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

New York Times columnist Paul Krugman told Democracy Now on Monday that he doesn’t believe billionaire businessmen Michael BloombergMichael BloombergEngel scrambles to fend off primary challenge from left It’s as if a Trump operative infiltrated the Democratic primary process Liberals embrace super PACs they once shunned MORE and Tom SteyerTom SteyerBloomberg wages war on COVID-19, but will he abandon his war on coal? Overnight Energy: 600K clean energy jobs lost during pandemic, report finds | Democrats target diseases spread by wildlife | Energy Dept. to buy 1M barrels of oil Ocasio-Cortez, Schiff team up to boost youth voter turnout MORE should be in the 2020 presidential race.
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 SandersThe Hill’s 12:30 Report: Milley apologizes for church photo-op Harris grapples with defund the police movement amid veep talk Biden courts younger voters — who have been a weakness 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 BidenHillicon Valley: Biden calls on Facebook to change political speech rules | Dems demand hearings after Georgia election chaos | Microsoft stops selling facial recognition tech to police Trump finalizing executive order calling on police to use ‘force with compassion’ The Hill’s Campaign Report: Biden campaign goes on offensive against Facebook 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.

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