I look at it this way. If I was told to work six hours of overtime and told I'd get paid for it if they felt like it, I'd tell them I'd only work for what I got paid for. Why work the extra six hours and not get paid for it? I work because I need to pay the bills, not because I'm a nice guy who wants to help out.
The theory behind passing this is the economy will improve because the corporations, now having to spend less money on wages, could hire more workers. The problem is that most people who are working would have less money to spend, and many corporations wouldn't hire additional workers when they could use the ones they've already got and not pay them.