May 21, 2016
WASHINGTON, DC – President Obama boasted his rule extending overtime pay to millions of workers Saturday in his weekly address but said there's still work to do to help the middle class.
May 21, 2016
WASHINGTON, DC – President Obama boasted his rule extending overtime pay to millions of workers Saturday in his weekly address but said there's still work to do to help the middle class.
"This is the single biggest step I can take through executive action to raise wages for the American people," Obama said. "We still have more work to do to make sure this economy works for everybody, not just those at the top."
Obama's regulation makes anyone earning up to $47,476 a year, or roughly $913 a week, eligible for overtime pay.
The rule is one of the most significant regulatory initiatives of President Obama's second term, and has drawn fierce opposition from industry groups.
Obama said the rule would boost wages for Americans by $12 billion over the next 10 years. The threshold would also be automatically updated every three years.
"Any way you slice it, it's a win for working families," Obama said.
With the Republican Congress standing firm against a minimum wage increase and other economic proposals from Democrats, the president has exerted the power of the executive branch to try and burnish his legacy.
But Republicans are also opposed to Obama's new rule.
House Speaker Paul Ryan said the regulation "hurts the very people it alleges to help."
"This regulation hurts the very people it alleges to help. Who is hurt most? Students, non-profit employees, and people starting a new career," Ryan said in a statement.
Courtesy: The Hill
