This is likely to harm Democratic candidates who are running for offices other than President:

While I am generally supportive of businesses bidding up the salaries of their employees, Bloomberg is strip mining the political operations of Democratic oice seekers from top to bottom, and it is the Republicans who will benefit from this:

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The former New York City mayor, who has committed to directing his money in support of whoever the eventual Democratic nominee is, claims that his billions of dollars will save the party. Neither Leeper nor her campaign managers responded to requests for comment, but hers is a story that is unfolding in local, state, and federal races across the country. The promise of Bloomberg’s campaign — “Mike Will Get it Done” — is meant to assure anxious Democrats that he and his money will rescue a moribund party. For staffers, working for Bloomberg means guaranteed employment through November, something campaigns that are competing in primaries can’t promise to their employees. The billionaire is now opening an office in New Hampshire, just as other presidential campaigns are packing up and leaving after Tuesday’s primary. For a swath of voters, there’s something comforting about the money he’s willing to spend. But for candidates across the country — the type needed to hold majorities in Congress and in state legislatures, and to boost turnout for the presidential election — the billions in spending means quite the opposite.

Progressive groups, local campaigns, and presidential operations are either losing staff to the Bloomberg campaign, or are struggling to hire people because the former mayor has picked so many political operatives and canvassers up, according to interviews, emails, and messages from dozens of people involved in hiring. Several of them spoke to The Intercept on condition of anonymity, either not to offend the biggest spender in political history, or not to expose publicly that they are having a hard time finding staff, which the public could perceive as suggestive of weakness.

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The Bloomberg campaign is offering field organizers, or FOs) $6,000 per month and guaranteed pay through November, and many have realized that if they demand more, they will likely get it, according to hiring managers. A typical salary for that position at the state or federal level might be $3,000 to $4,000, and multiple operatives in charge of hiring FOs say they’ve never had a harder time recruiting, and applicants are making extreme demands. Regional organizing directors are being offered $8,000 a month to start, significantly more than typical campaigns.

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Bloomberg’s network is even trying to recruit the children of big donors. As one donor messaged a friend: “Saw Nancy Pelosi yesterday at a fundraiser. Very inspiring. Lots of folks are starting to agree with [us] about Bloomberg. I know [your daughter] is a progressive but we have to win this time. One of the sons of our group is now on Bloomberg’s staff and he said they’re hiring young people with no experience at $8k a month. Any way we can talk [your daughter] into getting paid for real on the campaign?” (A Sanders supporter, the daughter declined and forwarded the message to The Intercept. It is edited to conceal identifying information, so as to avoid an unpleasant conversation with mom.)

Rob Quan, a political operative in Los Angeles, is currently consulting for a local city council candidate. “This is hands down the toughest time I’ve ever had finding field staff,” he said. He’s posting jobs for canvassers, paying $18 an hour, and is “getting crickets.”