Apparently President Obama can raise the overtime threshold to adjust for inflation and basically either give millions of workers a raise or at least relieve them from working overtime and force companies to hire more workers to make up the difference. Either way it would probably be the most economically revolutionary thing that happened in this country since the New Deal even though it's really just keeping up with inflation. I imagine it could be phased in over several years so companies aren't suddenly hit with new expenses all at once (although they obviously haven't minded getting free overtime from workers for decades).

Will he do it? Probably not, but he definitely seems to be looking for Executive branch-only things to do now that he's (finally) accepted that Congress is totally gridlocked. And this would be a good issue to ask potential Democratic presidential primary challengers about, if there were any.