Michael Bloomberg’s late entry into the 2020 race is based on a widespread fear among Democrats that Joe Biden’s campaign is in a ‘dire’ place

Former Vice President Joe Biden (right) and former New York City Mayor Michael Bloomberg.

Former New York Mayor Michael Bloomberg’s expected entrance into the 2020 race is a clear sign that the billionaire thinks former Vice President Joe Biden’s campaign is on the rocks.
Biden faces an increasingly strong challenge from Sen. Elizabeth Warren while being dogged by a series of gaffes and concerningly low fundraising numbers.
But many Democrats say Bloomberg is longshot against Biden, who’s benefited from decades in the national spotlight and has developed deep loyalty among a broad segment of Democratic voters.
But Bloomberg also has key strengths — including very deep pockets and an experienced political team — that make an entrance this late in the game feasible.
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Former New York City Mayor Michael Bloomberg’s expected entrance into the 2020 race is being interpreted by many Democrats as a clear challenge to former Vice President Joe Biden’s moderate presidential bid.

Bloomberg is reportedly preparing to file paperwork in the coming days to run in at least one state after announcing last March that he wouldn’t join the race. His decision to stay out of the race earlier this year was widely perceived as a vote of confidence in Biden’s candidacy.

But in recent months, many moderate Democrats have sounded the alarm as Biden faces an increasingly strong challenge from Sen. Elizabeth Warren while being dogged by a series of gaffes and concerningly low fundraising numbers.

“The reason that Mike chose not to run back in March was out of respect for Biden’s ability as a candidate, but the results just have not been there so far,” Bradley Tusk, a venture capitalist and former campaign manager for Bloomberg, told Insider.

Biden finished the third quarter of 2019 with just $8.9 million in cash on hand, as compared with Sen. Bernie Sanders’ $33.7 million and Warren’s $25.7 million in cash on hand.

Adrienne Elrod, a strategist and former spokesperson for Hillary Clinton, said she has “real concerns” about the way Biden’s campaign has spent its money, including almost $1 million on private planes. She surmised that Bloomberg is “genuinely concerned” about Biden’s dependence on Wall Street donors and a new Super PAC. With an estimated net worth of nearly $52 billion, Bloomberg is particularly well-positioned to beat Biden on this metric.

“We are sort of at a dire point in this race,” Elrod told Insider. “Is Joe Biden still the one that poll after poll shows that he’s the most electable against Trump? Absolutely. But, even if he is, right now he doesn’t really have the resources to do it.”

But many Democrats argue Bloomberg’s chances are slim against Biden, who’s benefited from decades in the national political spotlight and has developed deep loyalty among a broad segment of the Democratic base.

Rebecca Katz, a progressive New York City-based strategist, said Bloomberg might eat into Biden’s support among the party’s pundits, or what she called “the chattering class,” but that he can’t compete with the former vice president’s wide …read more

Source:: Business Insider – Politics

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