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Joe Biden's Bad Math on Minimum Wage Increase Is Off by Whopping 3,100 Percent

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This statement contradicts the non-partisan Congressional Budget Office (CBO) statement on the effects of a minimum wage increase.

WASHINGTON, DC - APRIL 28: U.S. Vice President Joe Biden speaks at George Washington University April 28, 2014 in Washington, DC. Biden spoke about the Republican budget proposed by Rep. Paul Ryan (R-WI) and economic policy during his remarks. Win McNamee/Getty Images

The Los Angeles City Council has just proposed a substantial increase in that city's minimum wage from $9-per-hour to $13.25-per-hour.

Supporting the initiative, Vice President Joe Biden visited the L.A. Baking Company in Los Angeles on Tuesday and spoke about raising the minimum wage, not just in Los Angeles, but also across the country.

However, during the vice president's remarks, he made a very large mistake in explaining the impact that increasing the minimum wage would have.

According to Biden, raising the minimum wage nationally to $10.10-per-hour would move 28 million people "out of poverty." This statement contradicts the non-partisan Congressional Budget Office (CBO) statement on the effects of a minimum wage increase.

The CBO report issued earlier this year was quite clear on what would happen by gradually raising the minimum wage to $10.10-per-hour.

Real income would increase, on net, by $5 billion for families whose income will be below the poverty threshold under current law, boosting their average family income by about 3 percent and moving about 900,000 people, on net, above the poverty threshold (out of the roughly 45 million people who are projected to be below that threshold under current law).

Biden's math was off by roughly 3,100 percent, according to Grabien.

Listen to Biden's latest gaffe here:

In the same speech, Biden also made a curious statement about tax cuts, saying, "I'm not even opposed to some of the tax cuts that are used for wealthy people -- they're deserved, some of them."

The tax cut comment happens at the 43:00 mark of the statement from the vice president.

(H/T: Grabien)

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Follow Mike Opelka (@Stuntbrain) on Twitter.

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