It is no big secret that President Joe Biden has taken opportunities to unilaterally harm the state of the United States economy, and citizen's as a whole. His plans to combat inflation have only made said inflation worse. He has tried forcing through a student loan forgiveness plan which would be detrimental to the economy, and he has simply sat on his hands as things continue getting worse.
Well, in yet another not surprising move, he is taking more steps to hurt already flailing businesses. Biden has announced proposals to extend overtime pay to more than 3.6 million salaried workers who are making under $55,000 per year. That is compared to the current threshold, which sits at $35,000 a year.
George Seay of Anendale Capital says this is what Biden, and the Left, want.
"They want to compress the economy, and the rate of economic growth, down as low as they possibly can, without killing the economy," he says. "Because they know, if it goes into a recession, they will not get reelected."
Which, of course, hanging on to that power is more important to them than helping the average American.
"Power is like a heroin shot to Biden, he is addicted to it...it is why he is not retiring when he is not capable of doing the job anymore," he says. "Our politics on a national level are just an embarrassment right now."
The proposal would have the biggest effects on managerial workers in retail especially, which have salaried workers in management positions who earn under that $55,000 per year mark. The rule would also automatically adjust the annual salary threshold every three years to reflect current earnings data.
Businesses have been suffering since the over dramatic COVID lockdowns of 2020, and have since suffered further under Biden's utter lack of caring. Sky high supply chain costs, and rising inflation, have further hampered their abilities to stay afloat. Adding this into the mix may just have them quit altogether.
"A lot will just fold up their tent and go home...they cannot operate on such small margins," he says. "These kinds of things just squeeze the little guy...they cannot do business, then people lose their jobs, instead of having higher pay."
What, did you think that this would not ultimately impact you, the consumer? Of course, it will.
It will get passed through...which is of course inflationary, which will mean the Federal Reserve will keep raising interest rates, which will eventually kill the economy," he says. "Biden is just hoping he gets re-elected before any of that happens."
But it is nothing to be suprrised about. This is just par for the course for a political party that has strayed into realms of insanity never before seen.
"Any normal American needs to wake up, and realize the Democratic Party of today is not the party of JFK or FDR...it is the party of special interests. The government, government workers, and special interest groups, which do not really fit into society. If you are tired of it...you need to vote for change," Seay says.
To note, Donald Trump was the last one to change the overtime threshold, when he bumped it from $23,000, to the reasonable $35,000 it is now.
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