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Money can't buy Mike love: Bloomberg's billions and the checkered record of self-funded candidates


Added 12-05-19 05:13:02am EST - “Sen. Kamala Harris withdrew from the race for president for financial reasons. "I'm not a billionaire. I can't fund my own campaign," she wrote in an online post. The line was considered a swipe at billionaire ex-Mayor Mike Bloomberg,…” - Nydailynews.com

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Posted By TheNewsCommenter: From Nydailynews.com: “Money can’t buy Mike love: Bloomberg’s billions and the checkered record of self-funded candidates”. Below is an excerpt from the article.

Sen. Kamala Harris withdrew from the race for president for financial reasons. “I’m not a billionaire. I can’t fund my own campaign,” she wrote in an online post.

The line was considered a swipe at billionaire ex-Mayor Mike Bloomberg, who spent about $30 million on television ads in his first week as a candidate. That sum is more than the combined rest of the Democratic field spent in the last year.

The answer is: sometimes. Or as the headline of a report by the good-government Center for Responsive Politics once put it: Self-funded candidates lose big (except when they don’t).

“The history of rich people running for office is not particularly good,” political consultant Bradley Tusk told me this week. Tusk ought to know: He managed Bloomberg’s successful third campaign for mayor, into which the mayor poured $109 million of his own money, outspending Democratic rival Bill Thompson more than 11-to-1.

“If you look at the history of this thing, the vast majority of really wealthy self-funded candidates lose. They don’t win,” says Tusk.

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