Are you ready for more Obama handouts and big government power plays? Well, ready or not, here they come.
A new White House initiative presented at the beginning of July would raise overtime rates for an estimated 5 million U.S. workers.
Right now, only salaried employees making less than $23,660 every year are eligible for overtime. Obama’s new rule would bump that threshold up to $50,440.
The president’s op-ed in the Huffington Post (of course) tells us more:
We’ve got to keep making sure hard work is rewarded. Right now, too many Americans are working long days for less pay than they deserve. That’s partly because we’ve failed to update overtime regulations for years — and an exemption meant for highly paid, white collar employees now leaves out workers making as little as $23,660 a year — no matter how many hours they work.
This week, I’ll head to Wisconsin to discuss my plan to extend overtime protections to nearly 5 million workers in 2016, covering all salaried workers making up to about $50,400 next year. That’s good for workers who want fair pay, and it’s good for business owners who are already paying their employees what they deserve — since those who are doing right by their employees are undercut by competitors who aren’t.
That’s how America should do business. In this country, a hard day’s work deserves a fair day’s pay. That’s at the heart of what it means to be middle class in America.
Given the fact that most private businesses already compensate for overtime regardless of the official law, it makes little sense that Obama would complicate the issue and force struggling businesses to pay overtime they can’t afford.
What’s your take? Tell us in the comments.