Should-Read: David Weil and Heidi Sherholz: CBO Report Confirms What We Already Knew

Should-Read: David Weil and Heidi Sherholz: CBO Report Confirms What We Already Knew: “The Congressional Budget Office released a study of the economic impact of reversing these updates to the overtime regulations…

…The CBO report confirms what we already knew – that the rule will increase earnings for middle-income Americans. Here are our takeaways…. Reversing the rule would strip nearly 4 million workers of overtime protections… reduc[ing] workers’ earnings while increasing the hours they work… the total annual earnings of all affected workers would decrease by more than $500 million in 2017…. CBO finds that reversing the rule would primarily benefit people with high incomes… 85 percent… would accrue to people in the top income quintile. CBO finds that reversing the rule would not create or save jobs…