President Clinton Believes in Providing Opportunity for All Americans . President Clinton believes the American Dream is for every family and child. That is why his economic strategy aims to give all Americans the tools they need to thrive in the new economy. The President's strategy is designed to:
o Expand opportunity by creating High-Wage, Private Sector Jobs.
o Give Americans the Education and Training they need to thrive in the new economy - making computer literacy and college education available to every student.
o Investing in Our Children's Future by balancing the budget.
o Open Foreign Markets for American goods to create high-wage jobs here at home.
An Economic Conference to Make Our Economy Work Better. This Friday, October 20, the President will convene a regional economic conference in Columbus, Ohio. He will take a first-hand look at how his economic strategy has worked in the Midwest and how we can improve upon it.
The Clinton Administration Economic Record in the Midwest is Strong. The economy of the Midwest has improved significantly during this Administration:
o The region has seen a growth of almost 1.5 MILLION JOBS during this Administration-- more than twice as many as during the previous four years.
o Ohio alone has added 268,000 JOBS during the Clinton Administration.
o Unemployment rate in the region has dropped from 6.3 percent when President Clinton took office to 4.9 PERCENT in August -- well below the national average.
o Incomes in the Midwest grew at a rate almost TWICE the national average from 1993 to 1994 -- 3.5 percent income growth in the Midwest.
o The Midwest Economy -- the challenging transition from the "Rust Belt" to a more diversified economy with thriving manufacturing and new hi-tech and service sectors.
o Education and Economic Opportunity -- education as the key to higher incomes and more job security for Americans.
The President Believes Education is the Key to America's Future. The President will focus on making sure that American families have the education and training that will help them build more prosperous futures. As Congress cuts the budget, the President believes we must balance the budget while strengthening investments in education.
Creating High Wage Jobs in the Private Sector:
o 7.5 million jobs created during the Clinton Administration -- three times as many new jobs as during the entire previous Administration.
o 92% of all new jobs are in the private sector.
o Unemployment rate is at 5.6 % -- down from 7% when the President took office.
o 286,000 manufacturing jobs have been added since the Clinton budget plan passed.
Reducing the Budget Deficit
o Declining for the third straight year -- for the first time since Truman was President.
o Inflation of 2.7% per year -- the lowest since John F. Kennedy was President.
o Aggressive trade policies have opened overseas markets in almost every region of the world, including Japan, China, Mexico, and Canada.
The President's Economic Agenda for the Future. To help families invest in the future, the President is fighting for:
o Child Tax Credit. Ensure families earning up to $60,000 will receive a $500 tax credit for each child under 13.
o Deductions for College Tuition. Tuition will be deductible up to $10,000 for families earning up to $100,000.
o Expanded IRA to Help Working Americans Save: Families can save up to $2,000 a year tax-free to pay for education, a first home, medical expenses, or retirement.
o Create a New G.I. Bill to Empower American Workers: We will collapse 70 federal education and training programs and offer low-skill or laid-off workers a Skill Grant of up to $2,620 per year to choose the training that works for them.
"We must do what no generation has had to do before. We must invest more in our own people, in their jobs and in their future, and at the same time cut our massive debt. And we must do so in a world in which we compete for every opportunity."
--President Clinton, Inaugural Address