From an article on PBS Making Sen$e by Nick Hanauer, Amazon.com billionaire and advocate of Seattle's higher minimum wage:
In the absence of a law requiring me to pay you overtime if you earn under a certain amount, you end up working harder—and the harder you work, the fewer employees I need. The fewer employees I need, the higher the unemployment rate. The higher the unemployment rate, the more leverage I have to “encourage” you to “do what it takes” to keep your job. And so you work even more hours, pushing unemployment up and wages down. And that, my friends, is one of the little tricks that keeps you poor and me rich.
This is why, in a recent Gallup poll, salaried Americans now report working an average of 47 hours a week, not the allegedly standard 40. And 18 percent of you report working more than 60 hours per week. Yet at the same time, you’re taking only about 77 percent of your paid time off. According to a survey commissioned by the U.S. Travel Association, U.S. workers now use an average of only 16 vacation days a year out of the nearly 21 days they earn—the lowest in more than four decades. Why? Often because they’re terrified of working fewer hours and falling short of their employers’ demands for ever more productivity. And many of these unused vacation days are forfeited: an estimated $52.4 billion worth each year that goes to owners like me.
Now obviously, take away our license to force 10.4 million Americans to work extra hours for nothing, and smart capitalists like me would try to limit overtime as much as possible. I mean, time-and-a-half pay sure adds up fast! So many of you would be unlikely to see much of an immediate bump in take-home pay. Instead, we capitalists would be forced to hire millions more people to do the work you currently do for free. That would drive down unemployment. And a tighter labor market would drive up wages for the first time in 40 years.