Yet people hired with no experience are often coming into offices with pay packages far bigger than those of veteran staffers. The value of long years of hard work and loyalty has been reduced and that's a loss. But count the gains. New jobs are surging everywhere approximately 9 million in the past three years. Unemployment hovers at 4 percent the lowest in over three decades.
Inflation is contained.
Productivity bounds ahead. Confidence in America's future is at record levels. Our work force has extraordinary dynamism and flexibility. Job hoppers numbered approximately 17 million in 1999, up 6 million from five years ago and many of them get big raises over their previous salaries. Young Americans now change jobs an average of nine times before their mid-30s, until they find the most suitable environment.