RUSH: Did you see this? "Vice president Joe Biden is worried about facing retirement from public office." He spoke at the National Urban League’s Legislative Policy Conference. Joe Biden, 70-some-odd years old. I think he's in his seventies. Joe Biden said, "I've never been gainfully employed in my life." And the audience started to laugh. And Biden says, "I’ve never cashed a paycheck in my entire life. You think I’m joking. I’m not. I don't know what the hell I'm going to do."
He told the people in the crowd he's gonna need some career advice. Now, that's bogus on career advice, but I believe he's never had a job. Neither has Obama. So why are these people trying to run the health care business? Why are these people trying to run the minimum wage business? Why are these people trying to tell businesspeople how to run their businesses when they have never, ever, been employed?
Stop and think of that. Seventy years old, never, ever, been employed in the private sector, never had a job like most people have. And yet he knows better than anybody in the private sector how to run it.
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RUSH: Daily Signal. Headline: "Obama's Overtime Rule Tried at IBM, and it Didn't Work." Now, keep in mind, earlier in the program, Joe Biden speaking on the National Urban League -- 73 years old -- admitted he has never had a job in his life. In his words, he's never cashed a paycheck. Now, he gets paid as a US senator, but it's direct deposit. It's in the House Bank, the Senate Bank, whatever it is, and these guys, they never see it.
It's just deposited there, and they don't... It doesn't matter what they're paid. Whatever they spend is covered and they whatever. Biden's never had a job, has never had a job in the private sector, has never been an employer, has never set foot inside any business as an employee. Okay? Keep that in mind. "Juggling work and family life is hard. On Wednesday the 
Labor Department made it even harder for millions of salaried workers. The [Regime]'s new overtime regulations will effectively turn them into hourly employees."
Labor Department made it even harder for millions of salaried workers. The [Regime]'s new overtime regulations will effectively turn them into hourly employees."
What has happened here is that the Regime has noticed that with the advent of Obamacare, employers are converting more people to part time, because Obamacare's unaffordable. And it only applies... You only have to provide health care to employees that work 30 hours or more. So businesses are reclassifying people, turning them from salaried to part timers and giving them 29 hours a week and no health care. Now, the Regime, that makes them very mad, because these businesses, they're not just sitting there and taking the punishment.
The businesses are not just sitting there and absorbing these penalties. Businesses are doing what they always do. They act dynamically, taking steps to avoid these costly, inefficient and unworkable mandates from the federal government. So the Regime says, "Oh, yeah? Oh, yeah! (stammering) Well, well, well, then we're gonna... We're gonna raise... We're gonna raise the wage that you pay these part-timers! We're gonna get you! We're gonna get you the other end, you..." And so that's what's basically happened.
"The Fair Labor Standards Act regulations exempt many salaried employees. ... Salaried employees get paid to do a particular job, not work particular hours." Salaried employees have the flexibility to do things like take off early in the afternoon to attend a soccer game and all that but part-timers don't, and the Labor Department says, "That's not fair!" So... "On Wednesday it raised the overtime 'threshold' test for salaried employees to $47,500 a year. All salaried employees making less than that -- no matter how advanced their job duties -- now qualify for overtime."
This is the way the Regime is biting back to companies that have reduced hours. (Oh, yeah? You can't do that!) So they're now mandating overtime. "Their employers must pay time and a half when they work more than 40 hours a week." By the way, it's always been this way. Salaried employees are not on a clock. The job may be nine to five, but you do whatever you work to get the job done. And it's always been assumed by others that salaried employees really got it easy. "These white-collar guys?
"Yeah, they take the dog to the vet! They can do it, this and that. But I'm on the clock! I get paid by the hour; it's not fair." The Regime's moved in here, and as this website, the Daily Signal says, "On the surface this seems appealing." This seems fair. "Why shouldn't workers get extra pay for working longer hours? However, economic research shows that is unlikely to happen. Most employers respond to overtime laws by reducing base pay an offsetting amount. Combining new overtime pay and lower salaries, most workers will earn almost exactly what they made before,"
And the reason for this is that companies budget labor costs! Companies do not have a stack of cash -- other than Apple. They do not have a stash of cash that they're hoarding for the execs to spend on prostitutes or whatever that they're keeping from the employees. They've got a budget every year. The labor is probably the most expensive budget item. They're earning or trying to earn a profit. They just can't willy-nilly blow the budget left and right, not like governments can do. So the Regime comes in and says, "You know what? You know what?
"You're short-changing people because of Obamacare? Well, fine! We're gonna make you pay salaried employees time and a half, and hourly employees! Any overtime over 40 hours, time and a half." So the employer says, "Okay, fine," and they're reducing the regular hours so that the amount each employee's being paid is the same. And this is really got the Regime ticked off. But here's the point. The bottom line is, all of this was done by people in the Regime, like Joe Biden, who've never worked in the private sector!
Obama never has. Obama's never had... He had one job at some law firm where he admits he felt like he was among the enemy. The Obama administration, I think it's true to say -- my memory is -- that there's not a single cabinet member who has ever had a private sector job. They're all egghead faculty at universities or think tankers. They have never had real-world job experience. And yet they're the ones who sit around and curse everybody in the private sector, and they're the ones that sit around and claim they know how to do it better, 'cause they are the theoreticians.
And they're smarter, they're better, they're brighter, and they know exactly how these businesses ought to be run. And nobody would ever have been mistreated and they ran them, everybody would be happy, and everybody would be well compensated, and there wouldn't be any profit, there only in this stuff that businesses poisons businesses! There wouldn't be any tracking; there wouldn't be any global warming. So that's what they do.
People like Joe Biden have never gotten a private sector paycheck, never been in the business -- same thing with Obama -- they sit up there arrogantly, condescendingly telling other businesses what to do. So they implement this new overtime law, and IBM was the test case, and it didn't work. Obama's overtime rule was tried at IBM, and no matter what Obama did, IBM found a way around it so that at the end of the week, their labor costs did not increase.
Now, this kind of thing, if it goes on -- if it were to go on -- would just make Obama livid to the point... I don't know what he would do, but this problem was supposed to be fixed with Obamacare. They just don't understand the dynamics of how businesses run. All they have is hatred for it. All they have is contempt for private sector businesses. It's like the misunderstandings of children, in a way.
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