Progressive Billionaire Candidates Gain Backing from Left Activists
The Story
Left activists who support Sen. Bernie Sanders have rallied behind hedge fund billionaire Tom Steyer in his campaign for California governor, according to a Vox article. Steyer has secured endorsements from Our Revolution and the California Nurses Association, and the Democratic Socialists of America’s California chapter called him the “most progressive of the current viable candidates for governor.” Other wealthy candidates attracting left support include Illinois Gov. JB Pritzker, Rep. Ro Khanna, and House candidate Saikat Chakrabarti, each with different bridges to the progressive movement. Activists expressed mixed feelings about backing wealthy candidates, but many believe these individuals will feel more beholden to left priorities than to traditional Democratic establishment or business interests. Steyer, a former hedge fund manager, has funded climate activism and impeachment efforts, and his current campaign features support for a wealth tax and single-payer healthcare. Left leaders such as Our Revolution’s Joseph Geevarghese acknowledged the tension, stating, “Every billionaire is a policy failure… but we have to operate in the world that we’re in.” The Vox article notes that recent polls show Steyer behind former Health and Human Services Secretary Xavier Becerra and some Republican candidates in California’s primary.
Key Facts
- Tom Steyer, JB Pritzker, Ro Khanna, and Saikat Chakrabarti are wealthy candidates praised by some left activists, despite general opposition to billionaires and big money in politics.
- Steyer spent $132 million of his own money on ads for his California governor race.
- Steyer won endorsements from Our Revolution, the California Nurses Association, and the DSA’s California chapter.
- Steyer supports a controversial wealth tax proposal (5% on wealth over $1 billion) and single-payer healthcare.
- Gov. Gavin Newsom opposes the wealth tax; most Democratic candidates have declined to support it.
- In the 2028 presidential speculation, Khanna is mentioned in the “Bernie lane” and Pritzker is seen as a potential candidate.
- Saikat Chakrabarti, a former Stripe employee, is running to succeed Nancy Pelosi in the House.
- Joseph Geevarghese said, “Every billionaire is a policy failure… that being said, we have to operate in the world that we’re in.”
- Katrina vanden Heuvel wrote that casting all billionaires as the enemy is a flawed frame.
Conflicting Reports
No conflicting reports identified in the source article.
Still Unclear
No open questions identified in the source article.
Misconceptions
No widespread misconceptions addressed in the source article.
Key Figures
- Tom Steyer: hedge fund billionaire, California gubernatorial candidate
- JB Pritzker: Illinois governor, billionaire from Hyatt hotel empire
- Rep. Ro Khanna (D-CA): estimated median net worth of $232.7 million
- Saikat Chakrabarti: House candidate, 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
- Gov. Gavin Newsom: California governor, opposes wealth tax
- Xavier Becerra: former Health and Human Services Secretary, candidate for California governor
- Eric Swalwell: former candidate who dropped out over sexual misconduct allegations
Sources: vox.com
