The Friday 5

Before you head out for your long, Labor Day weekend, check out our picks of the top articles you may have missed this week.

(As more and more legitimate news sites charge for their content, we apologize if many of these articles are behind paywalls. You have to pay for good journalism.)

1. 1 in 9 South Carolinians are in the state retirement system, and this week Governor Henry McMaster advocated for closing the system to new employees and giving them a 401(k) option. The state retirement system has an estimated $25 billion unfunded liability, and the General Assembly has already passed legislation that significantly raises the employee and employer contributions to try to keep the system afloat. (Post & Courier)
2. Time to pass tax reform. With Congress going back to Washington, tax reform is at the top of the agenda. If Congress is not successful in passing tax-reform legislation, there could be a “significant period of economic weakness…” For more on the tax reform debate, check out this blog post.  (The Hill)
3. Obama’s federal overtime law has been struck down, by a Texas federal judge. One year ago businesses all across the country were scrambling to implement a monumental expansion of the rule, in which the Obama administration doubled the salary threshold at which you have to pay salaried workers overtime, from $23k to $47k. The Trump Administration is highly unlikely to re-instate a similar rule. (Reuters)
4. Up the creek, but here’s a paddle. How a-boat this story? A local company is sending kayaks to Texas to help those still trapped amid the flood waters. (Greenville Journal)
5. Mick Mulvaney has a new nickname in Washington, as he attempts to reign in federal spending as Director of Office, Management and Budget. (Politico)

Bonus:

Lastly, keep the folks in Corpus Christi, Galveston, Houston, and all of Coastal Texas in your thoughts and prayers this weekend. While Hurricane Harvey may have come and gone, the cleanup and recovery process has just begun.