Story highlights "Every generation has had to confront its own demagogues," Bloomberg said

Bloomberg considered entering the 2016 presidential election earlier this year

Washington (CNN) Former New York City Mayor Michael Bloomberg on Saturday urged college students to reject "demagogues" in the presidential race -- chastising both Republicans and Democrats, though he didn't mention any candidates by name.

"Every generation has had to confront its own demagogues," Bloomberg said at a commencement address at the University of Michigan . "And every generation has stood up and kept them away from the White House. At least so far. And now it is your turn."

He continued, "In this year's presidential election, we've seen more demagoguery from both parties than I can remember in my lifetime. Our country is facing serious and difficult challenges, but rather than offering realistic solutions, candidates in both parties are blaming our problems on easy targets who breed resentment. For Republicans, it's Mexicans here illegally and Muslims. For Democrats, it's the wealthy and Wall Street."

"The truth is, we can't solve the problems we face by blaming anyone," Bloomberg added. "We are in this together and we all must be part of the solution."

Bloomberg also criticized university leaders across the country who focus on creating "safe spaces" for college students that he said keep them hearing opposing views.

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