As Donald Trump begins his second term as President of the United States, Michael R. Bloomberg, founder of Bloomberg LP and the UN’s Special Envoy on Climate Ambition and Solutions, has called for bipartisan restraint and collaboration. In a recent Bloomberg News article, Bloomberg, a long-time critic of Trump, expressed disappointment in the election results but urged Americans and lawmakers to “get on with it.”
In a surprise twist, Republicans gained control of the Senate while likely maintaining a slim majority in the House. However, Bloomberg cautioned that this majority does not constitute a mandate, urging Congress to seek bipartisan compromise to tackle the country’s pressing challenges. “The challenges facing the country can only be tackled effectively with bipartisan compromise,” Bloomberg wrote, emphasizing that Congress must be vigilant in offering Trump better policy alternatives.
Inflation Concerns and Trump’s Economic Proposals
Bloomberg highlighted inflation as a key issue that could worsen under Trump’s proposed economic strategies, which include comprehensive tariffs, regressive tax cuts, currency devaluation, and a politicized Federal Reserve. According to Bloomberg, these moves could drive up prices and jeopardize the stability achieved by the Federal Reserve in recent years.
He warned that Trump’s plans might contribute to $15 trillion in additional national debt over the next decade, which could further destabilize the economy. Bloomberg suggested that lawmakers, including Republicans, take preventive measures, such as rejecting across-the-board tariffs and instead pushing for targeted tariffs addressing national security and market access. He proposed a prudent adjustment of the 2017 tax cuts to include a higher corporate tax rate alongside favorable expensing rules.
“To forestall a looming budget crisis, a fiscal commission should be formed to address the difficult choices ahead,” Bloomberg wrote.
Immigration: A Bipartisan Solution Needed
Bloomberg criticized Trump’s immigration policies, particularly his theory of mass deportation, calling it “prohibitively costly” and economically disruptive. Instead, he urged lawmakers to revive bipartisan immigration reform, focusing on easing the path to citizenship for foreign graduates of American colleges while implementing balanced enforcement measures.
He encouraged Congress to nudge Trump toward more effective policies from his previous term, such as the Migrant Protection Protocols, and to avoid inflammatory rhetoric that could heighten national tensions. “Legislators should focus on common ground,” Bloomberg argued, “where more constructive, bipartisan policies could be introduced to improve immigration without stirring needless discord.”
Preventing Corruption and Preserving Democratic Norms
The prevention of corruption was a third focal point for Bloomberg, who criticized Trump’s first term for ethical lapses and warned against a repeat. Although the Supreme Court recently granted presidents wide immunity, Bloomberg noted that this could be challenged in the courts if Trump tests those boundaries. He encouraged whistleblowers and watchdog organizations to monitor for any financial misconduct or abuse of power, urging lawmakers to enact reasonable policies that address Trump’s voters’ concerns while remaining ready to stand in opposition when necessary.
He highlighted the role of public servants and watchdogs, advising that, if faced with pressure to engage in unethical practices, they should seek whistleblower protections. Bloomberg also called on Congress to emulate the firm, nonpartisan stance of outgoing Senate Majority Leader Mitch McConnell during Trump’s first term, stressing that it is crucial to uphold democratic norms in a polarized political climate.
Democrats Reflect: How Did Trump Win Again?
Bloomberg also reflected on the Democrats’ loss, calling on party leaders to assess how they were defeated by a 78-year-old candidate who faced significant public opposition. He questioned the wisdom of concealing former President Joe Biden’s health issues until they became visible on national television and noted that the abrupt replacement of Biden with Kamala Harris—a candidate who had neither secured electoral votes nor gained traction in previous races—may have weakened the Democratic ticket.
The Road Ahead: A Call for Restraint
Ultimately, Bloomberg acknowledged that the country must now “deal with Trump” and focus on curbing his most concerning policy impulses. Despite his longstanding criticism of the former president, Bloomberg’s message was clear: the need for bipartisan cooperation is paramount, and both Democrats and Republicans must work together to maintain checks and balances.
“Dealing with a reckless president is an exhausting job,” Bloomberg concluded, “but it can and must be done – and it’s a job for members of both parties.”
As Trump embarks on his second term, Bloomberg’s message to Congress serves as a reminder of the importance of collaborative governance and vigilance to ensure the country’s future stability.
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