Bulwark Takes – "Why Donors Are Giving Up on Democrats" (w/ Tom Steyer)

Date: August 28, 2025
Host: Lauren Egan (The Bulwark)
Guest: Tom Steyer (Climate investor, former 2020 Democratic presidential candidate)

Episode Overview

In this insightful conversation, Lauren Egan interviews Tom Steyer about the current state of the Democratic Party, rising left-wing populism, and the fundraising struggles facing Democrats. Steyer, referencing his recent Substack piece, explores the tensions between short-term solutions and long-term outcomes, critiques the party's lack of vision, and assesses why donors are hesitant to give. He also discusses the lessons learned from Biden's "deliverism," the role of populist figures like Bernie Sanders and AOC, and where he believes leadership and new ideas must come from.

Key Discussion Points

1. The Rise of Left-Wing Populism (01:12–04:03)

• Steyer’s take: Steyer acknowledges the value of populist movements: “What the populists are doing…has a lot of real value. What they're doing is they're listening to people. They're addressing actual problems on the ground that Americans are experiencing.” (01:43)

• He highlights the populists’ focus on everyday concerns such as rent, food prices, and utilities rather than abstract economic indicators.

• Short-term vs. long-term: Steyer stresses the danger of quick fixes like rent control, which may offer temporary relief but create long-term structural issues. He uses California as an example, arguing that rent control discourages new housing development and maintenance.

  “We need a short term solution… but we also have to do it with solutions that work over the long term and basically get a market back into where supply and demand are meeting so that rents go down.” (03:30)

2. The "Abundance" Conversation (04:03–06:17)

• Steyer defines “abundance” as the need for growth and tangible progress—building housing, growing the economy, expanding opportunity.

• However, he warns that growth alone isn’t sufficient if the wealth created isn’t broadly shared:

  “If all the benefits of that growth are going to Elon Musk, who, my understanding, has a net worth more than the bottom half of Americans put together, that's not okay. Who cares about growth if it's only going to a bunch of rich people?” (05:15)

• He links the crisis of inequality to democracy itself, asserting that extreme inequality is incompatible with a healthy democratic system.

3. Assessing Biden’s “Deliverism” Strategy (06:17–07:56)

• Lauren probes why Biden’s strategy of “just deliver results” hasn’t resonated with voters.

• Steyer points to the gap between promises and tangible outcomes, using the example of electric vehicle charging stations: despite promises of 500,000 stations, fewer than 8,200 have been built.

  “The intentions are good, the ideas are good, the rhetoric is good. But let's face it, [they're] not getting it done... It's having the idea is nice, the rhetoric is nice, the time is over for delivery. We need to deliver.” (07:10)

4. The Energy Behind Populist Democrats (07:56–10:01)

• Lauren notes the large crowds Bernie Sanders and AOC have attracted, even in conservative (red) areas.

• Steyer says their appeal is rooted in their recognition of and attention to real-life affordability issues:

  “You don't have to be a Democrat or a Republican to feel as if the government's not serving your needs. And they are saying, we are listening to you. We hear the real problems you have… Americans choose to believe their own eyes.” (08:44)

• He asserts the necessity of solutions that both have immediate impact and are sustainable over the long run.

5. How Should Democrats Fight Trump? (10:01–13:24)

• Lauren asks about the Democratic strategy for opposing Trump, particularly given diminished power and no serious talk of impeachment.

• Steyer discusses the purpose of his earlier push for impeachment: exposing Trump’s actions to the public when Democrats controlled the House.

• Now, he says, true influence comes from authority and demonstrated expertise, citing Paul Krugman and effective governors like JB Pritzker and Gavin Newsom as examples of power rooted in real achievement and collective organization:

  “When you think about how to push back, you have to ask, what do we have that gives us the right to be heard?...we need to think about how to organize together and how to get that kind of... institutional, independent power that insists on being listened to and has impact in the real world.” (12:32)

6. Should Democrats Return to Impeachment If They Regain Power? (13:24–15:08)

• Steyer is skeptical that impeachment alone is a winning strategy.

• He calls for a bold, positive vision focused on making a tangible difference in people’s lives—particularly concerning affordability and future generations:

  “...We need to stand for something that we're not just not Trump. What are we going to do that's going to affect Americans' lives positively?...We are doing the things that will make your life better, that will produce a better life expectation for your children.” (14:03)

7. Why Are Donors Giving Up on Democrats? (15:08–16:59)

• Lauren cites stark fundraising figures: “by the end of June, the RNC had $80 million on hand compared to the $15 million that the DNC had on hand.” (15:35)
• Steyer explains donors give for two reasons: a compelling vision and confidence in impact.
• Right now, he argues, the Democratic Party offers neither: “It's very hard to see what the Democratic Party stands for...They don't have any momentum. So...my friends are all saying, tell me what to do that will work.” (16:04)

8. Where Will Vision and Leadership Come From? (16:59–18:03)

• Steyer is blunt: he doesn’t expect transformative vision to come from party institutions or DNC leadership.

  “I think the vision is going to come from the outside, Lauren. I think it's very unrealistic at this point to think it's going to come from the institutional part of the Democratic Party. To me, I think it's outsiders...” (17:18)

• He believes outsiders, not the Washington DC establishment, are better equipped to listen, understand real problems, and offer resonant solutions.

Notable Quotes & Memorable Moments

(With attribution and timestamps)

• On the value and potential downsides of populism:

  “What the populists are doing to me has a lot of real value...but when we think about solutions…there's a short term solution and then there are the implications of it over time.”
  —Tom Steyer (01:43)

• On economic growth and inequality:

  “If all the benefits of that growth are going to Elon Musk, who…has a net worth more than the bottom half of Americans put together, that's not okay.”
  —Tom Steyer (05:15)

• On the gap between rhetoric and results in government:

  “The intentions are good, the ideas are good, the rhetoric is good. But let's face it, not getting it done. We have to get it done.”
  —Tom Steyer (07:10)

• On outsider leadership versus institutional inertia:

  “I think the vision is going to come from the outside, Lauren. I think it's very unrealistic at this point to think it's going to come from the institutional part of the Democratic Party.”
  —Tom Steyer (17:18)

Timestamps for Key Segments

• Rising populism & short vs. long-term solutions: 01:12–04:03
• Abundance and inequality: 04:03–06:17
• Limitations of “deliverism” and Biden’s governing style: 06:17–07:56
• Populist appeal of Sanders/AOC: 07:56–10:01
• Strategies for fighting Trump: 10:01–13:24
• Future Democratic strategy: Vision, not just opposition: 13:24–15:08
• Donors and Democratic fundraising woes: 15:08–16:59
• Where the vision will come from: 16:59–18:03

Conclusion

Tom Steyer paints a picture of a Democratic Party struggling not just with messaging and organization, but also with substance and vision. He underscores the importance of addressing short-term problems with long-term solutions, sharing economic growth broadly, and moving beyond party institutionalism to find visionary leadership from the outside. Donors, he argues, want to believe in both the vision and the capacity for meaningful change—and currently, they're seeing neither. The episode offers a candid look at internal Democratic challenges and the energy, and necessity, of bottom-up movements in shaping the party’s future.