Tom Steyer’s campaign has long had the look of a colossal waste: Mind-boggling sums of cash dropped on a campaign that won him nothing more than a few appearances in Democratic debates. For Mike Bloomberg, the risk was the same
Tom Steyer’s campaign has long had the look of a colossal waste: Mind-boggling sums of cash dropped on a campaign that won him nothing more than a few appearances in Democratic debates. For Mike Bloomberg, who entered the race in November, the risk was the same.Steyer’s $106 million in advertising has lifted him to new and surprising heights in Nevada and South Carolina — states where he’s swamped competitors who are focused primarily on Iowa and New Hampshire.
The surge in big money — not just from Steyer and Bloomberg, but by smaller super PACs supporting Joe Biden, Deval Patrick and Andrew Yang — represents a remarkable reversal from the early days of the 2020 primary. Candidates jockeyed to be the champions of small-dollar donors, swearing off money from big oil and lobbyists in an attempt to win support from the grass roots.
“People are paying attention to the big spenders because they’re outsiders, and to presume otherwise is to think the public is stupid — and they’re not. The public is very, very smart,” Sheinkopf said of the big-money renaissance. Critics say, “’They’re buying their way in.’ … What are they buying? They’re filling a vacuum that the non-self-funders haven’t been able to fill.”
Despite the polling upticks, progressives argue the money they’ve poured into their primaries will, in the end, amount to little more than vanity projects.
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