Court Temporarily Blocks Overtime Rule- Here’s What’s Next

A Texas court has granted a preliminary injunction blocking the Department of Labor’s (DOL) new overtime regulation nationwide. The rule, set to take effect Dec. 1, would have caused Florida job creators to make tough decisions on how to control costs while examining how they classify and pay employees.

If the rule had taken effect, it would have resulted in significant new costs – $12 billion over 10 years according to the White House – and it would have caused many disruptions in how work gets done. The reality is, changing overtime regulations will not guarantee more income, but instead will negatively impact Florida’s small businesses and drastically limit employment opportunities.

The Florida Chamber has actively fought this new rule since it was announced last summer, including:

  • Officially opposing the proposed rule in comments to the DOL,
  • Meeting with Florida’s Congressional Delegation to express genuine concern about the impacts of this rule on Florida job creators, and
  • Engaging business leaders to share their concerns with DOL officials.
While the Court’s injunction is a move in the right direction, it’s only temporary. We must not retreat. Please take 30 seconds TODAY to share how this rule will impact your business, and encourage President-Elect Donald Trump to permanently repeal this proposed rule.

Here’s how you can share your voice:

1. Go to President-Elect Trump’s website by clicking here
2. Copy and paste this text to share your story:
Dear President-Elect Trump: Please repeal the Obama Administration’s Overtime Rule PERMANENTLY. This rule is harmful to businesses like mine and makes our state less competitive. Thank you for your support.

Our National Debt: We Are on Borrowed Time

By Maya MacGuineas

With the presidential candidates crisscrossing the country, we are likely to hear many warnings about our mounting national debt. The numbers are huge and the trends discouraging, especially if we do nothing.

But denouncing the problem is different from doing something about it. We need to press candidates on what they plan to do with debt because once in office, the next president is going to be met with a pile of IOUs that can’t be ignored. Here’s what the next president will be greeted with, and the projected costs by the end of a second term:

  • Federal debt held by the public growing by over $7 trillion, rising from $14.4 trillion in during the President’s first year in office in  2017 to $21.2 trillion in 2025
  • Annual deficits consistently rising, starting at $455 billion in 2017, increasing to over $1 trillion in 2025
  • Federal spending on major retirement and health care programs, and interest on the debt, accounting for 58 percent of spending in 2017, rising to 67 percent in 2025 – crowding out spending on core government functions (such as defense, education, transportation and other “discretionary” spending), which will fall to historic lows as a percent of the economy

We need to look forward to the next election because Washington has lost interest in the debt. With short-term deficits declining, Washington has practically removed the debt issue from the national agenda. Those who don’t want to face up to the huge gap between spending and revenue often point out that deficits have declined by almost two-thirds since 2009 – never mind that they had just grown by 800 percent. But this year’s annual deficit is not the problem. It’s the long-term trends, driven by our aging society and demands on popular government programs.

Our debt is already the highest it has ever been – other than around World War II – and is on course to continue growing as a share of the economy. Still, almost no one in Washington is talking about how to reverse course.

That’s why as citizens we must demand that our next president and other elected officials start looking out for the next generation instead of the next election, and come together to put in place sensible tax and entitlement reforms that would slow our debt, strengthen our economy, and secure our future.

FixtheDebt

Maya MacGuineas is President of the Committee for a Responsible Federal Budget.