The Contrarian

“In the investment markets, what everyone knows is usually not worth knowing.”

“Congress Fights Back”

That’s the headline on the “Daily Caller” out of Washington DC on the new overtime rules proposed by the Washington leadership.

Here is an excerpt:

“The Obama administration’s decision to drastically redefine overtime will hurt our workforce and our employers,” Republican Sen. Tim Scott said in a statement. “It will lead to reduced hours, confusion for job creators, and will limit growth opportunities for employees.”

The rule change would essentially increase the salary threshold so people can qualify for overtime. For example, managers cannot get overtime if they make $23,660 annually, but the proposed rule would raise the threshold to $52,000. The change could make an additional five million workers eligible for overtime. Labor unions assert the change is a much needed update to federal law.

Read more:

What surprised me was that Congress is still alive. Over recent years it seemed that this organization had become obsolete. Nice to see that there are still some people in Congress working for their salaries and representing the people.

Bottom line:  Unfortunately, Washington continues to shovel sand into the ball bearings of the economy. The small business has no time building a business. He is too busy filling out forms and trying to get through the maze of regulations. The coming recession will wipe out many small businesses, thanks to local and Federal governments.