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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release December 3, 1999

       20 MILLION NEW JOBS UNDER THE CLINTON-GORE ADMINISTRATION 
                            December 3, 1999

20 MILLION NEW JOBS UNDER THE CLINTON-GORE ADMINISTRATION. In 1992, when Bill Clinton was elected President, the American economy was barely creating jobs, wages were stagnant, and the unemployment rate was 7.5 percent. His bold, three-part economic strategy focused on three objectives: fiscal discipline to help reduce interest rates and thereby spur business investment; invest in education, health care, science and technology so that America can meet the challenges of the 21st century; and open foreign markets so that American workers have a fair chance to compete abroad.

Seven years later, the results are in.

JOBS ARE UP

20.0 Million New Jobs Created Under the Clinton-Gore Administration. Since 1993, the economy has added 20.0 million new jobs. That's the most jobs ever created under a single Administration
- and more new jobs than Presidents Reagan and Bush created during their three terms. Under President Clinton, the economy has added an average of 244,000 jobs per month, the highest of any President on record. This compares to 52,000 per month under President Bush and 167,000 per month under President Reagan.
92 Percent - 18.5 Million - of the New Jobs Have Been Created in the Private Sector. Since President Clinton and Vice President Gore took office, the private sector of the economy has added 18.5 million new jobs. That is 92 percent of the 20.0 million new jobs - the highest percentage since Harry S. Truman was President and presiding over the post-World War II demobilization.
Most Rapid Growth in Construction Jobs In 50 Years. After losing 662,000 jobs in construction during the previous four years, 1.9 million new construction jobs have been added during the Clinton-Gore years - that's a faster annual rate (5.1 percent) than any other Administration since Harry S. Truman was President.
Most Rapid Growth in Auto Jobs in More than 30 Years. After losing 46,000 jobs in the automobile industry during the previous 4 years, 156,000 new auto jobs have been added under President Clinton's leadership - that is a faster annual rate of auto job growth (2.5 percent) than any other Administration since Lyndon B. Johnson was President.
Manufacturing Jobs Are Up Under President Clinton After Falling Sharply During the Previous 12 Years. Although economic troubles in East Asia have dampened U.S. exports and reduced manufacturing jobs over the last 18 months, manufacturing jobs are up 252,000 overall under President Clinton, after declining by 2.1 million under Presidents Bush and Reagan.

WAGES ARE UP

Eighty-one Percent of the New Jobs Since 1992 Have Been High-Wage Jobs. According to a study by the Council of Economic Advisers and the U.S. Department of Labor, 81 percent of all new jobs are located in industry/occupation categories that pay above-median wages.
Fastest and Longest Real Wage Growth in Two Decades. In the last 12 months, average hourly earnings have increased 3.6 percent - faster than the rate of inflation. This marks the fourth consecutive year of real wage growth - the longest consecutive increase since the early 1970s. Under President Clinton, real wages are up 6.5 percent, after declining 4.3 percent during the Reagan and Bush years. Real wage growth in 1998 reached 2.6 percent - the largest increase since 1972.
Real Wage Gains Across the Income Spectrum. While real wages fell for the typical worker between 1981 and 1993, the declines for poorer workers were even more severe. Under President Clinton and Vice President Gore, all groups have shared in rising real wages - with some of the largest gains enjoyed by hard-pressed working Americans. According to a study by the Council of Economic Advisers and the U.S. Department of Labor, between 1994 and 1998, workers at the bottom of income distribution (at the 10th percentile) saw a 1.2 percent average annual growth in wages -about the same as the 1.3 percent average annual growth of workers at the top of the income distribution (at the 90th percentile).

UNEMPLOYMENT IS DOWN

The Largest Decline in Unemployment of Any Administration in Over 50 Years. Under President Clinton, the unemployment rate has declined from 7.3 percent in January 1993 to 4.1 percent in November 1999. This 3.2 percentage point decline is the largest under any single Administration since Franklin D. Roosevelt was President.
Unemployment at 4.1 Percent in November - the Lowest in Nearly 30 Years. In November, the unemployment rate fell to 4.1 percent. It has remained below 5 percent for 29 months in a row - that is the lowest unemployment rate since January 1970. For women the unemployment rate was 4.2 percent - staying around the lowest level since 1953.
African American and Hispanic Unemployment Rates Reached Record Lows in 1999. The unemployment rate for African Americans has fallen from 14.2 percent in 1992 to 8.1 percent in November 1999. In the last year, African-American unemployment has fallen to the lowest rate on record. The unemployment rate for Hispanics has fallen from 11.6 percent in 1992 to 6.0 percent in November 1999. In the last year, Hispanic unemployment has fallen to the lowest rate on record.

