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Jiggy

Avenger
Oct 25, 2017
9,279
wherever
It was a billion-dollar flop.

Michael R. Bloomberg spent more than $900 million on his failed bid for the White House by the end of February, a spectacular sum and the most ever for a self-funding politician in American history. But it was not enough to help the billionaire candidate win a single state before he dropped out of the 2020 Democratic presidential primary in early March.

Mr. Bloomberg had spent heavily since his late and unorthodox entry into the race in November 2019. He set out to skip the first four primary states in February — Iowa, New Hampshire, Nevada and South Carolina — and instead use his personal fortune to compete starting with the Super Tuesday contests on March 3 when more than a dozen states and 1,357 delegates were up for grabs.

Mr. Bloomberg dramatically increased the pace of his spending in February: He spent $466 million in only 29 days, and accrued $31 million in bills he has yet to pay.

That adds up to approximately $17 million per day — the entire budget of some presidential candidates.

The developments left Mr. Bloomberg with little support on Super Tuesday. His lone victory was in the faraway territory of American Samoa. He secured only 64 delegates — at a cost of more than $14 million a piece, a price-tag that is sure to rise because the new filing does not cover the first days of March.

The lavish spending came to a crashing halt after Mr. Bloomberg exited the race. Mr. Bloomberg had attracted aides with outsize salaries, perks that included Manhattan apartments for some in his headquarters and the promise of a steady job — whether he won the nomination or not — trying to defeat President Trump through November.

But plans for an independent super PAC have since been scrapped and former Bloomberg campaign officials said Friday they were transferring $18 million in leftover campaign funds to the Democratic National Committee instead. Campaign aides could reapply for jobs — at reduced salaries.

Money well spent


Remember when he was supposed to keep this massive operation going until November for the sole purpose of beating Trump?
 

Frozenprince

Banned
Oct 25, 2017
9,158
Lol with this much money he could have bought every down ballot race in the country.

But no please, tell me again how this system is effective and works.
 

Jeremy

Member
Oct 25, 2017
6,639
He just wanted to beat Bernie/Warren and stop the wealth tax.

If he really wanted to displace Trump first and foremost, he would have run with those funds as a Republican.
 

samoyed

Banned
Oct 26, 2017
15,191
I'm actually kind of happy he spent it. It paid a lot of salaries and was a better use of $900 million than sitting in some hedge fund ready to lose 20-30% this month. Since getting billionaires to give up their dragon hoard is like pulling teeth, its certainly a better scheme than more yachts!
 

Surfinn

Banned
Oct 25, 2017
28,590
USA
Must be a hell of a life to blow almost a billion dollars on a primary and have only spent a tiny fraction of your wealth
 

Gwenpoolshark

Member
Jan 5, 2018
4,109
The Pool
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It's true that he really only ran to stop Bernie, but the reality is that the Democratic establishment mobilizing behind Biden was bound to happen anyway. Bloomberg did not play any real role in advancing his own agenda and wasted nearly a billion dollars getting everyone in America to fucking hate him. I celebrate this.

What a fucking loser.
 

Naphu

Member
Apr 6, 2018
729
He got to throw pot shots Bernie and fear-monger about socialism on every computer, TV, and radio in the nation. Maybe it did make a difference maybe it didn't, but in the end of the day Warren is out, Bernie is out, and Biden is in. Money WELL spent; it will earn back that $900m investment real quick.
 

Antrax

Member
Oct 25, 2017
13,272
I'm actually kind of happy he spent it. It paid a lot of salaries and was a better use of $900 million than sitting in some hedge fund ready to lose 20-30% this month. Since getting billionaires to give up their dragon hoard is like pulling teeth, its certainly a better scheme than more yachts!

Yeah, my first thought was "that's basically a stimulus bill" lmao
 

Grifter

Member
Oct 26, 2017
2,571
Such an absurd waste. To put it in perspective, that could've gone towards giving every American $2 million dollars.
 

Darknight

"I'd buy that for a dollar!"
Member
Oct 25, 2017
22,800
...wait........no lol

It's a reference to a prior news story.

www.resetera.com

MSNBC agrees with math-challenged tweet claiming Bloomberg could have given every American $1m instead of spending $500m on campaign

I saw everyone dunking on this tweet the other day... The original tweet author has since locked her Twitter profile and the first line in her bio is now 'I know, I’m bad at math.' A somewhat humorous mistake that the internet would have mostly forgotten about by next week... except here...
 

Paz

Member
Nov 1, 2017
2,148
Brisbane, Australia
A lot of mockery for 'wasting' money but I'm pretty sure a comparison between the Biden vs Sanders tax plan showed he'll save several billion under a Biden administration.

I'm pretty sure his own tax plan was going to cost him more than a Biden administration.

900m well spent.
 

Hollywood Duo

Member
Oct 25, 2017
41,804
A lot of mockery for 'wasting' money but I'm pretty sure a comparison between the Biden vs Sanders tax plan showed he'll save several billion under a Biden administration.

I'm pretty sure his own tax plan was going to cost him more than a Biden administration.

900m well spent.
Not really considering Bernies plans would never have gotten through Congress
 
OP
OP

Jiggy

Avenger
Oct 25, 2017
9,279
wherever
A lot of mockery for 'wasting' money but I'm pretty sure a comparison between the Biden vs Sanders tax plan showed he'll save several billion under a Biden administration.

I'm pretty sure his own tax plan was going to cost him more than a Biden administration.

900m well spent.

He could have stayed out of the race entirely and Biden still would have won. His presence only served to split the moderate vote even further. He basically spent a billion dollars to get humiliated in front of 30 million people on the debate stage.
 

Powdered Egg

Banned
Oct 27, 2017
17,070
He spent $900M to save himself the $3B he would be taxed under Bernie's tax plan. Even when Bloomberg loses he wins, he's that rich.
 

Conal

Banned
Oct 26, 2017
2,868
Considering how much he would have lost under a more progressive tax system this sounds like a win to me.
 

2PiR

alt account
Banned
Aug 28, 2019
978
Thats nothing to him unfortunately. At least he contributed to the economy in one way or other. So good for him? lol
 

Deleted member 2254

user requested account closure
Banned
Oct 25, 2017
21,467
The political system needs to be rebuilt from the ground up. It's absurd a candidate can just piss away this much money on pure propaganda.
 

asmith906

Member
Oct 27, 2017
27,358
It's probably money well spent. People went after him instead of Biden who was fading in the polls. Now he's pretty much the nominee.
 
Jan 31, 2018
1,430
When you consider his sole purpose was stopping Bernie and Warren from getting the nomination, it was money well spent. Without their wealth tax, he saves five to ten times that amount and under Biden, the same vulture capitalist system will be allowed to continue unfettered.