Thursday, July 17, 2025
If you are familiar with the musical “Fiddler on the Roof,” you know the song “If I Were A Rich Man.?” In that song ,Tevye, the patriarch of the family, dreams of all of the trappings that come with being rich . There is no doubt that there are many benefits to being affluent and most rich people can conquer many of life’s challenges. In my thinking, there is one exception, where the rich can’t always buy their way and that’s in the field of politics.
There are so many examples of cases where the very rich try their luck in the political world and get burned by the experience. The most obvious is the current case of Elon Musk, said to be the wealthiest person in the world. Musk made his first foray into the political minefield when he decided to spend tons of personal wealth to help re-elect President Trump.
The real numbers are elusive but it is estimated that he invested at least $250 million in the 2024 national election. Most of the funds went to the Trump campaign but a sizeable amount went to various races around the country, including a judicial contest in Wisconsin. The race for the top court post didn’t work out so well as Musk’s candidate took a beating in a race where the incumbent used the Musk name as a successful weapon.
Undeterred by his Wisconsin loss, Musk plunged into the Washington battlefield by becoming the head of the Department of Governmental Efficiency (D.O.G.E.) To a businessman used to having his way all the time, taking a government position aimed at creating efficiencies in government sounded like a dream job. Being able to cut waste and fraud sounds like becoming a Superman in the nation’s capitol.
A short time ago Musk announced he was returning to the private sector to take care of his many businesses. By all counts, Musk has lost at least $100 billion in wealth, including a 51 percent loss in the value of the Tesla Company. That was bad enough, but to have people burning Tesla cars and setting Tesla dealerships ablaze is enough to give any rich man a super migraine headache. Having many of his visions dashed by the GOP Congress, Musk is now back in Texas.
Another example of a rich man getting burned in the political world is Michael Bloomberg. Bloomberg’s political career started out with great long-term promise. Having brilliantly run his own company, he chose to run for the job of Mayor of New York City. The voters were anxious to have a Bloomberg take over the city and he succeeded in having three effective terms in office. Buoyed by his highly acclaimed tenure as mayor, Bloomberg decided to dip his toe into national waters and run for president.
With a budget of at least $1 billion, the Bloomberg presidential effort got off to a brilliant start. He assembled great political minds on his staff and created a model political campaign. From personal observations, his operation was smooth, well-planned and highly professional. Many prominent business figures offered their backing and all was well until the mayor chose to participate in a national candidates debate. Unprepared for such an event, he was ambushed on national television by Senator Elizabeth Warren (D-MA). In a short 24 hours, his candidacy ended.
There are countless others who had unlimited funds and backers who flamed out when they pushed their fame and fortune a little too hard. Kelly Loeffler, who now chairs the Trump S.B.A., was an interim U.S. Senator for two years. Her wealthy family backed in her run for a six-year term, but Democrat Jon Ossoff upset her efforts. David Purdue, another wealthy Georgia resident who had strong corporate credentials, lost his re-election run to Democrat Rev. Raphael Warnock.
There are dozens more stories of politicians whose money couldn’t buy short or long-term political happiness. And there are quite a few successful rich people serving at all levels of government. But there is a caveat for all rich men and women. If you think money alone will get you to the top in politics you are deluding yourself.
Jerry Kremer was a state assemblyman for 23 years, and chaired the Assembly’s Ways and Means Committee for 12 years. Comments about this column? jkremer@liherald.com.