INFLATION IS DOWN

Inflation - Lowest Since the 1960s. Inflation remains virtually non-existent, with the underlying core rate of inflation at 1.9 percent this year - the lowest rate since 1965. In the last four quarters the GDP price index has risen 1.3 percent - the lowest rate of increase since 1963.

20 MILLION NEW JOBS: JOB GROWTH ACROSS AMERICA

              Jobs:  January 1993             Unemployment Rate
                  - October 99
              New Jobs  Job Growth       1992      October      Change
                                                    1999
Alabama       232,800     13.7%          7.4%       4.4%        -3.0
Alaska         29,000     11.6%          9.2%       5.7%        -3.5
Arizona       645,800     42.1%          7.6%       4.0%        -3.6
Arkansas      166,000     17.0%          7.3%       4.2%        -3.1
California  1,968,300     16.3%          9.3%       4.8%        -4.5
Colorado      479,600     29.3%          6.0%       3.0%        -3.0
Connecticut   138,500      9.0%          7.6%       3.0%        -4.6
Delaware       70,100     20.3%          5.3%       3.2%        -2.1
District of   -57,500     -8.5%          8.6%       5.9%        -2.7
 Columbia
Florida     1,546,400     28.3%          8.3%       3.9%        -4.4
Georgia       859,700     28.2%          7.0%       3.6%        -3.4
Hawaii         -8,500     -1.6%          4.6%       5.3%         0.7
Idaho         104,800     24.5%          6.5%       5.1%        -1.4
Illinois      689,100     13.0%          7.6%       4.3%        -3.3
Indiana       362,400     14.0%          6.6%       2.7%        -3.9
Iowa          229,600     18.2%          4.7%       2.2%        -2.5
Kansas        227,300     20.3%          4.3%       3.2%        -1.1
Kentucky      263,900     17.2%          6.9%       4.1%        -2.8
Louisiana     279,400     17.0%          8.2%       5.5%        -2.7
Maine          75,800     14.8%          7.2%       3.9%        -3.3
Maryland      289,600     13.8%          6.7%       3.4%        -3.3
Massachusetts 416,200     14.8%          8.6%       3.2%        -5.4
Michigan      589,800     14.8%          8.9%       3.7%        -5.2
Minnesota     406,200     18.3%          5.2%       2.2%        -3.0
Mississippi   152,800     15.6%          8.2%       5.2%        -3.0
Missouri      351,600     14.9%          5.7%       2.7%        -3.0
Montana        63,400     19.8%          6.9%       4.9%        -2.0
Nebraska      125,300     16.6%          3.0%       2.5%        -0.5
Nevada        337,900     51.8%          6.7%       4.4%        -2.3
New Hampshire 100,700     20.4%          7.5%       2.5%        -5.0
New Jersey    394,100     11.3%          8.5%       4.5%        -4.0
New Mexico    120,400     19.7%          7.0%       6.0%        -1.0
New York      712,100      9.2%          8.6%       5.2%        -3.4
North         655,000     20.5%          6.0%       3.2%        -2.8
 Carolina
North Dakota   34,500     12.2%          5.1%       2.8%        -2.3
Ohio          640,800     13.1%          7.3%       4.2%        -3.1
Oklahoma      252,800     20.5%          5.7%        3.1%       -2.6
Oregon        311,600     24.3%          7.6%        5.5%       -2.1
Pennsylvania  441,800      8.7%          7.6%        4.2%       -3.4
Rhode Island   42,300      9.9%          9.0%        3.7%       -5.3
South         293,300     18.9%          6.3%        4.4%       -1.9
 Carolina
South Dakota   52,000     16.6%          3.2%        2.7%       -0.5
Tennessee     380,100     16.6%          6.4%        3.6%       -2.8
Texas       1,884,500     25.5%          7.7%        4.6%       -3.1
Utah          273,500     34.7%          5.0%        3.4%       -1.6
Vermont        37,800     14.9%          6.7%        2.9%       -3.8
Virginia      520,000     18.0%          6.4%        2.8%       -3.6
Washington    431,300     19.3%          7.6%        4.8%       -2.8
West Virginia  77,400     12.0%          11.4%       6.7%       -4.7
Wisconsin     359,500     15.1%          5.2%        2.8%       -2.4
Wyoming        23,400     11.3%          5.7%        4.6%       -1.1

Total*     20,043,000     18.3%          7.5%        4.1%       -3.4

*Total is for November; latest available state data is for October.

