Paul Krugman: 'Bloomberg is not evil, but he shouldn't be in this race'

Paul Krugman: 'Bloomberg is not evil, but he shouldn't be in this race'
© Getty Images

His remarks come as Bloomberg and Steyer have spent hundreds of millions of dollars on their respective campaigns, with Bloomberg, the former New York City mayor, recently eclipsing $450 million in spending while drawing the ire of some pundits who argue that his rise in the polls is only due to massive ad buys. 
 
"I don't think that billionaires are inherently evil," Krugman, a winner of the Nobel Prize for Economics, said in a conversation with Richard Wolff, who recently authored "Understanding Socialism" and is a supporter of Sen. Bernie SandersBernie SandersBiden campaign: Trump and former vice president will have phone call about coronavirus Judge slams Wisconsin governor, lawmakers for not delaying election amid coronavirus outbreak The Hill's Campaign Report: Biden offers to talk coronavirus response with Trump MORE (I-Vt.). "But there is something when two guys that really don't have any kind of national political base are only in this race because of their money."
 
"Bloomberg is not evil," Krugman added. "But he shouldn't be in this race."
 
Bloomberg and Steyer have spent more than five times as much as all of the other Democratic candidates still in the race combined, according to numbers released by political ad tracker Kantar/CMAG on Feb. 16.
 
Bloomberg's precipitous rise in the polls hit an apparent stumbling block after a debate performance last week in Las Vegas that was universally panned.
 
A Morning Consult poll released Friday shows Bloomberg dropping 3 points behind Sen. Bernie Sanders (I-Vt.) and former Vice President Joe BidenJoe BidenBiden campaign: Trump and former vice president will have phone call about coronavirus Overnight Health Care: Trump resists pressure for nationwide stay-at-home order | Trump open to speaking to Biden about virus response | Fauci gets security detail | Outbreak creates emergency in nursing homes 16 things to know today about coronavirus outbreak MORE. Sanders leads with 30 percent support nationally, followed by Biden with 19 percent and Bloomberg at 17 percent. 

The 3-point drop for Bloomberg was the largest of any candidate.