After scaling back his political giving in recent years, billionaire George Soros is coming back with significant funding for liberal candidates and causes.
How much is he giving? Soros committed more than $25 million to Hillary Clinton and other Democratic Party causes and candidates for lesser offices in 2016.
The political expenditures largely failed, with Republican Donald Trump winning the presidential election and Republicans just barely retaining control of Congress,
It’s not the first time the billionaire has reached into his deep pockets to support political candidates. After donating a then-record $27 million to efforts designed to defeat President George W. Bush in 2004, Soros went back to keeping donations at lesser levels in other political races.
The Federal Election Commission reports the 83-year-ole Hungarian-born activist earned his estimated $24.9 billion fortune through deft navigation of risky currency trades.
A fierce supporter of Hillary Clinton, Soros accused Trump of sowing fear among the American people, leading him to say he feared the Republican presidential nominee on nybooks.com of using falsity to stoke U.S. fears and “doing the work of ISIS.”
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Soros planned to attend Hillary Clinton’s presidential convention in New York City to see her accept the Democratic nomination. The two had been friends for more than a quarter century. But an aide convinced him the timing was wrong because Soros had to keep an eye on the shaky political and economic situation in Europe.
The chief political adviser for Soros, Michael Vachon, said the billionaire noted that Clinton needed the cash as the election neared because the political stakes were so very high. Vashon said the whole political situation in the Unites states was exceptionally volatile, even before Trump entered the Democratic donation race.
The political insider said his boss was working to support causes including immigration reform, religious tolerance, immigration policy and criminal justice reform on Forbes, all issues on which Trump has taken a hardline stance, which, now that he’s in office, Trump seems to be backing away from.
Overall, contributions from left-leaning investors and billionaires gave Clinton and other liberal campaigns a significant edge far in excess of money raised by Republican donors.
The economic effect of large donations by liberal activists helped build Clinton’s campaign and politically associate groups into a massive juggernaut designed to defeat GOP candidates through financial support and a successful financial overwhelming of Republican political donors. The outcome was a significant edge to Clinton going into the race.
Soros has even revealed, in print, his motives for funding so many liberal groups. While writing about Trump, he issued a warning to voters that they had the right and responsibility to “resist the siren song of the likes of Donald Trump and Ted Cruz” if the United States was ever get a hold on an effective way to fight terrorism.