Economic illiteracy from Bloomberg: "The Obama administration plans to raise the wages of millions of Americans"
The Obama administration - like the Bush administration before it - is not raising the wages of Americans by constantly tinkering with employment law.
Overtime eligibility changes make employment more expensive for employers. They cause some workers to make more, some less.
But mostly, they result in employers finding other ways to deploy capital. Offshoring. Reducing supply. Outsourcing.
And who is it that gets hurt by this? Hard-working Americans.