It will create jobs but not increase wealth at lower levels. Obviously not, because the whole reason companies do it is to avoid paying more to workers. It will just create more situations where people need to work two jobs, without the benefit of being paid overtime. Still no benefit to a man in his mid 50s looking for a low-skill job, because the job he was trained in doesn't exist now.
> It will create jobs but not increase wealth at lower levels. Obviously not, because the whole reason companies do it is to avoid paying more to workers.
It will increase wealth because the companies will still be paying more than they are today - if two 40-hour workers were cheaper than one 80-hour worker today, they'd be hiring the two 40-hour workers already.
Additionally going from one unemployed person and one person with an 80-hour job to two people with 40-hour jobs is probably a win, even if there were no extra money.
TL;DR yes, I don't believe it.