I have no idea whether Michael Bloomberg can win the Democratic nomination, but I’m glad that he’s joining the race. Today “billionaire” has become a dirty word and a disqualifying status for many in the left of the Democratic Party. To me, that is as nonsensical as dismissing Elizabeth Warren as a “communist’’ who wants only to confiscate your money.
Bloomberg is not just some wealthy dude who made his money betting on derivatives on Wall Street and now pops off about the need to cut taxes.
Bloomberg is someone who risked everything he had to start a business that took on giant incumbents and outperformed them and boosted productivity. He is a three-term mayor of New York City, with a record of accomplishments and, yes, controversies — most notably “stop and frisk.”
And he is someone who has taken forthright progressive stands on, and put huge funding behind, major public issues — like gun control, women’s reproductive rights and climate change.
I’m glad Bloomberg may enter the race, because he will forcefully put a Democratic pro-growth, pro-innovation, pro-business agenda on the table, while also pushing ahead on major social issues
It was “billionaire” Bloomberg who funded the most radical and progressive green agenda of this era.
“Bloomberg’s Beyond Coal partnership with the Sierra Club broke the mold for environmental philanthropy,” notes Carl Pope, former head of the Sierra Club and now a partner with Bloomberg on Beyond Coal. “In 2010, 500 coal plants provided half of America’s power, at the price of more than 10,000 lives, staggering volumes of water pollution, and one third of total carbon dioxide emissions.
The Sierra Club pitched Bloomberg that they could shut down a third of those plants with a three-year campaign, using grass roots community mobilisation and aggressive regulatory interventions.”
Attracted by the combination of lives saved and climate impact, Pope added, “Bloomberg ponied up. Now, nine years and several renewals later, coal provides only a quarter of US power, and retirements of more than half those coal plants have been secured.
These retirements are largely responsible for US climate progress over the last decade.” The steady fall in the price of gas and renewables was critical in undermining coal, “but Bloomberg’s $500 million for climate mitigation projects was also critical — as was his insistence that the green group, while using its own tool kit, measure its results rigorously.”
There is no question that capitalism is not working for enough people in America today. We cannot sustain a middle class, and the democracy that it upholds, without finding better ways to redistribute the pie. Massive inequality stifles growth.
The pie needs to grow
We need to redivide the pie to better grow the pie. We need to raise taxes to invest in infrastructure and in increasing the capacities of our workforce, starting with universal pre-K, so every citizen has the tools to adapt to the accelerating pace of change.
But growing the pie, and broadening the middle class, also require celebrating and growing entrepreneurs and entrepreneurship — and fostering a culture of accountability, lifelong learning and self-motivation.
I want a Democratic candidate who is ready to promote all these goals, not one who tries to rile up the base by demonising our most successful entrepreneurs.
Sure, some deserve demonising, and some don’t. But can we please remember that our growth and good jobs are driven by risk-takers in the private sector starting new companies and creating more taxpayers. Increasingly, the Democratic left sounds hostile to that whole constituency of job-creators.
They sound like an anti-business party — in ways that will hurt them with moderate Republicans, independents and suburban women, too many of whom supported Trump in 2016, then shifted to the Democrats and delivered them the House in 2018, and will be vital for defeating Trump in 2020.
So I’m glad Bloomberg may enter the race, because he will forcefully put a Democratic pro-growth, pro-innovation, pro-business agenda on the table, while also pushing ahead on major social issues.
But two other things, at least, are required. The successful Democratic candidate will have to give voice to the anger and angst in the base of the party — where there has been a gutting of the middle class — while channelling that energy in positive, productive ways that also create enthusiasm around the candidate. Not easy. Trump’s base is enthusiastic about him. (It helps when you can say anything — and tell any lie.)
The Democrats also need a candidate who can project strength. When people are stressed and frightened, they want a strong leader. Trump projects strength.
So yes, Bloomberg is a long shot. He knows that. But I believe his entry into the race — even if it doesn’t propel him to the head of the ticket — will highlight some of these issues that are vital to Democrats’ success and increase the odds that they will produce a presidential candidate with the attributes needed to both get elected and govern effectively.
— New York Times News Service
Thomas L. Friedman is a Pulitzer prize-winning journalist and author.