August 5, 2016 --

Speaking at the Democratic National Convention, July 27, former New York City Mayor (and political chameleon) Michael R. Bloomberg chided Donald J. Trump for starting out in business with one million dollars from his father, Fred Trump. Mr. Bloomberg did not point out to the assembled Democrats that when he went into business for himself, Bloomberg started out with a reported $10 million received as severance when the investment banking firm Salomon Brothers was taken over.

Mr. Bloomberg did not go on to note that he did rather well with that $10 million, amassing a reported net worth of $5 billion by the time he was elected mayor in 2001.

Mr. Bloomberg did not acknowledge that in this era of a stagnant economy in Main Street, by 2008, after seven years as mayor, his wealth was estimated at $11.5 billion. By the end of his mayoral tenure, Bloomberg’s wealth was said to be $27 billion.

Today it is estimated at over $40 billion, more than 8 times his estimated wealth November, 2001. Did the wealth of the middle class increase by 800 percent the past 15 years?

LPR doesn’t think so, and wonders: will President Hillary Clinton take back most of Bloomberg’s wealth pursuant to her “fair share” tax formula for the very wealthy?