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BK Blog Post
Posted by Jared Bernstein.
From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class, and a member of President Obama’s economic team.
…and it’s one of the Obama administration’s most progressive actions targeting middle-class paychecks. Here are links to everything you need to know about the new rule, which goes into effect on Dec. 1, and here’s my take at WaPo.
I ask you, OTEers, how often am I able to tout seriously good news on an economic policy that’s not just under discussion but being enacted? Of course, as I wrote:
The reason this is happening is that it’s an executive rule change, not legislation. This Congress would never have taken a step like this to help middle-class, working families. But if the next president is hostile to the new rule, it can be reversed (it takes some time to do so, but it can be done). That means the fate of the new overtime rule is tied to the outcome of the election. Or, to put not too fine a point on it, from the perspective of the middle class, the electoral stakes just got even higher.