Michael Bloomberg

Michael Rubens Bloomberg is an Independent who has been New York City's 108th mayor since January 1, 2002, and founded Bloomberg LP, a powerful financial news and information company, in 1981. The company made $8 billion in profits in 2012. His long-term partner is Diana L. Taylor.. Bloomberg is also co-chair of the Campaign to Fix the Debt (see more below).

Bloomberg, a Democrat turned Republican, was "at one point one of the single biggest contributors anywhere to Republican candidates."

In 2012, Bloomberg, at an estimated net worth of $25.0 billion, ranked at #10 on the Forbes 400 list of billionaires in the United States and at #20 on the list of the world's billionaires.

Ties to Pete Peterson's "Fix the Debt"

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem."

Bloomberg is listed as a chairman of the campaign to Fix the Debt, along with former New Hampshire Senator Judd Gregg and former Pennsylvania Governor Ed Rendell.

Bloomberg pushed the "No Budget, No Pay" bill stunt backed by Fix the Debt partner organization Comeback America Initiative, which passed the U.S. House in January 2013, but was promptly denounced as unconstitutional.

Bloomberg has long been sympathetic to the deficit reduction crowd. In a March 2012 op-ed in the Wall Street Journal, Bloomberg complained about the President asking millionaires and billionaires to do more to fix the debt calling it "class warfare," and backed the $4 trillion Simpson-Bowles deficit reduction plan. He also expressed support for the expiration of Bush tax cuts for all income levels, which would have been a large hike on the poor and middle class.

In 2011, Bloomberg proposed his own $8 trillion deficit reduction plan that would entail steep cuts to Social Security and Medicare and proposed to raise the retirement age.

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

About Fix the Debt

The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.

Undisclosed Conflicts of Interest

From 2010 to 2012, Bloomberg LP spent $2.5 million lobbying on financial issues, a fact not disclosed in his Fix the Debt biography. Most of Bloomberg LP’s lobbyists previously held federal government jobs. His long-term partner is Diana L. Taylor, who is the state banking superintendent for the State of New York as well as a board member of Citigroup with an annual compensation of $316,250 in 2011, and of Brookfield Properties. Citigroup lobbies on corporate tax reform. Bloomberg has long been sympathetic to the deficit reduction crowd. In a March 2012 op-ed in the Wall Street Journal, Bloomberg complained about the President asking millionaires and billionaires to do more to fix the debt calling it "class warfare," and backed the $4 trillion Simpson-Bowles deficit reduction plan. He also expressed support for the expiration of Bush tax cuts for all income levels, which would have been a large hike on the poor and middle class. Bloomberg pushed the "No Budget, No Pay" bill stunt backed by Fix the Debt partner organization Comeback America Initiative, which passed the U.S. House in January 2013, but was promptly denounced as unconstitutional. In 2011, Bloomberg proposed his own $8 trillion deficit reduction plan that would entail steep cuts to Social Security and Medicare and proposed to raise the retirement age.

Political Contributions and Lobbying

In 2012, Bloomberg gave heavily to two SuperPAC's, the Mayors against Illegal Guns Action Fund, and Americans Elect, a superPAC which ran ads for independent nominee for Senate Angus King. Bloomberg's contributions to Americans Elect totaled $500,000.

From 2010 to 2012, Bloomberg LP spent $2.5 million lobbying on financial issues. Most of Bloomberg LP’s lobbyists previously held federal government jobs.

Political Positions

Bloomberg holds a variety of different political positions that are generally centrist, drawing from both Democratic Party and Republican Party positions on different key American issues. He tends to be more liberal on social issues and some economic issues, such as public welfare and income inequality, while being a fiscal conservative.

Social Issues

On the major issue of abortion, Bloomberg is considered pro-choice. He supports abortion rights, stating: "Reproductive choice is a fundamental human right and we can never take it for granted, on this issue, you're either with us or against us." He has criticized pro-choice politicians who support pro-life candidates. His comments may have been directed at New York Senator Chuck Schumer, a supporter of abortion rights who supported Bob Casey, who is pro-life, in the 2006 Senate election.

Bloomberg tends to be liberal about his policies towards many social issues; for instance, Bloomberg supports governmental funding for stem cell research, calling the Republican position on the issue "insanity," while also supporting same-sex marriage with the rationale, "I think anybody should be allowed to marry anybody."

However, he continues to support the strict drug laws that have been established in New York City and enforced by the New York Police Department (NYPD), despite having admitted to smoking marijuana in the past and "[enjoying] it."

