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https://clinton.presidentiallibraries.us/files/original/cdcc7e429ae610d0f9a05c6cb11c3449.pdf
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FOIA Number: 2006-0462-F
FOIA
This is not a textual record. This is used as an
administrative marker by the William J. Clinton
Presidential Library Staff.
Co,llection/Record Group:
Clinton Presidential Records
Subgroup/Office of Origin:
Speechwriting
Series/Staff Member:
Terry Edmonds
Subseries:
10989
OA/ID Number:
FoldeiriD:
·'
Folder Title:
UCSD [University of California at San Diego] - USNCalifornia Economy
Stack:
s
Row:
Section:
Shelf:
Position:
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�PRESIDENT CLINTON'S ECONOMIC REPORT CARD:
MAY30, 1997
Clinton Administration
Best Since
·Related Facts
./
Unemployment and
Inflation
Combined rate: 8.7 percent
Lowest average
since Johnson
Unemployment fell from 7.5 percent in 1992 to 4.9 percent in
April 1997 -- the lowest in 24 years -- and has remained under
6 percent for 32 months.
./
Inflation
2.8 percent per year
Lowest average
since Kennedy
Underlying inflation-- excluding volatile food and energy
components -- was lowest since the Kennedy Administration.
./
Employment
12.1 million new jobs
Only Administration
to exceed 11 million
93 percent of the net newjobs were in the private sector.
Over two-thirds of recent employment growth has been in
industry/occupation groups paying above-median wages.
./
Construction Jobs
1.1 million new jobs
Fastest growth since
Truman
Real construction output has grown 5. 7 percent per year -- the
fastest rate since the Kennedy Administration.
./
Consumer
Sentiment
Increased 14 percent from January
1993 to April 1997
Highest average
since Eisenhower
University of Michigan sentiment index reached its highest
level in 30 years. Conference Board measure reached its
highest level in 28 years.
./
Deficit Reduction
From 4.7 percent ofGDP in 1992
to 1.4 in 1996. Expected to be
under 1 percent in 1997
Largest fall since
Truman
Deficit narrowed for four years in a row under one President
for the first time since before the Civil War.
./
Business
Investment
Grew 10.5 percent per year
Fastest growth since
Kennedy
Business investment averaged 7.7 percent ofGDP --the
highest share for any Administration since World War II.
./
Homeownership
Rose from 63.7 to 65.4 percent of
households
Largest increase on
record
Reached its highest level in 15 years .
./
Stock Market
The Dow Jones rose from 3242 on
1/20/93 to 6844 on 1120/97
Fastest growth since
World War II
The real growth rate was higher than for any Administration
since World War II.
./
Poverty Rate
Declined from 15 .1 in 1993 to
13.8 in 1995
Largest drop since
Johnson
Real income for the bottom 20 percent of households has
grown 6.8 percent between 1993 and 1995 --after declining
by 7.7 percent between 1979 and 1993.
./
Median Family
Income
Up $1 ,600 between 1993 and 1995
Fastest growth since
Johnson
Real net worth per household grew 3.2 percent per year after
falling over the previous 4 years.
�--------------------
JUN-04-1997
15:58
CER ROOM 317
202 395 6809
FOR INTERNAL liSE ONLY-NOT FOR DISTRIBUTION
P.001/001
JVNE 4. 1997
ECONOMIC PROGRESS IN CALIFORNIA UNDER PRESIDENT CLINTON
President Clinton's strategy to strengthen the economy is based on reducing the federal budget deficit, lowering
trade barriers, and empowering workers, families, businesses and communities to succeed. Here are some of the results for
Califom.ia after the first 51 months of the Clinton Administration:
Improved Eco11omic Co11ditions in California:
•
The unemployment rate has dropped from 9.7% to 6.5%.
•
California has added 977,700 new jobs or 230,047 per year, after losing 13,075 per year dwing the previous 4 years.
•
California has added 921,500 new private-sector jobs or 216,824 per year, after losing 40,450 per year during the
previous 4 years.
•
California has added 108,900 new construction jobs or 25,624 per year, after losing 27,925 per year during the
previous 4 years.
e
New business incorporations have increased 4.5% per year, after decreasing 10.8% per year during the previous 4
years.
•
The Help Wanted Index has increased 23.4%.
•
Bank lending has increased 2.2% per year, after declining 1.5% per year during the previous 8 years .
.,
Consumt.'r confidence has increased 88.2%.
•
Business failures have declined 2.1% per year, after increasing 21.2% per year during the previous 4 years.
What .President Clinton'.~ Accomp/Lyhments Have Achieved for the People of California:
$15,000 OF REDUCED FEDERAL DEBT FOR EVERY FAMILY OF FOUR IN CALIFORNIA: The national debt
will be more than $1 trillion lower than was projected before the passage of the President's economic plan. That's about
$15,000 of reduced federal debt for each family of four in California.
