The billionaire bombs: What next for Democrats?

Michael Bloomberg had an inauspicious debut on the national presidential debate stage — pummeled by Democratic opponents on issues from race to gender insensitivity to not releasing his tax returns.

The billionaire former New York City Mayor, who is spending unprecedented sums to win the nomination, was faltering and evasive for much of the debate. He rebounded a little with sharp answers on climate change, an issue on which he has considerable expertise. (Full disclosure: I worked for Bloomberg News for 14 years.)

But right off the bat he came under fire for his so-called “stop and frisk” policing policy as mayor, which discriminated against citizens of color. He has since said it was wrong, but his belated apology predictably was attacked by rivals Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) for what they labeled a “racist policy.”

Warren left Bloomberg flat-footed on insensitive sexist remarks he made years ago and controversies at his company. There were a number of women who reached financial settlements and signed agreements that they wouldn’t disclose the details. Warren pressed him on precisely how many and why he wouldn’t release the women from the non-disclosure agreements.

This was an obvious issue, yet the New Yorker expressed little emotion and simply reiterated that those were legally binding agreements.

He vowed he would release his tax returns, but probably not until after a lot of primaries have been held.

In a chaotic, disjointed, often out-of-control debate, Sanders and Warren had a strong night, so did former South Bend, Ind., Mayor Pete Buttigieg. Former Vice President Joe Biden, once the front runner, didn’t stumble as he had in a few previous debates, but he didn’t make much of a mark either.

Sanders, who was aggressive throughout, also came under fire on multiple fronts. There were questions whether his left-wing views made him unelectable against Donald Trump, about the bullying tactics of some of his supporters and about his transparency with voters. The 78-year-old, who had a heart attack last fall, stuck to not releasing his comprehensive medical records.

This debate was a lead-up to the Nevada caucuses on Saturday, where Sanders is a decided favorite. Bloomberg is waiting until the big March 3 “Super Tuesday” primaries to put his name on the ballot. But with a surge in the polls — second only to Sanders in some national surveys — Bloomberg was in the eye of the political storm in Las Vegas.

He survived — but raised new questions about his capacity as a candidate.

One of the wealthiest Americans, he is opening those ultra-deep pockets, already spending close to a half a billion dollars — and not facing a voter yet — and reportedly prepared to spend several billion. The campaign has hired thousands of staffers across the country at premium pay. His advertising has been heavily anti-Trump, and the campaign has made major digital investments.

Other than money, Bloomberg’s ties to the Democratic Party are tenuous. He made sizable donations to help Democrats win the House in 2018, but earlier he had contributed to Republicans too. He is very friendly with some of the titans of finance in New York, a group reviled by many rank-and-file Democrats.

He is very smart, broad-gauged and usually well-prepared. He also can be arrogant and thin-skinned, qualities he somehow would have to submerge in a long contest. He has made intemperate remarks about women, people of color and even farmers — and while some have been exaggerated, they have gone viral.

He also has displayed admirable values. His philanthropy and causes — like gun control and climate change — are driven by larger concerns rather than selfish or parochial interests.

Those qualities were evident even before he got into politics, running for New York City mayor in 2001.

He has given over $3 billion to his alma mater, Johns Hopkins. Back in the late ’90s he’d only given a fraction of that, but still a lot.

Over dinner I once asked him how much of that he’d given to the medical center, the university’s gold standard.

Nothing, he replied, noting that “every time a rich Saudi prince gets treated for cancer” at Hopkins, he gives $5 million. Instead, Bloomberg started the school of public health, which he noted helps a lot of less advantaged people.

A Democrat-turned-Republican-turned-Democrat, he twice before flirted with running for president as an independent, but never saw a realistic path. This time the calculation is that Vice President Biden, a friend, would falter — and with Bloomberg’s unlimited resources, he would be the alternative to Sanders, a general election disaster.

He has considerable support from politicians to whom he has contributed, including a number of mayors and former mayors, a number of whom are African Americans — which gives him gives him some inoculation against criticism that some of his New York policies hurt minorities. 

But Bloomberg’s biggest chit is his money.

He has promised to keep spending, even if he’s not the nominee — to build a political infrastructure to defeat Trump. Bloomberg genuinely has contempt for Trump, on both a policy and personal basis.

Bloomberg’s challenges are daunting too.

He has to perform better in any subsequent debates. Then there’s March 3, Super Tuesday — 16 states electing more than the a third of the delegates. He’s spending more than the other major contenders combined, so he needs to have the best showing — or at least be competitive at the top with Sanders — to be well positioned in huge primaries the following couple of weeks. If he doesn’t, or if Biden or Buttigieg remain viable competitors, the resistance to the New York billionaire will only harden.

Al Hunt is the former executive editor of Bloomberg News. He previously served as reporter, bureau chief and Washington editor for the Wall Street Journal. For almost a quarter century he wrote a column on politics for The Wall Street Journal, then the International New York Times and Bloomberg View. Follow him on Twitter @alhuntdc.