Wednesday, November 23, 2016
Editor's Note: I'm taking tomorrow morning off from blogging. Happy
About a month ago, I took note of a "little dictator" who quite happily supported an overtime regulation that was due to kick in on December 1 -- but then whined about it as soon as she learned she would have to start punching in and out of work. As it turns out, that rule has been put on hold:
"Due to the approaching effective date of the Final Rule, the Court's ability to render a meaningful decision on the merits is in jeopardy," [Obama appointee Amos Mazzant] wrote. "A preliminary injunction preserves the status quo while the Court determines the department's authority to make the Final Rule as well as the Final Rule's validity."The Hill elaborates further that it is quite possible that President-elect Trump will have the opportunity to scrap the rule altogether.
The rule would have extended overtime pay to more than 4 million workers starting Dec. 1. It would have required employers to pay overtime to most salaried workers who earn less than $47,476 annually, a much higher threshold than the current annual salary limit of $23,660.
While I would welcome such a development, it is worth considering how much time even the prospect of it has surely wasted, as affected businesses and employees have had to gear up for it. And, until and unless the government begins consistently respecting the right of consenting adults to contract with each other, businessmen will always have the prospect of being ordered around hanging over their heads. Trump may alleviate some of the more onerous regulations, but he is not one to solve this problem. That would require a principled charge against regulations as such.
P.S. My latest column, "In Defense of a Strong U.S. Patent System," now appears at RealClear Markets.