After years of unconsummated flirtations and weeks of high-profile preparations, multibillionaire former New York Mayor Mike Bloomberg announced Sunday that he will be running for president in 2020, touting himself as a “new choice for Democrats.”
Welcome to 2020 Vision, the Yahoo News column covering the presidential race with one key takeaway every weekday and a wrap-up each weekend. Reminder: There are 70 days until the Iowa caucuses and 344 days until the 2020 election.
He is a plutocrat at a time of rising populism. He is a Wall Street billionaire at a time when nothing fires up Democrats like bashing Wall Street billionaires. He is a poster boy of big-city, East Coast, nanny-state elitism at a time when a certain degree of small-town, Rust Belt sway seems to be the key to winning the Electoral College. He is a fiscal conservative at a time when neither party’s voters appear to care about debt and deficits.
That means Bloomberg’s candidacy will be the clearest test in American history of how much of a difference cold, hard cash can make — of how many obvious political obstacles it alone can overcome. To put that in perspective, $37 million is more than all of Bloomberg’s Democratic rivals have spent on TV ads this year, and about double what Sen. Cory Booker had raised in donations from February through the end of September. Bloomberg’s total initial investment of $150 million, meanwhile, is more than twice what the field’s leading fundraiser, Sen. Bernie Sanders, has raked in over the entire 2020 cycle.
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