Representative Mark Takano 2015-08-10 06:06:29
Earlier this month, former Florida governor and current Republican presidential nominee, Jeb Bush, said that in order to grow the economy, people, “need to work more hours.” While I know that times were not exactly tough for Jeb Bush growing up with one of the richest families in our nation, the regular Americans who are struggling just to get by and are already working 40, 50, or even 60 hours a week know that they just do not have any more hours to give. Although productivity is at an all-time high, wages have remained relatively flat. In order to grow the economy, we needa system that lets workers climb the economic ladder and increase their purchasing power, not squeeze every ounce of productivity they have. Luckily, the pendulum is starting to swing in the other direction. With the issue of income inequality becoming mainstream, many states and cities have begun implementing progressive ideas such as raising the minimum wage. Just last week, President Obama announced that his Administration would be updating the rules for what is believed to be one of the most effective ways in helping working Americans – overtime pay. When word got out that the Obama Administration and the Department of Labor were Considering updating the overtime pay standards, I wrote a letter to the President and asked him and the Department of Labor to ‘take bold action.’ I am pleased to see that they have done just that as the Department of Labor intends to raise the salary threshold for overtime pay from $23,660 to $50,440. When the final rule is implemented in the next several months, overtime pay will be expanded to an additional 5 million working Americans, putting$1.2 billion in workers’ pockets, which in return will be put back into the economy. Far too many are working harder without seeing the rewards. This new rule will begin to even the scale, which has been tipping in the wrong direction for decades. It’s about time, because no matter what Jeb Bush thinks, Americans don’t need more hours, they need an economic system that works for them
Published by Moreno Valley Business Journal. View All Articles.
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