Napa, CA — According to the independent election watchdog group The Rundex Family Foundation, billionaire and presidential candidate Tom Steyer’s political advertising spending boosted the 2019 4th Quarter United States Gross Domestic Product (GDP) upwards by almost 0.4%. Steyer’s 123 million dollar ad blitz was the most ever by a single primary candidate and only recently topped by Michael Bloomberg’s almost $200 million in the first quarter of this year.
“Well, the data doesn’t lie,” said Rundex Family Foundation lead researcher Robert Colvin from his Mountain View, CA home office. “There has been so much spending that we started to see a dent in the GDP in the 3rd quarter of last year, but we thought it was an anomaly. But sure enough, Tom Steyer’s spending had a noticeable impact on our GDP. And Bloomberg–let me tell you–will have even a bigger one in 2020.”
Tom Steyer’s presidential campaign raised $156 million in the last three months of 2019, according to Federal Election Commission filings. All but $868,419 of that came from the candidate’s wallet. His spending more than tripled in the last three months of 2019. As of September 30, Steyer had pumped $47.6 million into his campaign and raised another $2 million from outsiders.
“I’m not in this to lose,” said Mr. Steyer speaking on NPR’s Morning Edition earlier this week. “And I can’t be bought. That used to be a good thing, you know? My proposals are pretty close to Bernie’s, and I’ve even promised to back him if he wins the most delegates. Of course, he said he would take my money. But that won’t matter because I plan on winning.”
Robert Colvin says he predicts as much as a 0.6% jump in US GDP for the first quarter of 2020 due to both Bloomberg’s and Steyer’s spending.
These are positive, albeit odd numbers for the economy. President Trump immediately took credit for the jump claiming that if he weren’t President, Steyer and little Michael wouldn’t be spending their money.