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Tom Steyer: Good billionaire?
Concord, N.H.—Politically engaged billionaires who are committed to good deeds can use their incredible wealth to counter the civic harm done by other politically engaged billionaires who are only in it for themselves.
So argued a politically engaged billionaire who’s self-funding a longshot bid to become the Democratic nominee for president.
California hedge fund founder, philanthropist, and, yes, intensely politically engaged and progressive cause-championing billionaire Tom Steyer made that pitch Saturday during a four-hour Democratic presidential candidate forum focused on the federal courts and American politics.
The forum took place at the New Hampshire Technical Institute just four days before Granite State voters hit the polls for the First in the Nation primary. It was moderated by MSBNC anchor Stephanie Ruhle and hosted by the pro-choice advocacy groups Demand Justice, the Center for Reproductive Rights, NARAL Pro-Choice America, and the All Above All Action Fund.
The audience at Saturday’s forum.
Steyer distinguished himself Saturday from the many other more experienced politicians running for the Democratic nomination by vocally and enthusiastically discouraging voters from getting bogged down in policy differences between moderates and progressive candidates.
Those details on healthcare and education and climate change policies are all important, Steyer said, but not as important as defeating incumbent President Donald Trump this November.
“We’re all in favor of a woman’s right to choose,” Steyer said. “We’re all in favor of Planned Parenthood being funded. The question here is: How do we win?”
“Let’s start talking about what we need to do politically in order to win,” he continued.
Steyer, who made his hedge-fund fortune partly on investments in coal mines and private prisons, cited the progressive political action committee NextGen America, which he founded in 2013, as evidence of his capacity for mobilizing the grassroots support and energy necessary to win a general election.
“These corporations have bought this government,” Steyer decried about the dark money used to sway state and federal politicians in favor of companies over individuals. Organizations like NextGen America, he said, can help turn the tide away from corporate influence on the body politic.
Ruhle (pictured) paused. And then asked Steyer an obvious, but profound, follow up.
“In order to make that happen took big money,” she said about the funding of NextGen America. “Your big money.”
Steyer and his wife are worth at least $1.6 billion, according to Forbes. He’s said he’ll spend upwards of $100 million of his own money on his presidential bid.
Ruhle asked him what makes Steyer’s influence on American politics any better for this country or healthier for its democracy than, say, the influence of the conservative politically engaged billionaires and philanthropists, Charles and David Koch.
“They want certain things,” she said. “You want certain things.”
“They want certain things for themselves,” Steyer replied. “They want certain things that help their life. They will not tell you what they do.” He pointed out that Ruhle herself has never interviewed the Koch brothers — because the latter don’t do many interviews with the press. Steyer, meanwhile, has been interviewed by Ruhle multiple times.
“I’m transparent. You can never show a single instant of me doing something that benefits me.”
So what does that mean practically and politically? Ruhle asked. As president, would you come up with some rule that “good” wealthy guys can sway elections, but “bad” wealthy guys cannot?
“I would go for the most aggressive public funding of elections,” Steyer promised. He’d give $200 to every American to use as political campaign contributions, he said, so that corporations and the wealthy aren’t the only ones putting money into politics.
“I do think there’s a complete difference between secret, dark money acting on behalf of corporations and open money taking on the fights,” he said.
“You’re saying what Democrats say all the time. ‘Let’s not win,’” he said.
“They’re taking us to the mat. They’re kicking our ass. Have you not noticed? What are we willing to do?”
Not on stage Saturday morning was another Democratic presidential candidate self-funding his way towards a nomination that looks increasingly more and more plausible as the fractured field continues to, well, fracture.
That’s former New York City Mayor, businessman, philanthropist, and politically engaged billionaire Michael Bloomberg. He’s said he’s willing to spend $1 billion on his presidential bid and on defeating Trump in 2020. He’s worth nearly $62 billion, according to Forbes.
By the end of December, he had already spent $200 million on his campaign.