10 TIMES MORE CALIFORNIA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result ofthe
expanded Earned Income Tax Credit, 2,146,915 working families in California will receive a tax cut. This compares to an
increase in the income tax rate for only the 218,777 wealthiest taxpayers in California.
TAX CUT FOR 178,917 SMALlL BUSINESSES IN CALIFORNIA: The President helped entrepreneurs, proprietors,
and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About
178,917 small businesses in California are likely to benefit from the expansion of the expensing allowance this year alone
and many more will benefit over the coming years.
4,959,000 CALIFORNIA WORKERS PROTECTED BY FAMILY AND MEDICAL LEAVE ACT: The Family and
Medical Leave Act allows workers to take up to 12 weeks of unpaid leave for the birth of a child, to care for a sick family
member, or if they become too sick to work. This law covers about4,959,089 workers in California, and protects the jobs
of 297,914 workers in California who are likely to use unpaid leave this year alone.
1.65 MILLION STUDENTS AND FORMER STUDENTS IN CALIFORNIA WILL BE ABLE TO BENEFIT FROM
STUDENT LOAN REFORMS: Approximately 1.65 million California boTTowers -- 1.16 million current borrowers and
490,000 new borrowers in the next few years-~ can take advantage of the new direct student loan program by participating
directly in the program or by consolidating guaranteed loans into direct loans. Some will benefit from lower interest rates,
and all wilt ben.ent from more repayment options, including income contingent repayment.
�MORE EVIDENCE THAT THE ECONOMY CONTINUES
TO GROW STEADY AND STRONG UNDER PRESIDENT CLINTON
May 30, 1997
TODAY'S REVISED GDP DATA SHOW THAT THE AMERICAN ECONOMY CONTINUES TO
ENJOY ROBUST GROWTH AND MODERATE INFLATION. IN THE FIRST QUARTER,THE
ECO~OMY GREW BY 5.8 PERCENT AT AN ANNUAL RATE-- THE FASTESTIN A DECADE.
REAL INCOMES ARE RISING AND INFLATION REMAINS MODERATE.
•
Growth was 5.8 percent on an annualized basis. Investment in business equipment rose 13.4
percent, and exports rose 11.2 percent.
•
Private-sector growth continues to be stronger than either of the previous two
Administrations. In the first quarter, the private sector grew by 7.1 percent at an annual rate.
Under Clinton, the private sector has grown by 3.5 percent per year, compared to 3.0 percent under
Reagan and 1.3 percent under Bush.
•
Inflation remains low. Inflation as measured by the GDP price index was 2.2 percent in the first
quarter. Consumer price inflation-- 2.8 percent per year-- is the lowest for any administration
since John F. Kennedy was President.
•
.First investment-led expansion in three decades. Under President Clinton, business investment
has increased at a 10.5 percent annual rate -- stronger than any Administration since JFK.
•
Once again the Administrations forecasts seem conservative. In this year's budget, we
projected growth for 1997 to be 2.2 percent-- and even if there is no growth for the rest of the
year, we have already exceeded that.
WE HAVE 12.1 MILLION NEW JOBS. THE UNEMPLOYMENT RATE IS THE LOWEST IN 24
YEARS. THE ECONOMY CONTINUES TO EXPERIENCE STRONG GROWTH, RAPID
INVESTMENT, AND LOW INFLATION.
EXPERTS AGREE THAT THE AMERICAN-ECONOMY IS STRONG:
•
Fortune, 6/9197: "Business is booming, inflation is falling, jobs are plentiful, and American
industry is way out in front. The U.S. economy is stronger than it's ever been before."
•
Allen Sinai, one of America's top economic forecasters, 4/30/97: "Job growth is good. Real
income is rising. Sentimentis high. Unemployment is the lowest in years. Times are good for
American consumers."
o
Mickey Levy, chief economist, NationsBank, 2/1/97: "It's really the best of all worlds. Growth
at a healthy pace, but with the economy not overheating and continued very favorable news on
inflation."
o
Paul Volcker, former Chairman of the Federal Reserve, 8/3/96: "It's been a remarkable period
of steady growth, low inflation and low unemployment."
�THE ECONOMY REMAINS ON THE RIGHT TRACK:
LOW UNEMPLOYMENT AND STRONG JOB GROWTH
May2, 1997
TODAY'S lDATA SHOWS THAT THE UNEMPLOYMENT RATE HAS FALLEN TO ITS LOWEST
LEVEL SINCE 1973. AND THE ECONOMY HAS CREATED MORE THAN 12 MILLION JOBS SINCE
JANUARY 1993. THE ECONOMY CONTINUES TO EXPERIENCE STRONG GROWTH WITH LOW
INFLATION.