                   THE CLINTON-GORE ECONOMIC RECORD:
                    WHAT A DIFFERENCE 7 YEARS MAKES
                            December 3, 1999

AFTER NEARLY SEVEN YEARS, THE RESULTS OF PRESIDENT CLINTON AND VICE PRESIDENT GORE'S ECONOMIC LEADERSHIP FOR THE AMERICAN PEOPLE ARE CLEAR. In 1992, when Bill Clinton was elected President, the American economy was barely creating jobs, wages were stagnant, and the unemployment rate was 7.5 percent. His bold, three-part economic strategy focused on three objectives: fiscal discipline to help reduce interest rates and thereby spur business investment; invest in education, health care, science and technology so that America can meet the challenges of the 21st century; and open foreign markets so that American workers have a fair chance to compete abroad. Today, many more Americans are sharing in the new economic prosperity and joining the circle of opportunity.

Jobs Are Up: More Than 20 Million Created Since January 1993 - 1988-1992. The private-sector was barely creating jobs and had experienced one of the worst four-year periods of job growth in history.
- Today. The economy has created 20.0 million new jobs since January 1993, with 18.5 million in the private sector alone, a faster annual growth rate than any Republican Administration since the 1920s.

Unemployment Is Down: The Lowest Peacetime Rate in 29 Years - 1981-1992. The unemployment rate averaged 7.1 percent and rose to more than 10 percent in 1982 and 1983. - Today. In November, the unemployment rate was 4.1 percent - the lowest level in nearly 30 years. The unemployment rate has been below 5 percent for 29 consecutive months.

Deficit Eliminated: Two Consecutive Budget Surpluses - 1992. The deficit was $290 billion - the highest dollar level in history. When President Clinton took office, the Congressional Budge Office projected that the deficit would hit $404 billion in 1999, and head higher.
- Today. In 1999, we had a budget surplus of $124 billion - the largest dollar surplus on record (even after adjusting for inflation) and the largest as a share of our economy since 1951. With the President's plan, we are now on track to eliminate the nation's publicly held debt by 2015.

Faster Economic Growth: 3.8 Percent Per Year - 1981-1992. The economic grew an average 1.7 percent per year under President Bush and 2.8 percent per year during the Reagan-Bush years. - Today. Since President Clinton took office, growth has averaged 3.8 percent per year.

Private-Sector Growth Is Up: 4.3 Percent Per Year - 1981-1992. The private sector of the economy grew 2.9 percent annually from 1981-1992.
- Today. The private sector of the economy has grown 4.3 percent annually since 1993.

Equipment and Software Investment Is Growing Faster Than Ever - 1988-1992. Real equipment and software investment rose just 3.8 percent annually during the previous Administration. - Today. Real equipment and software investment is up 12.5 percent per year - faster than any Administration on record.

Unemployment for African Americans Declined Dramatically - 1981-1992: African American unemployment reached 21.2 percent in

January 1983- a record high, and never dropped below 10 percent. - Today. The African-American unemployment rate has fallen from 14.2 percent in 1992 to 8.1 percent in November 1999. In the last year, African-American unemployment has fallen to the lowest rate on record.

Unemployment for Hispanics Recovered From Record Highs to Achieve Record Lows
- 1981-1992. Hispanic unemployment hit a record high of 15.7 percent in 1982.
- Today. The Hispanic unemployment rate has dropped from 11.6 percent in 1992 to 6.0 percent in November 1999. In the last year, Hispanic unemployment has fallen to the lowest rate on record.

Real Wages Rising Again: Fastest Growth in Two Decades - 1981-1992. Real average hourly earnings fell 4.3 percent under Presidents Reagan and Bush.
- Today. Real wages have grown 6.5 percent under President Clinton. In 1998, real wages were up 2.7 percent - that's the fastest annual real wage growth in over 20 years.

Real Wages for African Americans Rising Sharply After A Decade of Decline
- 1981-1991. Median weekly earnings dropped 3 percent, after adjusting for inflation.
- Today. Median weekly earnings rose 7.3 percent between 1996 and 1998, after adjusting for inflation.

Real Wages for Hispanics Rising After A Decade of Sharp Decline - 1981-1991. Median weekly earnings dropped 8.5 percent , after adjusting for inflation.
- Today. Median weekly earnings rose 3.8 percent between 1996 and 1998, after adjusting for inflation.

Poverty For African-Americans Dropped to Lowest On Record - 1981-1992. Between 1980-1992, the poverty rate for African American remained at 30 percent or more. - Today. Since 1993, the African-American poverty rate has dropped from 33.1 percent to 26.1 percent in 1998 - that's its lowest level recorded and that's the largest five-year drop in African-American poverty in more than a quarter century (1967-1972).

