When the news was released that former New York Mayor Michael Bloomberg was entering the Presidential race, we all took note, at least for a moment or two. Then, we all returned to life and business as usual, because nobody gave it much thought, or gave his campaign much hope.
According to every poll that matters, since he has thrown his hat into the ring, it seems that we have been right not to care. The billionaire candidate, however, is apparently undaunted by these poor results, and as one story reports, he is actually doubling down.
So how much are we talking Mr. Deep-Pockets Bloomberg? Well, based on that story covering the recent move by the candidate’s campaign, it’s a bunch. The story said, “While an exact dollar figure was not given, Bloomberg has already spent $300 million on TV, radio, and digital advertising, according to Advertising Analytics, an ad tracking firm.”
We don’t have to be math professors or mathematicians to realize that we are talking about more than a half-billion dollars! Yes, deep deep pockets.
If his campaign saw a surge, a spike, or was in a tight race, spending more money would make sense. Perhaps if your campaign was stagnant or mired in the middle of the pack, allocating more funds for advertising could be justified, right? We don’t know about that kind of money, but spending more would be reasonable, wouldn’t it?
What is curious here, is that Mr. Bloomberg’s campaign hasn’t even gotten off the ground yet. Even with all of the money, he has invested already, and as the recent Iowa caucus revealed, candidate Bloomberg isn’t even on the radar let alone in the running.
So, of course, the obvious answer is to spend more, right? In Mike Bloomberg’s case, an obscene amount of more. Don’t worry, he isn’t crazy, and there is reported reasoning behind dumping this level of resources into a seemingly dying campaign.
According to our story, and to be fair, there has been some reported movement in the recent polls. “As of recently, Bloomberg’s poll numbers have increased…” is how the story worded it.
Although that movement in the polls still leaves the wealthy Democratic candidate behind Buttigieg, Sanders, Warren, Biden, Klobuchar, Yang, are you getting the idea? Yet, Bloomberg says, spend more. (What if this was a preview of how he would run the country if he were – shudder – President Bloomberg?)
Our story also suggested the actual chaos and debacle of the Iowa caucus was also motivation for the increase in his campaign’s spending. We aren’t sure how that is a green light to drop a fortune either, but having spent $300 million on a futile camp already, what’s another 300 mil?
The truth is at the end of the day, it is his money to spend and do with what he wants, even if that means wasting it. This isn’t so much a story about a man willing to throw money to the wind as it is about the Democratic nomination for President. His money is his business quite honestly, but the Presidency concerns us.
In regards to those concerns and the Democratic race, the story is about a candidate spending an unforeseen amount of money in campaign advertising. And about how little difference it will make.
How far will he go? How much will he spend? How long will he stay in the race? Will it ever make a difference? These are just good storylines.
Question. If you spend $300 million to get people to like you, and they still don’t like you, is the problem money, or something else? Mr. Bloomberg can spend all the money he wants but until he can reach people or anyone for that matter, it won’t matter how much he spends.
In some ways, simply spending that amount of money might distance you and make it difficult for people to relate to who you are. It also probably doesn’t help that a man with such money and power threatens our 2nd Amendment rights either.
Michael Bloomberg is doubling down on his campaign ad spending, but does it really matter?