WATCH: Biden falsely claims raising the minimum wage will help small businesses

"No person should work two jobs, one job, below poverty. People are making six, seven bucks an hour," Biden said. "These first responders we all clap for as they come down the street because they've allowed us to make it. What's happening. They deserve a minimum wage of $15 an hour. Anything below that puts you below the poverty level. And there is no evidence that when you raise the minimum wage businesses go out of business. That is simply not true."

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A study from the Congressional Budget Office, "The Effects on Employment and Family Income of Increasing the Federal Minimum Wage," found that an increase to $15, up from as low as $7.25 in some states, would not be a net positive.

Small businesses would be disproportionately affected by a mandated increase in pay for their workers. It's not just the increase in pay that they would have to shoulder, but an increase in FICA payments as well. Small businesses are already walking a tightrope, and if their bottom lines go up in cost, so too could the prices they levy to their customers.

While some earners would see increases, other earners would lose their jobs entirely. There would be families who are lifted from poverty, but there would be many others who fall back into it.

Trump said that he would consider it during his second term, "but not to a level that's going to put all these businesses out of business. It should be a state option." Trump said that every state has different needs, and they should be responsible for determining minimum wage laws in their states. In some states, he said "$15 an hour would be ruinous."

Many states already have implemented a $15 minimum wage law, with that increase coming over time, to be fully in effect by 2024.

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