Marcy Kaptur: “I thank Congressman Polis for yielding time and rise against the rule and the underlying bill, H.R. 1406, the More Work…”

“I thank Congressman Polis for yielding time and rise against the rule and the underlying bill, H.R. 1406, the More Work for Less Pay Act. Congress should protect workers' wages and overtime rights, not undermine them. USA Today reported yesterday that stock markets and corporate profits are breaking records, but workers who rely on paychecks for their income have been running in place--financially speaking--and falling behind, despite their productivity increasing consistently for the last several years. That means they're working harder for less. Adjusting for inflation, an average worker who was paid $49,650 at the end of 2009 is now making about $545 less, and that's before taxes and deductions. Living standards aren't rising for the middle class; they're falling. Yet the profits of Standard and Poor's 500 companies hit a record in the first quarter. The roaring market is making the richest Americans even richer, giving them even more money to spend. How about this? Brian Moynihan, Bank of America, he earns about $12.1 million that is reported in the papers--I'm sure it's even more than that--and Goldman Sachs, their CEO, Lloyd Blankfein, $21 million that he's willing to admit; and John Stumpf at Wells Fargo, $22.9 million. Frankly, how much more do they need? Now, meanwhile, during the first 2 years of the recovery, while average net worth rose for the top 7 percent of households, it fell for the other 93 percent, according to the Pew Research Center.…”