Steve Chapman on Obama’s Overtime Gambit

If you take an economics course, you may learn
about the different events that can cause an increase in workers’
pay. The demand for the product a worker makes may rise, causing
the demand for workers to go up. The supply of workers may decline,
causing employers to bid up wages to keep the ones they have. But
there’s one event the textbooks don’t cover: The president of the
United States gives you a raise. Barack Obama decided that more
workers are entitled to time-and-a-half pay when they work
overtime—a decision he can implement without legislation. As a
result, writes Steve Chapman, some employees will earn less—because
they lose their jobs.

View this article.