Meeting America's Challenge

President Bill Clinton:
Meeting America's Challenge of Helping Every
American Achieve Security in the New Economy

Our third challenge is to help every American who is willing to work for it, achieve economic security in this new age. People who work hard still need support to get ahead in the new economy.

President Clinton, State of the Union Address
January 23, 1996

A Record of Accomplishment:

Strengthening America s Economy

Submitted to Congress the first genuine balanced budget in 17 years balancing the budget in seven years based on both Administration and Congressional Budget Office estimates while protecting our fundamental priorities of Medicare, Medicaid, education and the environment.
Won enactment of the largest deficit-cutting plan in history -- cutting the deficit in half within four years, after it quadrupled during the previous two Administrations.
Oversaw the creation of more than 8.5 million new jobs in just over three years -- a faster annual rate of job growth than any Republican Administration since the 1920's.
Unemployment rate has fallen to 5.4% -- down from over 7% when President Clinton took office.
93% of all new jobs created are in the private sector -- higher than the average percentage during any Administration since the Truman Administration.
More than 3.5 million new jobs in high-wage industries have been created since January 1993 -- by contrast, 200,000 high-wage industry jobs were lost in the previous four years.
One million new manufacturing, automotive and construction jobs have been added since January 1993.
Highest annual number of new business incorporations since World War II.
Real median family income has increased during the Clinton Administration -- after falling 4% during the previous four years.
Highest level of home ownership in 15 years.

Keeping Unemployment, Inflation and Mortgage Rates Low

The combined unemployment, inflation and mortgage rate is at its lowest level since 1968.
Consumer Price Index inflation has averaged just 2.7% per year since President Clinton took office The lowest since the Kennedy Administration.

Creating Economic Security

Protected the pensions of more than 40 million workers and retirees by reforming the federal pension insurance system and requiring companies to keep retirement plans sufficiently funded. (Retirement Protection Act)

Opening New Markets to Create Jobs for U.S. Workers

Exports have surged 31% over the last three years because President Clinton stood up for American workers and opened more markets to U.S. goods and services.
More than 1 million new export-related jobs have been created under the Clinton Administration -- jobs supported by exports pay on average 15% more than other jobs.
America is once again the world's number one manufacturer of automobiles-- overtaking Japan for the first time since the 1970's.
American goods exported in sectors covered by Clinton Administration trade agreements with Japan have grown over 85% -- three times faster than growth in other U.S. goods exported to Japan.
The United States was named the most competitive economy in the world for the third year in a row.

The Challenges ahead:

American workers need to realize higher wages, more job security and greater opportunity to provide for their families. President Clinton will continue to fight for the economic policies that enable hard-working American families to make the most of their lives by challenging Congress to:

Raise the minimum wage to provide the opportunity for working Americans to lift themselves and their families out of poverty.
Consolidate overlapping, antiquated federal job-training programs into a simple $2,600 job-training voucher that allows unemployed workers the freedom to choose the training programs that are right for them.
Enable Americans to save for their retirements by increasing pension portability, enhancing pension protection and expanding coverage while making it easier for small businesses to offer pension plans to their workers.

If working families are to succeed in the new economy, they must be able to buy affordable health insurance. President Clinton will continue to:

Challenge Congress to pass meaningful health insurance reform that allows people to keep coverage when they change jobs and prevents insurance companies from denying coverage due to pre-existing conditions.
Preserve and strengthen Medicare and Medicaid.
Fight health care fraud and abuse.

President Bill Clinton: Meeting America's Challenge of Helping Every American Achieve Security in the New Economy