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Mike Bloomberg on Budget & Economy

Mayor of New York City (Independent)

 


Proponent of the free market and balanced budgets

Bloomberg is a proponent of the free market and balanced budgets, and he has expressed doubt about the tax and spending plans of some other candidates. He calls for investment in infrastructure and job training to boost U.S. competitiveness.

He is skeptical of the ambitions of some other Democratic candidates to dramatically increase wealth redistribution, comparing the proposals of Bernie Sanders and Elizabeth Warren to Venezuelan economic policies.

He has previously referred to himself as a fiscal conservative and has long been a proponent of balanced budgets and spending restraint.

He is a critic of recent attempts to tighten financial regulation, calling the Dodd-Frank Wall Street Reform Act passed after the 2008 economic crisis a "stupid law" and arguing that its fines on big banks have been "outrageous." He also opposes proposals to break up "too big to fail" banks.

Source: Council on Foreign Relations on 2019 Democratic primary , Dec 24, 2019

2008: Wall Street executives deserve bonuses

Bloomberg brought a social conscience to his good fortune, always feeling a responsibility for the less privileged. But his great wealth and Wall Street training also narrowed his vision. Try as he occasionally does to be Everyman, he looks upon life through upper-class lenses.

Though he made a show as mayor of riding the subways, he insisted during the great recession of 2008-2009 that the failed and irresponsible Wall Street executives deserved their extravagant bonuses. And he could startle a Brooklyn audience of recession-struck Caribbean immigrants by asking, to illustrate a bureaucratic problem, how many of them played golf.

Source: Bloomberg: Money, Power, Politics, by Joyce Purnick, p.193 , Sep 28, 2010

Turned NYC’s $5 billion deficit into a $4 billion surplus

Today, New York City’s economy is stronger than ever. We’ve turned a $5 billion deficit into a $4 billion surplus. We drove annual unemployment last year to an all-time low, and our bond rating has climbed to an all-time high--Double AA. The income tax hikes have been rolled back. The property tax hikes have been offset through $400 rebates for homeowners. But we’re not just using the surplus to cut taxes--we’re also saving for the future.
Source: Speech at “Ceasefire! Bridging The Political Divide” meeting , Jun 18, 2007

Balanced $6B deficit with higher property taxes

When he took office, Bloomberg faced a city-budget deficit of $6 billion. He balanced the budget through higher property taxes and cuts to city agencies, spread equally with the exception of the Police and Fire Departments. After Mayor Bloomberg tried to slash the budgets of dozens of arts groups, Citizen Bloomberg sent checks to many of the affected organizations. “It’s not as if they get cut from one place and get added to the other,” a spokesperson says. “He doesn’t mix up private philanthropy with the city’s budget.”

But the practice seems to contain elements of guilt and strategy. The effect of Bloomberg’s personal largesse has been to shield him from being seen as a heartless budget-cutter, to buy off dissent. He also avoids angering friends who sit on cultural boards and the museum-going public whose votes he needs: See, I’m not really a Republican.

Source: Chris Smith, New York Magazine , Oct 3, 2005

Other candidates on Budget & Economy: Mike Bloomberg on other issues:
2020 Presidential Democratic Primary Candidates:
V.P.Joe Biden (D-DE)
Mayor Mike Bloomberg (I-NYC)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Rep.Tulsi Gabbard (D-HI)
Sen.Amy Klobuchar (D-MN)
Gov.Deval Patrick (D-MA)
Sen.Bernie Sanders (I-VT)
Sen.Elizabeth Warren (D-MA)

2020 GOP and Independent Candidates:
Rep.Justin Amash (Libertarian-MI)
CEO Don Blankenship (C-WV)
Gov.Lincoln Chafee (L-RI)
Howie Hawkins (Green-NY)
Gov.Larry Hogan (R-MD)
Gov.John Kasich (R-OH)
V.P.Mike Pence (R-IN)
Gov.Mark Sanford (R-SC)
CEO Howard Schultz (I-WA)
Pres.Donald Trump (R-NY)
Gov.Jesse Ventura (I-MN)
V.C.Arvin Vohra (Libertarian-MD)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld (L-NY,R-MA)
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External Links about Mike Bloomberg:
Wikipedia
Ballotpedia

2020 Withdrawn Democratic Candidates:
State Rep.Stacey Abrams (D-GA)
Sen.Michael Bennet (D-CO)
Sen.Cory Booker (D-NJ)
Secy.Julian Castro (D-TX)
Mayor Bill de Blasio (D-NYC)
Rep.John Delaney (D-MD)
Sen.Kirsten Gillibrand (D-NY)
Sen.Mike Gravel (D-AK)
Sen.Kamala Harris (D-CA)
Gov.John Hickenlooper (D-CO)
Gov.Jay Inslee (D-WA)
Mayor Wayne Messam (D-FL)
Rep.Seth Moulton (D-MA)
Rep.Beto O`Rourke (D-TX)
Rep.Tim Ryan (D-CA)
Adm.Joe Sestak (D-PA)
CEO Tom Steyer (D-CA)
Rep.Eric Swalwell (D-CA)
Marianne Williamson (D-CA)
CEO Andrew Yang (D-NY)
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Page last updated: Mar 11, 2020