Blog

One of the more surprising results from last night was Michael Bloomberg’s win for a third term as New York City mayor. The surprise wasn’t the win but the margin — a mere five-point spread over his opponent despite spending $90 million of his own money.

That performance somewhat mirrored Jon Corzine’s in New Jersey, where the incumbent Democrat spent $24 million, much of it his own money, compared to Republican Chris Christie’s $9 million. For his troubles, Corzine lost the election.

The New Republic‘s Richard Just makes an interesting reading, finding “a repudiation of the rich man’s politics” as practiced by both men. Just notes:

Pundits have made much of the fact that the country is in a populist mood these days. The populism they are referring to is generally understood to be more right than left. But if an upshot of this mood is declining tolerance for the practice of people buying political office with their own money, then that’s one (minor) thing for liberals to celebrate on an otherwise lousy night.

Bloomberg has, in fact, been a popular mayor, with high approval ratings leading up to the vote, but his successful effort to have term limits scrapped to allow a third term did not sit well with voters. Corzine, meanwhile, has been unpopular for a while, and his funding advantage may have been the only thing that gave him a fighting chance. Both men tried to outspend the other side to overcome voter skepticism. One failed, the other succeeded — barely. Money helps in elections, but if the voters think you’re spending too much of it to buy their vote, they can make you pay.