He claims he’s running to “rebuild America.”  Source: LA Times
He claims he’s running to “rebuild America.”  Source: LA Times

Billionaire Michael Bloomberg has announced he will be running for President as a Democrat in 2020. In a widely released statement, Bloomberg said that he’s running to “defeat Donald Trump and rebuild America.” 

Bloomberg also noted that the country can’t “afford 4 more years of Trump’s reckless and unethical actions.” The former New York City major also warned that if Trump was to win another office term, America may not “recover from the damage.” 

Bloomberg also expressed confidence that his unique experiences in government, business, and philanthropy give him an edge as he joins a list of several other Democrats in the race to the White House. Despite his $52 billion net worth, Bloomberg has described himself as a champion for working-class Americans and the middle class.

Bloomberg has insisted he is very different from current president Trump. Source: SKY News
Bloomberg has insisted he is very different from current president Trump. Source: SKY News

He has also insisted that he’s very different from Trump, another New York-based business magnate worth billions. Unlike the president, Bloomberg has even said that he will not hesitate to release his tax returns, something that he did regularly while in office as the mayor of New York. 

However, Bloomberg has been taking some heat shortly after announcing his decision to enter the race. His “stop and frisk policy” that was implemented during his time as mayor has drawn the ire of many commentators. 

The policy, which targeted a disproportionate number of African Americans and Latinos, has been termed as racist. Bloomberg has already apologized for it but it’s something that will still come up as we continue in the campaign trail. 

The former New York mayor also noted that he will be funding his campaign from his pocket. There are even some reports suggesting that Bloomberg is planning to launch a $100 million TV campaign in several key primary states - the single biggest ad spending in the history of American politics.

Bloomberg will finance his campaign from his own pocket. Source: WQIO Radio
Bloomberg will finance his campaign from his own pocket. Source: WQIO Radio

Bloomberg’s overwhelming financial muscle has been criticized by some Democratic presidential hopefuls including Bernie Sanders and Elizabeth Warren. Sanders, in particular, noted that Americans shouldn’t allow billionaires to buy elections. 

It was widely expected that Bloomberg would run for 2020. The billionaire business magnate had earlier expressed his interest in the race arguing that he was one of the best-placed candidates to beat Donald Trump. 

His late entrance into the race seemed inevitable but even then, he still has a mountain to climb if he’s to beat some of the Democratic frontrunners already in the race. Joe Biden, Bernie Sanders, Elizabeth Warren, and Pete Buttigieg are doing very well in the polls right now. 

It will take a lot of effort from Bloomberg to catch up, especially when you consider that the primaries are not that far away. Bloomberg’s announcement also comes as the House finalized impeachment hearings on Trump. 

A full report on the hearing is expected to be submitted to the House Judiciary Committee after Thanksgiving for the way forward. Trump is accused of conspiring with a foreign government to try and influence the upcoming election.