• Unemployment-- At 4.9% --Is the Lowest Since 1973.
•
The April unemployment rate reached 4.9 % -- its 32nd consecutive month below 6% and the lowest
monthly rate since 1973. In 1992, the unemployment rate was 7.5%. [Source: BLS.]
•
The combined rate of unemployment and inflation has been lower under President Clinton than any other
Administration since Lyndon Johnson was President. [Source: Based on data from BLS.]
•
12.1 Million New Jobs.
•
During the Clinton Administration, the economy has added 12.1 million new jobs-- a faster annual rate of
job growth than any Republican Administration since the Roaring 1920s. [Source: Based on data from the Bureau of
Labor Statistics, Current Employment Statistics survey.]
•
•
The economy has added 2.7 million jobs over the past year.
Strong Private-Sector Job Growth.
•
Over the past year, the private sector has added 2.5 million jobs~- almost twice the private-sector jobs than
during the entire four-year period before President Clinton took office. [Source: Based on data from BLS.]
•
93 percent of the 12.1 million new jobs under President Clinton have been in the private sector. [Source: Based on
data from BLS.]
•
Turning The Corner In Basic American Industries.
•
•
After losing 667,000 jobs in construction during the previous four years, 1,054,000 new construction jobs have been
added since January 1993 -- that's a faster annual rate than any other Administration since Harry S Truman was
·
President.
After losing 35,000 jobs in the auto industry during the Bush years, we have 100,000 new auto jobs since President
Clinton took office. [Source: Bureau of Labor Statistics, Current Employment Statistics survey.]
.
THIS WEEK, WE ALSO LEARNED THAT THE ECONOMY GREW BY 5.6 PERCENT AT AN ANNUAL RATE IN
THE FIRST QUARTER --THE FASTEST IN A DECADE-- WHILE INFLATIONARY PRESSURES REMAIN
LOW. EXPERTS AGREE THAT THE AMERICAN ECONOMY IS STRONG:
•
Allen Sinai, one of America's top economic forecasters, 4/30/97: "Job growth is good. Real income is
rising. Sentiment is high. Unemployment is the lowest in years. Times are good for American consumers."
•
Mickey Levy, chief economist, NationsBank, 2/1197: "It's really the best of all worlds. Growth at a
healthy pace, but with the economy not overheating and continued very favorable news on inflation."
•
Paul Volcker, former Chairman of the Federal Reserve, 8/3/96: "It's been a remarkable period of steady
growth, low inflation and low unemployment."
�
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
Terry Edmonds
Creator
An entity primarily responsible for making the resource
Office of Speechwriting
James (Terry) Edmonds
Date
A point or period of time associated with an event in the lifecycle of the resource
1995-2001
Is Part Of
A related resource in which the described resource is physically or logically included.
<a href="http://clinton.presidentiallibraries.us/items/show/36090" target="_blank">Collection Finding Aid</a>
<a href="https://catalog.archives.gov/id/7763294" target="_blank">National Archives Catalog Description</a>
Identifier
An unambiguous reference to the resource within a given context
2006-0462-F
Description
An account of the resource
Terry Edmonds worked as a speechwriter from 1995-2001. He became the Assistant to the President and Director of Speechwriting in 1999. His speechwriting focused on domestic topics such as race relations, veterans issues, education, paralympics, gun control, youth, and senior citizens. He also contributed to the President’s State of the Union speeches, radio addresses, commencement speeches, and special dinners and events. The records include speeches, letters, memorandum, schedules, reports, articles, and clippings.
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Publisher
An entity responsible for making the resource available
William J. Clinton Presidential Library & Museum
Extent
The size or duration of the resource.
635 folders in 52 boxes
Text
A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text.
Original Format
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Paper
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
UCSD [University of California at San Diego] – USA/California Economy
Creator
An entity primarily responsible for making the resource
Office of Speechwriting
James (Terry) Edmonds
Identifier
An unambiguous reference to the resource within a given context
2006-0462-F
Is Part Of
A related resource in which the described resource is physically or logically included.
Box 42
<a href="http://www.clintonlibrary.gov/assets/Documents/Finding-Aids/2006/2006-0462-F.pdf" target="_blank">Collection Finding Aid</a>
<a href="https://catalog.archives.gov/id/7763294" target="_blank">National Archives Catalog Description</a>
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Publisher
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William J. Clinton Presidential Library & Museum
Format
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Adobe Acrobat Document
Medium
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Reproduction-Reference
Date Created
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12/9/2014
Source
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42-t-7763294-20060462F-042-006-2014
7763294