TL;DR
A new wave of ultra-wealthy candidates, including Tom Steyer and JB Pritzker, are attracting progressive support despite concerns over billionaires’ influence. This signals a shift in left politics and raises questions about the role of wealth in advancing progressive causes.
Several ultra-wealthy politicians, including hedge fund billionaire Tom Steyer and Illinois Governor JB Pritzker, are gaining surprising support from progressive activists, challenging traditional anti-billionaire sentiments within the left.
Tom Steyer, who spent over $132 million of his own money on his California gubernatorial campaign, has received endorsements from groups like Our Revolution and the California Nurses Association, and has been praised by the Democratic Socialists of America’s California chapter as “the most progressive of the current viable candidates for governor.”
Similarly, JB Pritzker, a billionaire from the Hyatt hotel family, has impressed some left-leaning observers with his legislative achievements as governor and is considered a potential presidential candidate for 2028. Other wealthy politicians, such as Rep. Ro Khanna and Saikat Chakrabarti, are also gaining leftist support, often citing their policy positions and connections to Bernie Sanders’ movement.
These candidates’ success is notable because it occurs amid longstanding left criticism of billionaires’ influence on politics, especially post-Citizens United. Some activists see these wealthy candidates as a pragmatic shift, arguing that their policy positions align with progressive priorities despite their wealth.
Why It Matters
This trend challenges the traditional left narrative that billionaires are inherently enemies of progressive change. It raises questions about whether wealth can be harnessed to push progressive policies or if it undermines the movement’s anti-oligarchy rhetoric. The support for these candidates suggests a potential recalibration within left politics, balancing anti-billionaire rhetoric with pragmatic alliances.
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Background
In recent years, progressive activists have criticized the influence of large donors and billionaires on U.S. politics, advocating for reforms to limit their power. However, the emergence of wealthy candidates like Steyer and Pritzker, who espouse progressive policies and garner left support, marks a shift in this dynamic. Historically, figures like Franklin D. Roosevelt and other affluent politicians have played roles in progressive movements, but today’s context is shaped by the heightened scrutiny of billionaire influence post-2010s.
“Every billionaire is a policy failure. That being said, we have to operate in the world that we’re in. And in this world, we happen to have a billionaire candidate who is ideologically aligned with our organization and our policy priorities.”
— Joseph Geevarghese, executive director of Our Revolution
“The fact that the DSA and many progressives in California are coalescing around Steyer underscores the problem with casting billionaires, per se, as the enemy. Some billionaires are very much part of the problem, while others are part of the solution.”
— Katrina vanden Heuvel, publisher of The Nation
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What Remains Unclear
It is still unclear whether the support for wealthy progressive candidates will translate into broader electoral success or influence the overall direction of the left’s stance on billionaires. Additionally, the long-term impact on anti-oligarchy rhetoric remains uncertain as the movement balances ideology with pragmatism.
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What’s Next
Next steps include observing whether these candidates can mobilize sufficient grassroots support to win elections and influence policy debates. Their campaigns and subsequent governance will serve as indicators of whether the left can reconcile its anti-billionaire stance with the strategic use of wealth.
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Key Questions
Why are wealthy candidates gaining support from the left?
Many left activists see these candidates as pragmatic allies who can advance progressive policies, despite their wealth, especially when their positions align with core issues like healthcare, climate, and economic reform.
Does support for billionaire candidates undermine the left’s anti-oligarchy message?
It depends. Some argue it complicates the narrative, while others believe it reflects a strategic shift to achieve policy goals that might otherwise be blocked by traditional party structures.
Could this trend influence future left campaigns?
Potentially. If wealthy candidates succeed and implement progressive policies, it could lead to a reevaluation of the role of wealth in left politics, possibly encouraging more affluent figures to run with leftist backing.
Are these candidates genuinely progressive or just using left support for their own benefit?
This remains a point of debate. Some critics question sincerity, while supporters cite their policy positions and endorsements as evidence of genuine alignment.
