Mike Bloomberg has reportedly spent more than $464 million, and Tom Steyer has spent more than $125 million, on their campaigns for the Democratic presidential nomination. Keep in mind that this money was tied up in their respective portfolios but is now in the economy via wages, TV advertising and other miscellaneous spending. All the other Democratic candidates are receiving donations from supporters who would have normally spent their money locally in their respective communities.
With our national deficit hitting $1 trillion, I like the idea of these wealthy campaigners relocating their funds via commerce rather than collecting interest on them. So don’t be overly harsh on these wealthy men. They are spreading their wealth around. They may also win.