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Is Ron Paul's campaign better with money than Mitt Romney's?

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(Read caption) Supporters of Rep. Ron Paul (R) of Texas cheer his speech during a breakout session of the Texas Republican Convention in Fort Worth earlier this month. Congressman Paul depends on Internet 'money bombs,' backed by supporters, to fund his campaign.

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Ron Paul had a pretty good May, money-wise. According to his just-filed Federal Election Commission financial disclosure form he raised $1.78 million during the month, despite the fact that Mitt Romney is now the presumptive Republican presidential nominee. And Mr. Paul entered June with no listed debt and $3.28 million in the bank. That’s $800,000 more in cash on hand than he had at the end of April.

So the Texas libertarian is in decent financial shape as he heads into the summer. He’s certainly better off than, say, Newt Gingrich, whose defunct campaign still owed over $4.7 million to various vendors last time we looked.

But what’s Paul’s spending pattern? As it happens, we think where his money goes is as interesting as how much he has, if not more so. Compare Paul’s balance sheet with Mr. Romney’s, and one might come to this conclusion: Paul’s campaign is more efficiently run.

You don’t see this just flipping through the line items in the latest report. (Although we would like to know who in the Paul campaign is spending all that money at Whole Foods. WalMart has groceries, and they’re cheaper.)

In May, Paul’s biggest expenditure was $297,852 in credit card payments. Next was $116,338 in airfare. His campaign spent $104,795 on hotels, then $81,750 on political consultants.

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