The Fair Labor Standards Act (FLSA) was passed in 1938, one of those statist measures that FDR and his allies said were necessary to combat the Depression. It is the law that puts federal politicians and especially bureaucrats in the Department of Labor in charge of key aspects of labor contracts, including the minimum wage and mandatory overtime pay. Lately, the FLSA has gotten itself into the news. Obama insists on raising the minimum wage from $7.25 to $10.10 per hour, but that’s rather old news. Last week, he declared that the Labor Department would revise the rules on overtime...