Billionaire Democrat donors have outdone their Republican-aligned counterparts in outside spending on the midterm elections, a reversal from past elections and an uncomfortable fact for Democrats who have decried such spending.
The Sunlight Foundation reported Friday that three of the top five donors to super PACs are liberal billionaires who have supported Democrats in the midterm elections.
The group is led by Tom Steyer, the hedge fund manager who alone has spent $70 million supporting Democratic candidates in the 2014 cycle, more than three times the amount spent by the next biggest spender.
Overall, Democratic super PAC contributions have outstripped Republican contributions by roughly $65 million, according to the figures compiled by the Sunlight Foundation’s Real-Time Federal Campaign Finance tracker.
Michael Bloomberg has been the second most generous donor, shelling out $20 million to super PACs. The former New York mayor, who left the Republican Party to become an independent, now mostly gives to groups aligned with Democratic candidates.
The investor Paul Singer has spent $9 million on GOP groups, with the hedge fund manager Robert Mercer contributing another $8 million. Rounding out the top five is Fred Eychaner, the Chicago-based media entrepreneur who has given $8 million to Democratic super PACs this cycle.
In addition wealth inequality has become much more extreme in the last six years, the Obama years. You can read more about that here: http://aun-tv.com/2014/10/upper-1-wealth-goes-up-greatly-while-lower-90-declines-1st-time-ever-how-did-obama-do-it/