Beckel: CBO “Lost Its Mind” with Report on Minimum Wage Hike; Calls Budget Office’s Idea ‘Crazy Notion’
February 19, 2014
by Brendan Bordelon
(WASHINGTON D.C.) Liberal commentator Bob Beckel attacked the Congressional Budget Office (CBO) on Fox News’ “The Five” Wednesday, claiming the nonpartisan budget group may have “lost its mind” after issuing a report forecasting the loss of up to a million American jobs if the minimum wage is raised to $10.10 per hour.
“It’s very simple,” he began. “I’ve now begun to believe the CBO has either lost its mind or — look, there’s 600 labor economists who believe that it has no impact — in fact it helps the economy. And six of those are Nobel laureates. I’ll put them up against the CBO any day.”
“The fact of the matter is, every case where you raise the minimum wage — including New Jersey — nobody lost their jobs,” he continued angrily. “And in fact there’s more money going around the economy. So it’s a crazy notion.”
Conservative commentator Eric Bolling called out Beckel for his perceived hypocrisy. “It’s amazing how liberals — and Bob, included in that group — will use the CBO when they score something in their favor,” he noted. “But now when it’s against them, they’re just the craziest group ever.”
“The Five’s” panelists went on to debate whether the CBO report was even-handed and what other effects a minimum wage hike would have on the U.S. economy.