Domestic Issues

On crime, the decline in New York criminal activity that occurred throughout Rudy Giuliani's tenure has continued. Bloomberg, however, is against the death penalty, stating, "I'd rather lock somebody up and throw away the key and put them in hard labor, the ultimate penalty that the law will allow, but I'm opposed to the death penalty."

In addition to his anti-crime work, Bloomberg is an avid supporter of gun control, stating, "I don't know why people carry guns. Guns kill people." As mayor, he increased the mandatory minimum sentence for illegal possession of a loaded handgun. In regard to the change, Bloomberg commented, "Illegal guns don't belong on our streets and we're sending that message loud and clear, we're determined to see that gun dealers who break the law are held accountable, and that criminals who carry illegal loaded guns serve serious time behind bars." Bloomberg formed Mayors Against Illegal Guns in May 2007, an organization made up of 210 mayors who support gun control.

Bloomberg has also shown involvement in education reform as mayor, replacing the school board set up by the state with direct mayoral control over public education. He raised the salaries of teachers by 15 percent while the test scores of students in the city and the graduation rate rose as well. Bloomberg is opposed to the promotion of students to the next grade level for strictly social reasons, stating that students should only be promoted when they are adequately prepared for the next grade level. He favors after-school programs to help students that are behind. As mayor, Bloomberg strengthened the cell-phone ban in schools.

In dealing with the global warming debate and New York's role in it, he has enacted a plan called "PlaNYC: A Greener, Greater New York" to fight global warming, protect the environment, and prepare New York for the projected one million more people expected to be living in the city by the year 2030. Bloomberg has also been involved in motivating other cities to make changes, delivering the keynote address at the C40 Large Cities Climate Summit and stating, "[W]e now know beyond a doubt that global warming is a reality. And the question we must all answer is, 'What are we going to do about it?'" Bloomberg also talked about how he would go about fighting climate change by reducing carbon dioxide emissions, using cleaner and more efficient fuels, and encouraging public transportation.

On issues of domestic and homeland security, Bloomberg has attacked social conservatives on immigration, calling their stance unrealistic: "We're not going to deport 12 million people, so let's stop this fiction. Let's give them permanent status." He supports a worker ID database that uses DNA and fingerprint technology to keep track of all workers to verify their status. Bloomberg believes that law-abiding immigrants should be given citizenship and supports the congressional efforts of John McCain and Ted Kennedy in immigration reform. Regarding border security, Bloomberg compared it to the tide, stating, "It’s as if we expect border control agents to do what a century of communism could not: defeat the natural market forces of supply and demand . . . and defeat the natural human desire for freedom and opportunity. You might as well as sit in your beach chair and tell the tide not to come in. As long as America remains a nation dedicated to the proposition that 'all men are created equal, endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness,' people from near and far will continue to seek entry into our country."

Bloomberg believes that the September 11, 2001 attacks were not intended to be solitary events. When he assumed office, he set up a Counterterrorism Bureau that works with the NYPD intelligence division to gather information about terrorism affecting New York worldwide. He feels that funding for Homeland Security by the federal government should be distributed by risk, where cities that are considered to have the highest threat for a terrorist attack would get the most money. Bloomberg is also a supporter of the USA PATRIOT Act.

Economic Issues

Economically, Bloomberg tends to be conservative, expressing distaste for taxes. He has stated, "Taxes are not good things, but if you want services, somebody's got to pay for them, so they're a necessary evil." As mayor, he did raise property taxes to fund budget projects. However, in January 2007, he proposed cuts in property taxes by five percent and cuts in sales taxes, including the elimination of taxes on clothing and footwear. Bloomberg pointed to Wall Street profits and the real estate market as evidence that the city's economy was booming and could handle a tax break.

Bloomberg's fiscal conservativism also led him to eliminate the previous $6 billion deficit when he assumed office. He balanced the budget of New York City by raising property taxes and making cuts to city agencies, excluding the police and fire departments.

As a businessman, Bloomberg is respected by the business community and governs with a pro-business platform. He is in favor of providing tax breaks to big corporations. As mayor, Bloomberg lobbied the CEO of Goldman Sachs to establish its headquarters across from Ground Zero by promising $1.65 billion in tax breaks. Regarding this deal, Bloomberg stated, "This [New York City] is where the best want to live and work. So I told him [CEO of Goldman Sachs], 'We can help with minimizing taxes. Minimizing your rent. Improving security. But in the end, this is about people.'"

He has had a less cordial relationship with unions as mayor. In 2002, when New York City's transit workers threatened to strike, Bloomberg responded by riding a mountain bike through the city to show how the city could deal with the transit strike by finding alternate means of transportation and not pandering to the unions.

