign pledges.

Forbes magazine estimated Bloomberg’s net worth at $52.4 billion as of November 2019, making him the world’s 9th most wealthy individual — easily able to self-finance a presidential run if he enters the contest.

On November 7, the NYT reported that he’s “actively preparing to enter the presidential race,” a final decision not yet made, adding:

He “prepared to enter presidential races before…only to pull back,” though never before filed papers to run in a Dem primary.

Do Americans need another anti-populist billionaire as head of state and commander-in-chief of its armed forces?

Bloomberg’s dubious record as New York mayor was “an extraordinary record of progress” for the city’s privileged class at the expense of its vast majority.

His strategy may be to convince voters that a self-made, problem-solving (billionaire) businessman is the right choice to lead the nation.

Like Trump, he didn’t become super-rich by being a good guy, notably as New York mayor ignoring the public welfare in deference to privileged interests.

An earlier article explained that New York is one of America’s poorest large cities, the wealth disparity of its residents one of the nation’s most extreme. 

Unemployment, underemployment, and poverty are among the nation’s highest, its high cost of living making things harder for millions struggling to get by.

Most city workers lack pensions. Many earn sub-subsistence wages. Poverty and deprivation are extremely high. It rose annually during Bloomberg’s tenure. 

City homelessness more than doubled on his watch. Many others live in overcrowded substandard dwellings. 

Hard times forced large numbers to live with families or friends. Unaffordable rental prices created crisis conditions.

Bloomberg did nothing to address these and other key issues affecting ordinary people in the city hardest. 

Unprecedented social polarization worsened on his watch. New York’s top 20% earns 40 times more than the bottom one-fifth. It’s top 1% earns infinitely more.

Bloomberg waged war on labor. Onerous tax burdens were imposed. Over $1 billion in public worker concessions were demanded.

Massive layoffs affected thousand of teachers, hundreds of firefighters, and many other city workers. 

Dozens of senior and day care centers were closed. Public wages were frozen or minimally increased, benefits cut. 

At the same time, Wall Street got trillions of dollars in federal bailout funding. Its executives earn millions of dollars annually in pay, bonuses, and perks.

Throughout his tenure, Bloomberg implemented numerous financial sector tax giveaways. Ordinary city residents got tax increases.

He and then-police commissioner Raymond Kelly persecuted city Blacks and Latinos, intensifying racist stop and frisk practices.

He was elected and reelected the old-fashioned way, anointed by party bosses and Wall Street, outspending challengers multiple times over, drowning out opposition voices.

A right-wing extremist, he’s part of the problem, a member of the US aristocracy, its pro-war, pro-business, pro-neoliberal, anti-populist agenda, trampling on the rights of ordinary people at home and abroad — a hostile agenda he supports.

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My newest book as editor and contributor is titled “Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III.”

Stephen Lendman
Stephen Lendman
Stephen Lendman was born in 1934 in Boston, MA. In 1956, he received a BA from Harvard University. Two years of US Army service followed, then an MBA from the Wharton School at the University of Pennsylvania in 1960. After working seven years as a marketing research analyst, he joined the Lendman Group family business in 1967. He remained there until retiring at year end 1999. Writing on major world and national issues began in summer 2005. In early 2007, radio hosting followed. Lendman now hosts the Progressive Radio News Hour on the Progressive Radio Network three times weekly. Distinguished guests are featured. Listen live or archived. Major world and national issues are discussed. Lendman is a 2008 Project Censored winner and 2011 Mexican Journalists Club international journalism award recipient.