Bernie Sanders dropped out of the Democratic presidential race on Wednesday, telling his staff on a conference call that he is suspending his campaign and telling his supporters of the decision not long after in a live-streamed address.
“I wish I could give you better news, but I think you know the truth, and that is that we are now some 300 delegates behind Vice President Biden, and the path toward victory is virtually impossible,” Sanders said in the live stream. “So while we are winning the ideological battle and while we are winning the support of so many young people and working people throughout the country, I have concluded that this battle for the Democratic nomination will not be successful. And so today I am announcing the suspension of my campaign.”
The independent Vermont Senator and self-proclaimed Democratic Socialist was briefly the Democratic frontrunner after winning the New Hampshire and Nevada primaries back in February, but the 78-year-old quickly lost momentum when former VP Joe Biden won the South Carolina primary on Feb. 29 and most Super Tuesday states on March 3.
Sanders’ campaign suspension clears the way for Biden to secure the Democratic nomination and take on President Donald Trump in November’s presidential election.
Not surprisingly, President Trump was quick to respond to the news on Twitter.
Bernie Sanders is OUT! Thank you to Elizabeth Warren. If not for her, Bernie would have won almost every state on Super Tuesday! This ended just like the Democrats & the DNC wanted, same as the Crooked Hillary fiasco. The Bernie people should come to the Republican Party, TRADE!
— Donald J. Trump (@realDonaldTrump) April 8, 2020
Wow, Bernie is unwilling to give up his delegates, and wants more of them! What’s that all about?
— Donald J. Trump (@realDonaldTrump) April 8, 2020
Can’t see AOC plus 3 supporting Sleepy Joe!
— Donald J. Trump (@realDonaldTrump) April 8, 2020
“I know that there may be some in our movement who disagree with this decision, who would like us to fight on until the last ballot cast at the Democratic convention. I understand that position,” Sanders said in his Wednesday address to supporters. “But as I see the crisis gripping the nation, exacerbated by a President unwilling or unable to provide any kind of credible leadership, and the work that needs to be done to protect people in this most desperate hour, I cannot in good conscience continue to mount a campaign that cannot win, and which would interfere with the important work required of all of us in this difficult hour.”
Sanders also said he will remain on the ballot in remaining primary states to try to collect delegates and gain greater influence on the Democratic campaign platform, much as he did after leaving the 2016 primary, as the party looks to unite in an attempt to defeat President Trump.
Sanders took aim at wealth inequality
During his campaign, Sanders proposed plenty of ideas about how he would, as president, work to restore and preserve pension benefits, expand Social Security, impose an “extreme wealth tax” and boost estate taxes in an overarching effort to take on the “billionaire class” and substantially reduce wealth inequality in America.
Where Sanders broached the specific subject of employer-sponsored retirement plan, 401k Specialist covered it:
Sanders proposed a financial transaction tax on Wall Street to support his plan to make college free and pay off all outstanding student debt, drawing groans from Wall Street at the time with many saying the FTT would hurt savers as anyone invested in the stock market (including 401k plans, 529 plans and pension funds) would pay the tax.
Sanders also proposed legislation in late February in the Senate along with Chris Van Hollen (D-MD) that would end tax advantages that allow CEOs to contribute unlimited amounts to special executive retirement plans.
Biden praises Sanders
While he called the decision to end his 2020 bid “painful,” Sanders did boast of the broad influence his two campaigns have had in shifting the Democratic party toward the left, and vowed to fight alongside Biden to “move our progressive ideas forward.”
Biden released a statement Wednesday praising Sanders for changing the dialogue in America.
“Bernie has done something rare in politics. He hasn’t just run a political campaign; he’s created a movement. And make no mistake about it, I believe it’s a movement that is as powerful today as it was yesterday. That’s a good thing for our nation and our future,” Biden said in the statement.
“Issues which had been given little attention—or little hope of ever passing—are now at the center of the political debate. Income inequality, universal health care, climate change, free college, relieving students from the crushing debt of student loans,” Biden’s statement continued. “These are just a few of the issues Bernie and his supporters have given life to. And while Bernie and I may not agree on how we might get there, we agree on the ultimate goal for these issues and many more.”
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
