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OPA News Release: [10/19/2006]
Contact Name: Richard Manning
Phone Number: (202) 693-4676
Release Number: 06-1825-ATL
U.S. Secretary of Labor Elaine L. Chao Discusses the Competitiveness
of the American Workforce at Louisville Rotary Lunch
Two-Thirds of New Jobs in Next Decade to Require Post-Secondary Education
LOUISVILLE, Ky — U.S. Secretary of Labor Elaine L. Chao provided the Louisville Rotary Club a glimpse into the future job needs of the commonwealth in a luncheon speech on Oct. 19. Secretary Chao emphasized the importance of worker education and training, referring to estimates that two-thirds of the 18 million new jobs created in the next 10 years in the United States will be in occupations requiring some kind of higher education.
“Our country is transitioning to a knowledge-based economy. Millions of new jobs are being created in industries that did not even exist a generation ago,” said Secretary Chao. “Two-thirds of the jobs created in the next 10 years will be in occupations that require some kind of post-secondary education. Today, more than ever before, education, training and retraining are the keys to future earnings.”
The secretary highlighted the Bush Administration’s efforts to forge a more competitive workforce, including the president’s American Competitiveness Initiative.
“This administration recognizes that in order to remain competitive, our country must remain a leader in innovation. That’s why President George W. Bush proposed the American Competitiveness Initiative in his 2005 State of the Union address,” Secretary Chao continued. “It is directly aimed at developing the talent and technology that will keep our country on the leading edge of the new knowledge-based economy.
“This is where our commonwealth’s future lies, as well. Kentucky is developing a strong educational network and research foundation to strengthen economic growth,” said Secretary Chao. “Universities are a critical part of any regional economic development plan. They are centers of innovation, which create the new products and services that create new jobs. Here in Louisville, the University of Louisville is becoming a world class center for medical research, especially for cancer.”
Having recently returned from the G-8 labor ministers’ meeting in Moscow, the secretary called the U.S. economy “the envy of the world” and cited the many reasons why.
“Our country’s economy has grown 4.1 percent so far in 2006, which is better than any other major industrialized nation. America has seen 37 straight months of job creation – over 6.6 million new jobs in the last three years, more than Europe and Japan combined,” Secretary Chao observed. “America’s unemployment rate is 4.6 percent – a full percentage point lower than the 5.7 percent rate in the decade of the 1990s. By contrast, Germany and France have unemployment rates close to 9 percent, and their long-term unemployment rate is triple that of the U.S.”
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