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.
