Meg Whitman Runs for California Gold
The formal announcement by billionaire businesswoman Meg Whitman that she will run for governor of California next year as a Republican bears close watching from east to west.
formal announcement by billionaire businesswoman Meg Whitman
Whitman, 53, the former chief executive of eBay who built the online site into an Internet powerhouse, brings serious credentials to the field, topped by business savvy, a network of Republican support nationwide and a personal boatload of money. Whitman reportedly says she may spend as much as $150 million, most of it from her own fortune, in the campaign. She's already poured $19 million into prep-work, establishing statewide offices and hiring staff. That's as much as the cost of some big-state senate races combined.
While short on specifics for now, she pledges if elected to cut 40,000 state public sector jobs and slash state spending by another $15 billion on top of large cuts already agreed to in the next two years by the state assembly and Gov. Arnold Schwarzenegger, R, who is term limited from running again. She also proposes using an executive order to terminate a state global-warming law enacted two years ago that she says will hurt California's economy and cost jobs. She wants it reworked. If jobs and the economy are key issues in California next year, her generally conservative jobs-focus platform could strike a popular chord, and her effectively unlimited campaign account could smother opponents.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Her main rivals for the GOP nomination are former Rep. Tom Campbell and state Insurance Commissioner Steve Poizner. Possible Democratic rivals include former governor and current state attorney general Jerry Brown and San Francisco Mayor Gavin Newsom. Democrats will call her a cookie-cutter conservative who would wreck state services and the environment, but it's unclear how much weight that will have if Whitman gains ground with moderates at a time when jobs and household economics trump other voter issues.
At this early stage, the race is a toss-up. Much can and will change, but Whitman will command much interest even given that California is generally Democratic leaning.
Whitman is already assembling a strong statewide team, lead by campaign chairman and former governor Pete Wilson. She was national co-chairman of Sen. John McCain's presidential campaign and will get organizational and voter mobilization support from the Republican National Committee. She doesn't need their money but could use other types of on-the ground assistance. She won't rely on support from Schwarzenneger, whose popularity has fallen considerably. She'll keep a polite distance from the current governor, not running against his record or making him part of the political equation for 2010.
Were she to be nominated, Whitman may also benefit some from the natural ebbing of support nationally for the party in control of the White House.
If she were to win next year, there's a good chance she would be presiding in 2011 over a rising economy in California and an improved jobs picture. That wouldn't hurt her if she is tempted to run for president in 2012. The White House would have to worry about such a prospect. Obama probably can't win re-election without California's 53 winner-take-all electoral votes. That's another chapter, far from being written as yet. But it's something we'll be hearing more about if Whitman proves a California charmer.
-
The 7-Month Deadline That Sets Your Lifetime Medicare PremiumsUnderstanding Medicare enrollment is crucial, as missing deadlines can lead to permanent late enrollment penalties and gaps in coverage.
-
Retirees Living in Portugal: You Need a Post-NHR Tax StrategyWhen your 10-year Non-Habitual Resident tax break ends, you could see your tax rate soar. Take steps to plan for this change well before the NHR window closes.
-
Target-Date Fund Innovation: Built-In Income GuaranteesWith target-date funds falling short on income certainty, retirement plans should integrate guaranteed income solutions. Here is what participants can do.
-
Kiplinger's 2020 Election ForecastPolitics For nearly a century, The Kiplinger Letter has forecasted the outcome of presidential elections to keep readers informed of what's coming and what it means for them. Here's our call for 2020.
-
How the GOP Tax Bill May Affect BusinessesBusiness Costs & Regulation Corporations would enjoy a lower flat tax rate while individual owners of pass-throughs would also see a lower rate, but with more complex terms.
-
The Long Slog in Congress After Comey
Politics Trump's firing of the FBI director ruffled congressional feathers, but not enough to spur an independent investigation into Russian meddling in the 2016 U.S. election.
-
Trump’s Tax Reform Plan Faces Tough ChallengesPolitics A one-page outline isn't enough to satisfy a Congress interested in the details — and protecting constituents.
-
Trump's Agenda and ChallengesPolitics What lies ahead for the President-Elect.
-
Clinton on Track to Win 2016 Presidential Election
Politics Trump can win the White House, but faces an uphill climb.
-
New Overtime Rules Will Hit Businesses This YearBusiness Costs & Regulation A change in salary threshold will make more workers eligible for extra pay.
-
Bumpy Road Ahead in 2016 Presidential Race
Politics Trump will get a bounce after the Republican convention, but Clinton is poised to regain ground.
