Bush official: 'Job insecurity is a beautiful thing!'
January 24, 2007
Quick! Hide the children. Here comes a member of Bush's economic team -- Deputy Treasury Secretary Robert Kimmitt -- to tell us why a little bit of pain is a really good thing Ã¢â‚¬Â¦
More than 55 million Americans, or four out of every 10 workers, left their jobs in 2005. And this is good news, because there were over 57 million new hires that same year.
These statistics illustrate a recent and growing trend of dynamism in our job market, especially among younger workers. Data on labor demand in the United States, gathered for the Job Openings and Labor Turnover Survey (JOLTS), show that the 12 months ending in November had the highest average of labor turnover since the U.S. government began tracking this information in 2000. But the data also show that our economy has maintained a consistently strong ratio of new hires to separations. Over the year ending in November, new hires in America exceeded employee separations by an average of 364,000 per month.
Indeed, the data show that each month millions of Americans leave their jobs -- most of them voluntarily -- and millions more are hired. This is what we want: an economy in which people looking to move up have as many opportunities as possible from which to choose. Promoting this dynamism, and the opportunities it creates, should be a focus of our economic policy.