Bloomberg is a staunch advocate of free trade and is strongly opposed to protectionism, stating, "The things that we have to worry about is this protectionist movement that has reared its head again in this country. . . ." He worries about the growth of China and fears the tightening gap between the United States and other countries: "The rest of the world is catching up, and, there are people that say, surpassing us. I hope they are wrong. I hope those who think we are still in good shape are right. But nevertheless, the time to address these issues is right now."

Bloomberg puts a strong emphasis on public health and welfare, adopting many economically liberal policies. As mayor, he made HIV, diabetes, and hypertension all top priorities. He extended the city's smoking ban to all commercial establishments and implemented a trans fat ban in restaurants. He also launched a program called Opportunity NYC, which is the nation's first-ever conditional cash transfer pilot program, designed to help New Yorkers break the cycle of poverty in the city. He instituted a $7.5 billion municipal affordable housing plan, the largest in the nation, that is supposed to provide 500,000 New Yorkers with housing.

Bloomberg is concerned about poverty and growing class divisions, stating, "This society cannot go forward the way we have been going forward, where the gap between the rich and the poor keeps growing."

Foreign Policy

Initially, Bloomberg strongly supported the war in Iraq and the rationale for going in. He stated, "Don't forget that the war started not very many blocks from here," alluding to Ground Zero. In regard to the global War on Terrorism including Iraq he said, "It's not only to protect Americans. It's America's responsibility to protect people around the world who want to be free." His enthusiasm seems to have lessened somewhat over the course of the war, however. In August of 2005, he said, "I think everybody has very mixed emotions about the war that was started to find weapons of mass destruction and then they were not found."

Draft Bloomberg 2008 (aka Unite For Mike)

The Draft Bloomberg 2008 committee, which is based out of New York City, Boston, and Washington DC, promotes a Mike Bloomberg candidacy, regardless of election vehicle or political party he chooses to run under. This is the most heavily trafficked site promoting Mike Bloomberg for President (according to alexa). So far the group has received significant publicity due to its close ties to Kevin Sheekey, New York City's Deputy Mayor, in social networking sites like the Draft Mike Bloomberg Facebook group.

This unaffiliated Draft Bloomberg group launched its bloomberg08nyc.com New York City Draft Bloomberg 2008 campaign lead by Karin Gallet, Andrew MacRae and Michael White. In December 2007, the Draft Bloomberg 2008 campaign site relaunched as UniteForMike.com, providing a blog and collecting signatures for the Draft Bloomberg 2008 movement. The site included blogs, forums, videos, news, and commentary as well as up to date information on the activities of the Draft Bloomberg for President movement.

Affiliations

• Ex Officio Trustee, Museum of Jewish Heritage
• Ex Officio Trustee, Metropolitan Museum of Art
• Ex Officio Trustee, American Museum of Natural History
• Ex Officio Director, Lincoln Center
• Ex Officio Trustee, Carnegie Hall

Contact Information

Office of the Mayor, New York City.

Articles and Resources

Featured SourceWatch Articles on Fix the Debt

• Fix the Debt Portal Page
  • Fix the Debt's Leadership
  • Fix the Debt's Partner Groups
  • Fix the Debt's State Chapters
  • Fix the Debt's Lobbyists
  • Fix the Debt's Parent Group
  • Fix the Debt's Corporations
  • Pete Peterson
  • Peter G. Peterson Foundation
  • America Speaks
  • Simpson-Bowles Commission
  • Erskine Bowles
  • Alan Simpson
  • Social Security
  • Medicare
  • Medicaid

Other Related SourceWatch Articles

• Citigroup
• Bloomberg Philanthropies $50 million grant to the Sierra Club's Beyond Coal Campaign
• gun control
• U.S. presidential election, 2008

External Resources

Profiles

• Bio: Michael Bloomberg, Office of the Mayor, New York City.
• Michael Bloomberg, Mayor of New York, CityMayors.com.
• Topic: Michael Bloomberg, New York Times.
• Profile: Michael Bloomberg, BBC News.
• Michael Bloomber, NNDB.com.
• Michael Bloomberg in the Wikipedia.
• #34, Bloomberg, Michael Rubens, Forbes 400, 2004.
• Katie Couric, Leaders and Revolutionaries: Michael Bloomberg, TIME 100, 2007.

Articles by Michael Bloomberg

• "The Changing Gun Debate. The Feds ducked responsibility on guns. Good thing America's mayors stepped in," Newsweek (MSNBC), April 30, 2007 (issue).

