Clarissa Rile Hayward, professor of political science in Arts & Sciences
One day after dropping out of the Democratic primary, Michael Bloomberg announced he would form a new independent expenditure campaign—essentially a one-man super PAC—to fight Trump in the general election. In just over three months, the billionaire spent more than $500 million funding his own presidential bid. Now he plans to spend even more aiding the eventual Democratic nominee.
And why not? What’s the harm in successful business people using their money to fund political campaigns—whether their own or those of their co-partisans? Why shouldn’t the wealthy deploy their fortunes however they like, even if it’s to influence electoral outcomes?
The problem is that when billionaires like Bloomberg convert personal capital into political influence, they undermine what is arguably the most fundamental democratic principle: political equality.
Read the full piece in The Hill.