In a fit of absolute genius the likes you wouldn’t see from a highly evolved muskrat, Obama today is forcing buyers of labor to pay more for that labor at any rate over 40 hours per week. He thinks this will mean that more workers will make more money. As in the total number of dollars spent on labor will rise because of this law.
What he doesn’t understand is that less workers will be making more money and the remainder will lose, because laws cannot magically increase the amount of money people are willing to spend on labor. Less people will make more money in order to equal out the total dollar amount spent. The others will either be cut to part time or fired.
What happens is we go from a situation of relative equality, where say:
100 people make $100 overtime, for a total overtime dollar amount of $10,000
To a situation of less equality where:
90 people make $111.11 overtime for a total dollar amount, again, of $10,000, and the other 10 people have zero.
Therefore, overtime legislation creates income inequality.
Obama doesn’t think. Therefore he isn’t.