Poverty For Hispanics Dropped to Lowest Since 1979 - 1981-1992. Between 1980-1992, the poverty rate for African American increased from 25.7 percent to 29.6 percent. - Today. Since 1993, the Hispanic poverty has dropped to 25.6 percent-the lowest since 1979.

Family Income Up More Than $5,000 Since 1993 - 1988-1992. Median family income, adjusted for inflation, fell by $1,864, dropping from $44,354 in 1988 to $42,490 in 1992. - Today. Since 1993, real median family income has increased by $5,046, rising from $41,691 in 1993 to $46,737 in 1998.

Welfare Rolls Dropped Dramatically: Lowest Since 1969 - 1981-1992. The number of welfare recipients increased by almost 2.5 million (a 22 percent increase) to 13.6 million people. - Today. The number of welfare recipients dropped by almost 6.8 million (a 48 percent decline) to 7.3 million between January 1993 and March 1999 - the lowest level since 1969.

Homeownership Is Up: The Highest in American History - 1981-1992. The homeownership rate fell from 65.6 percent in the first quarter of 1981 to 63.7 percent in the first quarter of 1993. - Today. In the third quarter 1999, the homeownership rate was 67.0 - the highest ever recorded.

INDEPENDENT ASSESSMENTS OF THE CLINTON-GORE ECONOMIC RECORD

Fortune, 10/3/94: "[President Clinton's] economic plan helped bring interest rates down, spurring the recovery."

Paul Volcker, Former Federal Reserve Board Chairman, Audacity, Fall 1994: "The deficit has come down and I give the Clinton Administration and President Clinton a lot of credit for that....and I think we are seeing some benefits."

Alan Greenspan, Federal Reserve Board Chairman, 2/20/96: "The deficit reduction [from 1993]...was an unquestioned factor in contributing to the improvement in economic activity that occurred thereafter."

David Wyss, DRI/McGraw-Hill, 6/10/96: "If you look at the economy during the Clinton Administration, you have to say that it's been a success. We have low inflation, full employment, and steady growth. This is really just about the best of all macroeconomic worlds."

U.S. News and World Report, 6/17/96: "President Clinton's budget deficit program begun in 1993.[led] to low interest rates, which begat greater investment growth (by double digits since 1993, the highest rate since the Kennedy administration), which begat three-plus years of solid economic growth averaging 2.6 percent annually, 50 percent higher than during the Bush presidency."

Business Week, 5/19/97: "Clinton's 1993 budget cuts, which reduced projected red ink by more than $400 billion over five years, sparked a major drop in interest rates that helped boost investment in all the equipment and systems that brought forth the New Age economy of technological innovation and rising productivity."

Goldman Sachs, March 1998: Calling this "the best economy ever", Goldman Sachs reports that "trade, fiscal, and monetary policies have been excellent, working in ways that have facilitated growth without inflation. The Clinton Administration has worked to liberalize trade and has used any revenue windfalls to reduce the federal budget deficit."

Financial Times (London), 5/13/99: "[The] 1993 deficit reduction plan.put the US on course for its first budget surpluses in almost thirty years. This in turn allowed the lower interest rates that have fuelled the expansion."

REPUBLICAN NAY-SAYERS PROVED WRONG

New Yorker, 6/10/96: "With interest rates so low, the economy grew at a rate that made a mockery of the Republicans' dire predictions."

Representative Newt Gingrich: "The tax increase will kill jobs and lead to a recession, and the recession will force people off of work and onto unemployment and will actually increase the deficit." [Atlanta Journal-Constitution, 8/6/93.]

Senator Phil Gramm, 8/5/93: "We are buying a one-way ticket to a recession."

Representative John Kasich: "...We're going to find out whether we have higher deficits, we're going to find out whether we have a slower economy, we're going to find out what's going to happen to interest rates, and it's our bet that this is a job killer..." [Republican Press Conference, 8/3/93.]

"It's like a snake bite. The venom is going to be injected into the body of this economy, in our judgement and it's going to spread throughout the body and it's going to begin to kill the jobs that Americans have." [Congressional Record, 3/18/93.]

Representative Dick Armey: "The impact on job creation is going to be devastating." [CNN, 8/2/93.]

"...will grow the Government and shrink the economy. It will mean fewer jobs for ordinary Americans." [Congressional Record, 8/5/93.]

Senator Connie Mack: "This bill will cost America jobs, no doubt about it." [Congressional Record, 8/6/93.]

Representative John Boehner, 3/31/93: ".we want to do something about reducing the budget deficits in this country and this budget resolution does nothing, absolutely nothing to reduce the huge budget deficits that we have had."

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