The man who would be a candidate? Michael Bloomberg speaks on July 27, 2016, at the Democratic National Convention in Philadelphia.
Michael Bloomberg is testing the waters for a Democratic presidential run, and at least one analyst thinks he could sink like a stone if he takes the plunge.
‘We struggle to see the party of wealth taxes nominating a billionaire whose name is literally synonymous with Wall Street.’
The billionaire former mayor of New York initially ruled out a 2020 run, but advisers say he’s taking steps toward a campaign. If he runs, Bloomberg would pose an immediate ideological challenge to former Vice President Joe Biden, as the Associated Press writes.
Analyst Chris Krueger of Cowen Washington Research Group sees pitfalls for Bloomberg, writing in a note that he suspects Bloomberg would win the presidency, but not the Democratic nomination.
Biden continues to the lead the pack in national polls, but Sen. Elizabeth Warren ranks No. 1 in polls focused on Iowa, which has a critical role thanks to its first-in-the-nation caucuses.
Both Warren and Sen. Bernie Sanders have proposed wealth taxes. Biden has criticized Warren’s plan to impose a 2% tax on every dollar above $50 million and a 3% tax on net worth above $1 billion. The former vice president told CBS News in late October that he doesn’t oppose a wealth tax, but has a different approach, involving increasing capital gains taxes for those making more than $1 million.
If Bloomberg does run, argues Brian Gardner of Keefe, Bruyette & Woods, the former mayor could wind up giving a boost to either Warren or Sanders.
“Mr. Bloomberg seems to want to enter the race because he fears that Senators Warren and Sanders will beat Mr. Biden but that they are too far to the left to beat President Donald Trump and that their economic policies would damage the economy,” Gardner wrote in a note Friday. “The irony is that if he merely siphons votes away from Mr. Biden, Mr. Bloomberg might actually help nominate either Warren or Sanders.”
Bloomberg founded the financial data and news company that bears his name.