As Chait put it, “Bloomberg is the candidate of the Democratic Party’s donor class,” but that’s a sloppy rendering. Rather, Bloomberg is the candidate of the donor class, period.
To paint with a broad brush: At the highest echelons of the economy — the 1 percent and above — Bloomberg’s fiscal, economic and social principles largely rule. The wealthy elite place top priority on deficit reduction when asked to name the most important problems facing the country. They’re far more opposed to spending on things like health care and food stamps than the general population; they’re considerably less enthusiastic than the median American about the minimum wage and unemployment insurance; and they’re way less enthusiastic about rhe idea of the government as the employer of last resort.
Meanwhile, the corporate wing of the Republican Party is basically cool with things like LGBT rights and immigration, which has always placed them in uneasy company with the party’s socially conservative base — a tension Trump is now exacerbating to the breaking point.