Biden admin mulls more intervention in the market with new overtime pay 'rules'
Now the Biden administration is mulling more intervention in the market and wants to hike the threshold for overtime pay. From Yahoo News:
The Biden administration proposed a new rule Wednesday that would make 3.6 million more U.S. workers eligible for overtime pay, the most generous such increase in decades. ...
The proposed regulation ... would require employers to pay overtime to salaried workers who are in professional, administrative and professional roles but make less than $1,059 a week, or $55,068 a year for full-time employees.
Does anyone truly believe that these regulations will help productivity, or that costs won't spiral out of control? I am sure rising costs will help the poor and seniors on fixed incomes be able to afford their necessities.
It's as if we have a bunch of economic illiterates running the asylum in D.C. who think they have to regulate everything.
They must be voted out, or they will never stop.
President Trump reduced regulations as fast as he could, and Joe Biden is increasing regulations as fast as he can.
As soon as Biden took office, he decided his mission was to reduce drilling and push the green agenda to destroy companies that use natural resources to produce reasonably priced energy, and the prices started skyrocketing. Crude oil is used in over 6,000 products, and every business and person uses energy.
Now not enough people are buying expensive, impractical, and inefficient electric vehicles powered by a flammable pollutant (go figure), so the Biden administration proposed another new rule, one of impossible fuel standards, which will decimate gas-powered vehicles and send costs even higher. They show every day how little they care about what people want and can afford.
College costs skyrocketed for years, and the solution for Democrats wasn't to undo disastrous policies that caused the costs to inflate, but throw more money, massive amounts, at academia, and have taxpayers from this and future generations pay off the debts. That is asinine.
When the media and other Democrats were pushing Obamacare with massive mandates and many taxes, the people were told that premiums would go down substantially. It was an obvious lie. When you force people to buy a Cadillac product and give the insurance companies and medical entities a captive audience, there's no competition to drive prices down. Democrats always claim they are for freedom of choice, yet they took away choice.
Trump and other Republicans gave the people back freedom of choice when they took away the individual mandates and when they allowed them to buy more basic policies. And prices stabilized; it is a simple concept.
But now the tyrannical authoritarians are back, and Biden is emulating Obama and seeking to take away freedom of choice. Read below:
Access to affordable coverage options for Americans would be severely restricted under a new proposed rule from the Biden Administration's Department of Health and Human Services targeting short-term, limited-duration insurance (STLDI) plans that offer low-cost health coverage for millions of Americans. The proposed rule would pull back a Trump Administration rule that expanded health coverage options for Americans.
And no matter what Biden and the Democrats do to increase costs and control most of what we do, most of the media just cheer and claim that Trump and Republicans are the authoritarians.
Raising interest rates won't control inflation as long as we have politicians who believe that the correct economic policy is a powerful government with massive regulations and high taxes.
Facts and results don't matter when you're a Democrat.
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