The billionaire Dems running for president are spending lots of money with little to show for it | 1/17/2020 | Staff
lhumaralhumara (Posted by) Level 3
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(TNS) Democrats have so demonized rich folks — especially billionaires — that it almost seems sacrilegious to say that two of them are running for the Garbage Party presidential nomination this year.

But unlike the Republican billionaire who ran (on his own money) and won in 2016, the two Democrats — Michael Bloomberg (R) and Tom Steyer (L) aren’t making much headway despite spending (combined) some $300-plus million or so.

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And in fact, between the two of them, their spending accounts for nearly eight in 10 campaign dollars spent on ads thus far.

As NPR reports:

Candidates - % - % - Ad - Spending

The candidates in the top 1% have accounted for about 78% of the ad spending in the presidential race so far, according to new numbers.

The two self-funding billionaires in the Democratic primary, former New York City Mayor Mike Bloomberg and activist business executive Tom Steyer, have spent the most by far — a combined $320 million, out of $409.8 million spent in the presidential contest up to Jan. 13.

And yet:

The top four candidates are neck-and-neck in polls for the Iowa caucuses, now just over two weeks away on Feb. 3. Steyer has spent the most there, but Buttigieg’s fundraising prowess helped him make a major investment in the state. Through Monday, he’d spent $8 million on advertising in Iowa, including $5.9 million on broadcast television and $2 million on cable.

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Mind you, both candidates jumped in late, but figure to spend their way to the top:

Steyer, a former hedge fund executive and environmentalist, put millions into ad blitzes in early states since he reversed his decision not to run in July. As a result, he’s the top spender in both Iowa (over $12.1 million) and New Hampshire (more than $15.9 million). The vast majority of his spending has been on broadcast TV, but notably he’s spent a chunk as...
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