Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
December 21, 2014

Posts in "Joe Biden"

October 7, 2014

Biden Botches Minimum Wage Stats (Updated)

SOTU 114 012814 445x296 Biden Botches Minimum Wage Stats (Updated)

(Bill Clark/CQ Roll Call File Photo)

Updated 3:33 p.m. | Vice President Joseph R. Biden Jr.’s trip to Los Angeles to talk up a minimum wage increase was marred by a misstatement about the impact of said wage hike.

Biden appeared to confuse his talking points; the White House claims increasing the minimum wage to $10.10 an hour would give 28 million people a raise. Biden said it would lift 28 million people “out of poverty.” Big difference.

“If we raise the minimum wage nationally to $10.10, that takes 28 million people out of poverty: 28 million people out of poverty,” Biden repeated.

The Congressional Budget Office earlier this year predicted a $10.10 minimum wage would lift about 900,000 people out of poverty. Full story

May 15, 2014

Biden Refinances Mortgage, Saves a Bundle

SOTU 115 012814 445x296 Biden Refinances Mortgage, Saves a Bundle

Biden is saving thousands after refinancing his mortgage. (Bill Clark/CQ Roll Call)

Vice President Joseph R. Biden Jr. refinanced his home and two home equity lines of credit in 2013, securing super-low mortgage rates that will save him thousands of dollars a year.

Biden was generally been among the poorer senators, but his family finances appear to have improved of late, judging by a review of his financial disclosure forms.

In 2013, he paid off a mortgage on his Delaware home with a 4.625 percent interest rate with a new, 30-year mortgage with a super-low 3.375 percent rate from TD Bank, which has a Canadian parent company.

The mortgage is somewhere between $500,000 and $1 million, and includes a rental property. Saving 1.25 percent on $500,000 would amount to more than $6,000 in savings a year, although after-tax savings would be less because of the mortgage interest deduction.

He also paid off two home equity lines of credit each worth more than $100,000 and took out a new home equity line of credit worth more than $250,000.

The old home equity lines featured interest rates of 4.49 percent and a prime interest rate, respectively.

The new home equity line features a super-low 2.75 percent interest rate and a 20-year term, also from TD Bank. That should save Biden thousands more each year.

Biden, 71, would be more than 100 years old when the 30-year mortgage is paid off, if it isn’t paid off early.

Obama, meanwhile, continues to pay above-market interest rates on his mortgage on his Chicago home — 5.625 percent. We noted a few years back that while Obama had urged a massive refinancing program to bolster the economy, he hadn’t yet taken advantage of low interest rates to refinance himself.

 

Related:

Roll Call’s List of the 50 Richest Members of Congress

10 ‘Poorest’ Members of Congress Owe Big

 50 Richest Members of Congress: The Wealth Keeps Growing

 

 

By Steven Dennis Posted at 5:54 p.m.
Joe Biden

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