But as the Secretary has stated, it is still the case that many American workers who have jobs that they would not have had without this expansion, and are working longer hours than would have been the case without this expansion, have still not seen an increase in their real earnings per hour. And that is something that is an important factor to keep in mind because what it shows is that an investment-led expansion is going to be necessary to the improvement of the lots of many American workers, but not sufficient. There's a whole training and education agenda that we have to remain committed to. Let me also confirm what Secretary Reich said about the inflation side of the picture. The economy's strong growth has been accompanied by continued good news on the inflation front.
Recent indicators suggest that inflation is holding steady at a modest pace.
But the promise of a more prosperous future does require that we remain committed to helping American workers and helping American families attain the skills and training they need to compete in the new world of technology and the new world of international trade. Q Secretary Reich, you said that there are no problems with the current recovery, but economists are looking to the high work week and their trend of rising earnings and this trend of 280,000 new jobs per month as very reasons why to be afraid of potential future inflation and why to be afraid that the Fed will have to come in and yank back the recovery so that we don't have an inflation problem that can't be controlled later. Let me just say very quickly, we are not seeing right now any accelerating inflation. And we are seeing rapid, buoyant job growth. This is a strong, sturdy recovery.