Government

Billionaire Michael Bloomberg officially returns to the Democratic party

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Michael Bloomberg  has announced that he had re-registered as a Democrat for the first time since leaving the party in 2001.

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Some are interpreting as a sign that he may run for president under that party’s banner in 2020.

“At key points in U.S. history, one of the two parties has served as a bulwark against those who threaten our Constitution. Two years ago at the Democratic Convention, I warned of those threats. Today, I have re-registered as a Democrat – I had been a member for most of my life – because we need Democrats to provide the checks and balance our nation so badly needs,” the former New York City mayor said in an Instagram post.

Bloomberg’s exit from the Republican Party in 2007 fueled speculation that he would make a third-party run for president in 2008. He again flirted with running for the nation’s highest office in 2016, but ending up endorsing Hillary Clinton, the Democratic nominee who went on to lose to President Donald Trump.

In September, Bloomberg told the New York Times that he did not think a third-party candidate has a legitimate chance to win in America today and that if decided to run for president, it would be as a Democrat.

“It’s impossible to conceive that I could run as a Republican – things like choice, so many of the issues, I’m just way away from where the Republican Party is today,” he said. “That’s not to say I’m with the Democratic Party on everything, but I don’t see how you could possibly run as a Republican. So if you ran, yeah, you’d have to run as a Democrat.”

The founder of the Bloomberg media company is worth about $48.3 billion, making him the 10th-richest person in America, according to Forbes. Known as a fiscal conservative and social liberal, Bloomberg has donated more than $5 billion to causes including gun control and fighting climate change.

Bloomberg said he plans to spend $80 million backing Democratic candidates in the upcoming midterm elections. After the contentious confirmation of Supreme Court Justice Brett Kavanaugh, Bloomberg announced he plans to spend another $20 million to help Democrats retake the Senate.

 

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