External Articles and Commentary

2007

• Michael D. Shear, "N.Y. Mayor Is Eyeing '08, Observers Say," Washington Post, March 26, 2007.
• Carol J. Loomis, "Bloomberg's money machine. There's power in that name. The man, Michael Bloomberg, runs New York City and may have even grander ambitions. The company, Bloomberg LP, is a prodigious success and just keeps getting stronger," Fortune (CNNMoney.com), April 5, 2007.
• Andrew Ross Sorkin, ed., "Is Michael Bloomberg Worth $13 Billion?" Deal Book Blog/New York Times, April 10, 2007.
• "NRA Magazine Cover Depicts NYC Mayor Michael Bloomberg as Octopus, Raising Anti-Semitic Concerns," Associated Press (Fox News), April 18, 2007.
• Michael Saul, "Living like this is killing the city. Mayor unveils monster proposal to make our town more ecofriendly," New York Daily News, April 23, 2007.
• June Kronholz, "Could Bloomberg Shake Up Race? Voter Frustration Could Open Door To Independent Presidential Run," Wall Street Journal Online, May 1, 2007.
• kowalski, "Mike Bloomberg, Guns, and the Tiahrt Amendment," RedState Blog, May 5, 2007.
• Reihan Salam, "I Still Like Mike," The American Scene, May 9, 2007.
• "Chuck (Schumer): Bloomberg can't win White House if Clinton is Dem nominee," Newsday, May 10, 2007.
• "Hagel-Bloomberg In '08? You Never Know. Senator Says Today's GOP Is Not The Party He Joined; Considers An Independent Ticket In '08," Face the Nation/CBS News, May 13, 2007. re Chuck Hagel
• "From CQ Today: Hagel Hints at Independent Bid for White House in 2008," Congressional Quarterly (New York Times), May 14, 2007.
• Jim Carney, "Will Bloomberg Run for President?" TIME Magazine, May 14, 2007.
• Azi Paybarah, "Bloomberg: Neutral in 2008," New York Observer, May 14, 2007.
• Chris Cillizza, "Hagel Continues Flirtation With Independent Bid," The Fix Blog / Washington Post, May 14, 2007.
• Michael Gormley, "Bloomberg Again Nixes Presidential Run. NYC Mayor Michael Bloomberg Again Rejects Supporters Who Want Him to Run for President," Associated Press (ABC News), May 14, 2007.
• Fred Siegel and Michael Goodwin, "The Mystery of Michael Bloomberg. Why does a popular but mediocre mayor think he should run for president?" The Weekly Standard, May 14, 2007.
• Ralph Z. Hallow, "Bloomberg poised for third-party campaign," Washington Times, May 15, 2007.
• Joe Gandelman, "Is A Bloomberg-Hagel Independent Ticket In The Offing For 2008?" The Moderate Voice, May 15, 2007.

2006

• Chris Smith, "The Mayor and His Money. Michael Bloomberg may be the first politician to use his vast fortune not just to get elected but to actually govern. In a city ever more defined by the gap between rich and poor, that’s pretty weird," New York Magazine, 2006.
• "Bloomberg: Illegals needed to take care of golf courses. New York mayor: Fairways would suffer if undocumented immigrants sent home," WorldNetDaily, April 2, 2006.
• Sarah Kugler, "NYC Mayor Advocates U.S. Worker Database," Associated Press (BreitBart.com), May 24, 2006.
• Ben Smith, "Bloomberg for President. Third Way Out," The New Republic Online, June 29, 2006 (July 10, 2006 issue).
• Ben Wallace-Wells, "Bloomberg '08? The Republican mayor of New York has become the party's fiercest internal critic. But can his 'billionaire populism' bridge the nation's blue-red divide?" Rolling Stone, August 22, 2006.
• Clara Jeffery, "NYC Sues (More) Out-Of-State Gun Dealers. Does This Mean Bloomberg's Running for Prez?" MoJo Blog/MotherJones, December 7, 2006.
• Justin Rocket Silverman, "Thousands more surveillance cameras," Newsday, December 14, 2006.

2005

• Michael C. Dorf, "New York Mayor Michael Bloomberg's Response to a Same-Sex Marriage Ruling: Should Executive Officials Defend Laws They Consider Unconstitutional?" FindLaw's Writ, February 14, 2005.
• Laura Trevelyan, "Bloomberg braces for mayoral joust," BBC News, June 20, 2005.
• Mark Berkey-Gerard, "What Now, Mayor Bloomberg?" Gotham Gazette, November 2005.