Marxist Economics 101: Obama Explains It All for You
You see the fallacy, though. Progressivism, like Marxism, assumes a static system, under which wealth is not created but shared. It's a misapplication of 18th-century physics -- matter can neither be created nor destroyed. For the Left, wealth is like an infinite pie that can neither be baked nor eaten, but somehow its slices are up for grabs between greedy employers and the starving, exploited masses. Obama assumes the employers can just unlock that vault where they've been keeping all those profits and distribute them to the lower end of the salaried workforce in overtime pay.
Or, the employers could just do the right thing and boost salaries past the threshold, which is based on "the lowest-wage Census Region, currently the South ($913 per week; $47,476 annually for a full-year worker)."
Or, the worker can just put down his hammer and sickle when the labor clock strikes 40 and go home to play with his kids. Never mind that salaried employees are being paid not by the hour (for their time and labor), but by the job (for their skill and expertise), and both they and the employer enter into a contract to that end. Never mind that an employee's failure to do the job could imperil the entire purpose of the economic enterprise; that's the Boss's tough luck.
This won't stop here. Unless the Democrats are tossed out in the fall, along with their malevolent army of faceless bureaucrats, those baselines will keep going up and up until everything collapses -- and then the Marxists will blame you and your greed.