Obama explains in his weekly address why new overtime pay policy is a BFD

Things like the 40-hour workweek and overtime are two of the most basic pillars of a middle class life. But for all the changes we’ve seen in our economy, our overtime rules have only been updated once since the 1970s. Just once. In fact, forty years ago, more than 60 percent of workers were eligible for overtime based on their salaries.

President Obama explained and applauded in this morning’s weekly address his own administration’s new ovetime pay rules, proclaiming, that it “will boost wages for working Americans by $12 billion over the next 10 years.”

Salaried workers who earn less than around $47,000 will now qualify for overtime when they work more than 40 hours, he said. Employers now have a couple of options: raise employee pay above the threshold, or let employees go home after 40 hours. Either option is a win for workers. And the president is quite clearly proud of this win.

This is the single biggest step I can take through executive action to raise wages for the American people. It means that millions of hardworking Americans like Elizabeth will either get paid for working more than 40 hours, or they’ll get more time with their families. Either way, they win. The middle class wins. And America wins.