Side Hustles Now Illegal? 80 Million Americans Affected By New Labor Rules

New labor rules have been introduced under the Biden Administration that will essentially make side hustles illegal in the U.S. These new rules will negatively affect approximately 80 million Americans within a matter of 12 days. Let’s take a deeper look into the ins and outs of what these new rules look like.

The Effects On Gig Economy

Employers are going to be required to provide minimum wage, overtime financial accommodations, and other statutory benefits

If they fail to follow through with these expectations there could be consequences that could result in significant damages and penalties for the business, even if the misclassification happened unintentionally.

Labor Reform Under The Biden Administration

The new regulations that are set to go into effect on March 11th will redefine the classification of workers. This will specifically affect those that work as independent contractors in the gig industry, they will now be classified as employees instead of independent contractors.

The internet is to provide better protections and benefits for workers, but it has caused significant concerns amongst gig industry workers. How will this affect business and the economy in the long run?

The Effects Across All Industries

The implications of the decision to change labor rules isn’t just affecting the gig industry, it is having ripple effects into the construction, trucking and healthcare industries as well.

Companies across the board are scrambling to conduct internal audits to guarantee compliance and mitigate the risk of penalties from the IRS.

Guidance For Individuals

With the news of these upcoming changes, finance expert Johns Williams urges individuals to make debt reduction a priority. To focus on financial planning and putting themselves in a financial position that will facilitate them capitalizing on what he believes will be the greatest opportunity for wealth transfer in American history.

He is encouraging people to seek out assistance in fixing credit problems and prepare themselves for the economic challenges that lie ahead.

Challenges Businesses May Face

It’s clear that the transition from independent contractors to employees is going to have profound effects on businesses. It could lead to financial strain, which could lead to layoffs and outsourcing. Further increasing the reliance on automation.

This, combined with the upcoming end of the Bidens Administration’s relief programs for small businesses, portrays a grim outlook for the economy as a whole.

Economic Fallout Warnings

Williams cautions about the potential surge of delinquencies as millions of Americans face the possibility of job loss and financial uncertainty.

Household debts, credit cards, and auto loan debts are already at a staggering high, the possibility of increased financial hardships are significant.

An Evil Action?

People are angry about this:

“Amazing that an agency who has NO legal right to collect taxes on our income and feels it necessary to arm itself with tons of ammunition to go after people who got a 20 dollar reimbursement for helping a friend out enforcing no law on the books to do so is evil and insane.”

The Right To Work

Another person added: “A person can have as many jobs as they want. That’s a human and civil right. Government cannot tell you how many jobs you can have and cannot dictate to anyone how much money they are capable of earning. Whomever is trying to push this will end of going missing.”

Another person concluded: “It clearly rewards illegal labor over the citizen labor. Cash employment will start a black market labor force. Teenager starter jobs will go to illegal adults.”

Groundbreaking Choice

This earth shattering choice made by the Biden Administration stands as a pivotal moment in labor policies and sets the new tone for the era of new economic uncertainty in the United States.

Uncertain times lay ahead and it has everyone a little nervous about what they should be doing financially.

Future Preparation

The nation is preparing itself for an immeasurable shift in the labor landscape as March 11th quickly approaches.

In conclusion, Williams encourages people to stay informed, take action proactively to secure their financial wellness and futures, and to prepare for the upcoming turbulent financial times that are ahead.

How Unemployment Rates Could Be Impacted

What are your thoughts?

How could the reclassification of the gig economy industry as employees impact the overall job market and unemployment rates in the United States?

Preparing Financially

So what preparations can businesses make to adapt to new labor rules while helping to minimize the disruptions to their operations and workers?

What can individuals do to prepare themselves financially for the great possibility of layoffs or a massive economic downturn?