Washington, D.C. — Neera Tanden, President of the Center for American Progress, released the following statement after the Obama administration’s announcement of revised overtime rules:
Expanding overtime protections is a major step by the administration to address stagnant incomes and growing inequality, but also to honor the hard work of millions. Americans continue to work harder, but with less to show for it, and this action will help ensure they are paid what they have earned for their work.
Incomes have failed to keep up with the costs of living in the middle class, but by raising the overtime threshold for salaried workers to $50,400 by 2016, the administration will help raise incomes for both low-wage and middle-class workers. While the recovery is leading to record profits on Wall Street, it has failed to materialize for ordinary Americans. This action will help ensure more workers share in the wealth they help create.
More money in the pockets of workers means more spent at local businesses, boosting our economy. It also means more economic security for American families, who are being paid the salaries they have earned by working hard and playing by the rules. This most basic of protections will help provide that security and help millions of American families get a little closer to living the American dream.
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