JUST IN: Obama Announces Massive Increases To American Salaries, Republicans Freak (VIDEO)

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The Obama Administration just unveiled a brand new policy directive that will dramatically increase the amount of income going into American workers’ pockets. The Huffington Post described the move as “one of the most ambitious economic reforms of the Obama era.”

Basically, what the just finalized rules entail is a change in the rules regarding overtime pay eligibility. Under the new rules, the threshold that disqualifies workers from overtime pay has doubled. In other words, millions of Americans just got a potential raise. Below, you can read part of Vice President Joe Biden’s explanation of the move.

‘Right now, you’re guaranteed overtime if you’re an hourly worker, but if you’re salaried, you’re only automatically guaranteed overtime if you make less than $23,660. If you’re a manager on salary and you work an extra 10, 20, 30 hours a week — you often don’t get paid a dime more for those additional hours. That’s simply wrong. Starting in December, we’re making sure that more workers get paid fairly for the overtime hours that they work. With this new rule, we’re increasing the cutoff for automatic overtime for salaried workers to $47,476 — most salaried workers making less than $47,476 will be guaranteed overtime pay for working more than 40 hours a week.’

Further, according to the Huffington Post,

‘The Labor Department will now update the threshold every three years to make sure it keeps pace with inflation. The White House estimates that the change will bring overtime rights to 4.2 million workers who are currently excluded. It will also clarify eligibility for another 8.9 million workers who may or may not have overtime protections under the current rules, officials said.’

Labor Secretary Tom Perez additionally added, as reported by NBC News,

‘The overtime rule is about making sure middle-class jobs pay middle-class wages. Some will see more money in their pockets…. Some will get more time with their family … and everybody will receive clarity on where they stand, so that they can stand up for their rights.’

Obama’s economic record has, technically, not been perfect. The rate of national economic growth has stayed dismally low. One of Obama’s best areas is the national unemployment rate. As you can see in the below graph, which is via Fortune magazine, the unemployment rate has walked off a cliff under the “Obama era,” plummeting down from 10 percent to about 5 percent.

obamaunemployment JUST IN: Obama Announces Massive Increases To American Salaries, Republicans Freak (VIDEO) Politics Top Stories

Below, check out an informational video that the White House put out about the new rules.

https://www.youtube.com/watch?v=UFJaDm720FU

Featured Image via Pixabay. It is public domain.