Report: Michael Bloomberg, Tom Steyer Rein in Political Giving by over $100M Ahead of Red Wave

Billionaires Michael Bloomberg and Tom Steyer have drastically reined in campaign contributions by over $100 million ahead of the likely red wave come November 8.

Compared to political contributions in the 2018 midterm election cycle, Bloomberg has given about $35 million less in 2022, while Steyer has given about $67 million less, the Huffington Post reported Monday.

Bloomberg and Steyer both ran for president in 2020, spending about $1.1 billion and $420 million during the 2020 campaign cycle, respectively.

The former presidential candidates are the most high-profile ultra-wealthy Democratic donors to cut back their 2022 giving. https://t.co/HxnXQ6zfGF

— HuffPost (@HuffPost) October 24, 2022

“If you’re not giving now, what was the point of giving before?” one frustrated Democrat fundraiser complained to the Huffington Post. “The threat is more real today than it’s ever been. A genuine problem we have in Democratic politics today is convincing some of our supporters that Republicans actually mean what they say.”

Steyer and Bloomberg are not the only major Democrat donors who gave less in 2022. Hedge fund manager Donald Sussman has reportedly not contributed to Democrat candidates because the party was unable to federalize local elections. Likewise, pro-Israel groups have spent “next to nothing” this cycle, opting instead to attack radical Democrats.

Democrats, however, are not struggling to fundraise. Democrat Senate candidates in Senate swing states have outspent Republican candidates by millions, as predicted. Republican candidates in eight swing states have spent less and have less money to spend than Democrats, according to third quarter Senate fundraising totals.

Despite the Democrat’s money advantage, polling suggests that every Senate battleground state is in play for Republicans, though Democrats are well behind in states they need to retake, such as Florida, North Carolina, and Wisconsin. In contrast, Republicans are performing well in Nevada, Georgia, and Ohio. Pennsylvania, New Hampshire, and Arizona are all within the margin of error with still two weeks until election day.

The Republicans’ momentum has been fueled by the Democrats’ management of the economy, the number-one midterm issue for voters. According to a Wednesday Politico/Morning Consult poll, 81 percent of voters say the Democrats’ economy will be a “major” factor in how they vote. Eighty percent say the same about inflation.

A Wednesday poll found 93 percent of registered voters are concerned about soaring inflation and the poor economy with the midterm election.

Follow Wendell Husebø on Twitter @WendellHusebø. He is the author of Politics of Slave Morality.