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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 Candidates:
Pres.Donald Trump (R-NY)
V.P.Mike Pence (R-IN)
V.P.Joe Biden (D-DE)
Sen.Kamala Harris (D-CA)
CEO Don Blankenship (Constitution-WV)
CEO Rocky De La Fuente (R-CA)
Howie Hawkins (Green-NY)
Jo Jorgensen (Libertarian-IL)
Gloria La Riva (Socialist-CA)
Kanye West (Birthday-CA)

2020 GOP and Independent primary candidates:
Rep.Justin Amash (Libertarian-MI)
Gov.Lincoln Chafee (Libertarian-RI)
Gov.Larry Hogan (R-MD)
Zoltan Istvan (Libertarian-CA)
Gov.John Kasich (R-OH)
Gov.Mark Sanford (R-SC)
Ian Schlackman (Green-MD)
CEO Howard Schultz (Independent-WA)
Gov.Jesse Ventura (Green-MN)
V.C.Arvin Vohra (Libertarian-MD)
Rep.Joe Walsh (R-IL)
Gov.Bill Weld (Libertarian-NY,R-MA)

2020 Democratic Veepstakes Candidates:
State Rep.Stacey Abrams (D-GA)
Mayor Keisha Lance Bottoms (D-GA)
Rep.Val Demings (D-FL)
Sen.Amy Klobuchar (D-MN)
Sen.Kirsten Gillibrand (D-NY)
Sen.Maggie Hassan (D-NH)
Gov.Michelle Lujan-Grisham (D-NM)
Sen.Catherine Masto (D-NV)
Gov.Gina Raimondo (D-RI)
Amb.Susan Rice (D-ME)
Sen.Jeanne Shaheen (D-NH)
Sen.Elizabeth Warren (D-MA)
Gov.Gretchen Whitmer (D-MI)
A.G.Sally Yates (D-GA)
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Budget/Economy
Civil Rights
Corporations
Crime
Drugs
Education
Energy/Oil
Environment
Families/Children
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Immigration
Infrastructure/Technology
Jobs
Principles/Values
Social Security
Tax Reform
War/Iraq/Mideast
Welfare/Poverty

External Links about Mike Bloomberg:
Wikipedia
Ballotpedia

2020 Withdrawn Democratic Candidates:
Sen.Michael Bennet (D-CO)
Mayor Mike Bloomberg (I-NYC)
Sen.Cory Booker (D-NJ)
Gov.Steve Bullock (D-MT)
Mayor Pete Buttigieg (D-IN)
Secy.Julian Castro (D-TX)
Mayor Bill de Blasio (D-NYC)
Rep.John Delaney (D-MD)
Rep.Tulsi Gabbard (D-HI)
Sen.Mike Gravel (D-AK)
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)
Gov.Deval Patrick (D-MA)
Rep.Tim Ryan (D-CA)
Sen.Bernie Sanders (I-VT)
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 20, 2021