Left activists back billionaire candidates despite concerns
The Story
A recent article from Vox examines the phenomenon of left-wing activists supporting wealthy political candidates, despite the movement’s general suspicion of billionaires and big money in politics. The piece focuses on hedge fund billionaire Tom Steyer’s California governor campaign, which has earned endorsements from groups like Our Revolution, the California Nurses Association, and the Democratic Socialists of America’s California chapter. Steyer has spent $132 million of his own money on the race and attracted left support by backing a wealth tax proposal and single-payer healthcare in the state. The article also highlights other wealthy figures: Illinois Governor JB Pritzker, Representative Ro Khanna (D-CA), and House candidate Saikat Chakrabarti, each of whom has built bridges to the left in different ways. Some activists expressed mixed feelings about backing wealthy candidates, but a common view is that such candidates may be worth supporting if they align on policy and challenge the Democratic establishment. The piece notes that Steyer trails former Health and Human Services Secretary Xavier Becerra in recent polls, but the race remains close.
Key Facts
- Tom Steyer is a hedge fund billionaire running for California governor and has spent $132 million of his own money on the campaign.
- Steyer has endorsements from Our Revolution, the California Nurses Association, and the California chapter of the Democratic Socialists of America.
- Steyer supports a wealth tax proposal on billionaires and single-payer healthcare in California.
- Other wealthy left-leaning figures include Illinois Governor JB Pritzker, Representative Ro Khanna (estimated net worth $232.7 million), and House candidate Saikat Chakrabarti.
- Joseph Geevarghese, executive director of Our Revolution, stated, “Every billionaire is a policy failure. That being said, we have to operate in the world that we’re in.”
- The article says Steyer’s candidacy shows a “rise of this specific class of left-leaning ultra-wealthy candidates” after years of Democratic concern over megadonor influence.
- Steyer’s outreach to the left included hiring Fight Agency, a firm that works with insurgent candidates, and co-founder Rebecca Katz said Steyer told her billionaires should exist but “we should tax the hell out of them.”
- Recent polls show Steyer behind Xavier Becerra and one or two Republican candidates in California’s top-two primary.
Conflicting Reports
No conflicting reports identified in the source article.
Still Unclear
- How a statewide single-payer system in California would be funded, given the state’s budget constraints and the need for federal approval.
- Whether Steyer’s wealth tax and single-payer promises are realistic or merely pandering, as some policy wonks suspect.
- Whether Steyer will win enough support to advance past the primary and ultimately win the governorship.
- The article begins to discuss JB Pritzker but the text cuts off before completing that section.
Misconceptions
The article directly addresses the misconception that all billionaires are inherently problematic for the left. Katrina vanden Heuvel, editorial director of The Nation, wrote that the frame of “billionaires, per se, as the enemy” does not hold in the real world, where some billionaires are “part of the solution.”
Key Figures
- Tom Steyer – hedge fund billionaire, California governor candidate
- JB Pritzker – Illinois governor, billionaire from Hyatt hotel empire
- Ro Khanna – U.S. Representative from California
- Saikat Chakrabarti – House candidate in California, former Stripe employee
- Rebecca Katz – co-founder of Fight Agency
- Joseph Geevarghese – executive director of Our Revolution
- Katrina vanden Heuvel – editorial director and publisher of The Nation
- Gavin Newsom – California governor (opposes wealth tax proposal)
- Xavier Becerra – former Health and Human Services Secretary, gubernatorial candidate
- Eric Swalwell – former candidate who dropped out over sexual misconduct allegations
- Zack Beauchamp – Vox reporter who interviewed Steyer
Sources: vox.com
