Could Michael Bloomberg, one of the world's richest people, win the US presidency thanks to his wealth? A question arises as he enters the race, which would fuel the debate about the importance of the role of money in US elections.
One of his advisers said that the former mayor of New York, whose personal wealth exceeds $ 50 billion, is ready to spend "as much as necessary to beat President Donald Trump" in November 2020.
Unlike many European countries, there is no cap on the expenses the candidate wants to pay in the United States.
US law prohibits an individual from giving more than $ 2,800 to a candidate, but nothing prevents the candidate himself from funding his campaign, and using his fortune like Bloomberg, or the other billionaire in the competition, Tom Steyr of California.
Non-wealthy people can spend hundreds of millions of dollars, thanks to "political action committees" that can finance them without limits, as long as they do not coordinate their work with the candidate's team.
So the main candidates would prefer to abandon the federal system of public funding campaigns that force them to limit their spending, even if it means “raising a lot of money” to pay for their crews and buy commercials, says Aster Fox, a political scientist at Columbia University and a former chancellor. For Bloomberg.
By declaring himself a candidate for the Democratic nomination last Sunday, Bloomberg broke a record by buying it this week for $ 33.5 million television ads in nearly 20 states, surpassing the weekly record of outgoing President Barack Obama in 2012 with $ 25 million, according to the specialist company «Advertising Analytics ».
Bloomberg announced earlier that he would also spend $ 100 million in advertising to fight Trump on the Internet.
The businessman asserts that by using his personal wealth, he frees himself from the disgraceful influence of lobbyists.
Trump used the same excuse in 2015-2016. The man was the first billionaire to run for the White House, and initially announced that he would fund his campaign from his personal wealth, so he would not be indebted to anyone.
Although he has spent $ 66 million out of his own pocket, he has accepted many contributions, including from major donors, says the expert at Campaign Legal Center, which monitors compliance with election laws.
Even if Bloomberg sticks to his word, his opponents Elizabeth Warren and Bernie Sanders, who consistently condemn the influence of the billionaires and advocate high taxes on wealth to fund health insurance proposals or forgive students from debt, accuse him of wanting to "buy elections."
Despite its importance, the money was not enough to win the election, experts say, noting that Hillary Clinton lost in 2016 after spending about $ 600 million, twice as much as Trump.