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Edited on Fri Aug-14-09 10:23 AM by onehandle
November 3, 2000 The Clinton-Gore Economic Record: The Longest Expansion In History And Over 22.4 Million New Jobs Today, the Bureau of Labor Statistics Released a New Employment Report Showing that Over 22.4 Million Jobs Have Been Created Since January 1993. 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. President Clinton’s bold, three-part economic strategy has focused on three objectives: fiscal discipline, investing in education, health care, science and technology; and opening foreign markets. This strategy has helped create over 22.4 million jobs and contributed to the longest economic expansion in U.S. history. 22.4 Million New Jobs Created Under the Clinton-Gore Administration. Since January 1993, the economy has added 22.4 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 240,000 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 -- 20.6 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 20.6 million new jobs. That is 92 percent of the 22.4 million new jobs -- the highest percentage since Harry S. Truman was President and presiding over the post-World War II demobilization. The Unemployment Rate Was 3.9 Percent in October -- Nearly the Lowest in Three Decades. The unemployment rate stayed low at 3.9 percent in October -- nearly the lowest in three decades. The unemployment rate has fallen for seven years in a row. It has remained below 5 percent for 40 months in a row. For women the unemployment rate was 3.9 percent -- nearly the lowest since 1953. African American and Hispanic Unemployment Rates Are the Lowest on Record. The unemployment rate for African Americans has fallen from 14.2 percent in 1992 to 7.3 percent in October 2000 for an average of 7.6 percent in the first ten months of 2000 -- the lowest rate on record. Unemployment for Hispanics has fallen from 11.8 percent in October of 1992 to 5.0 percent in October of 2000 -- the lowest rate on record. Most Rapid Growth in Construction Jobs In 50 Years. After losing 662,000 jobs in construction during the previous four years, 2.2 million new construction jobs have been added during the Clinton-Gore years – that’s a faster annual rate (5.4 percent) than any other Administration since Harry S. Truman was President. Fastest and Longest Real Wage Growth in Over Three Decades. In the last 12 months, average hourly earnings have increased 4.0 percent. The United States has had five consecutive years of real wage growth -- the longest consecutive increase since the 1960s. Since 1993, real wages are up 6.9 percent, after declining 4.3 percent during the Reagan-Bush years. Inflation – Lowest Since the 1960s. Inflation remains relatively stable, with the underlying core rate of inflation at 2.5 percent in the last 12 months -- nearly the lowest rate since 1965. For 1999, the GDP price index grew only 1.5 percent. In the last two years, GDP inflation was lower than at any time since 1963. More... Clinton-Gore Administration Accomplishments Progress By The Numbers Jobs & The Economy: Jobs 22.2 million new jobs created since 1993 -- the most jobs ever created under a single Administration,administration, and more jobs than Presidents Reagan and Bush created during their three terms. Under President Clinton, the economy has added an average of 245,000248,000 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.
Unemployment
Down from 7.5 percent in 1992 to 3.9 percent in September, the lowest in more than three decades. The unemployment rate has fallen for seven years in a row, and has remained below 5 percent for 37 months in a row -- over three full years.
Income
Median family income has increased from $42,612 in 1993 to $48,950 in 1999 - an $6,338 increase. In contrast, median family income fell from $44,354 in 1988 to $42,490 in 1992.
Wages
Real wages have risen 6.66.5 percent since 1993, compared to declining 4.3 percent during the Reagan and Bush years. Real wage growth in 1998 reached 2.6 percent -- the largest increase since 1972. Wages have increased five years in a row -- the longest consecutive increase since the 1960s. In the last 12 months, average hourly earnings have sustained growth since the early 1970s.increased 3.8 percent -- faster than the rate of inflation. 6/00]
Tax Cuts
15 million additional working families receive additional tax relief through the President’s expansion of the Earned Income Tax Credit. In 1999, the EITC lifted 4.1 million out of poverty -- nearly double the number who were removed from poverty in 1993. Over half of the people removed from poverty by the EITC (2.3 million) were children under the age of 18.
$500 per-child tax credit
27 million families with 45 million children receive the $500 per-child tax credit.
Minimum Wage
10 million Americans received an increase in wages thanks to the President’s leadership in raising the minimum wage from $4.25 to $5.15 per hour.
New Businesses
More than 5.9 million new businesses have been created since 1993.
National Debt
Paid off $360 billion of the national debt over three years, and public debt is on track to be $2.4 trillion lower in 2000 than was projected in 1993. There is $25,000 less debt for each family of four than in 1993. With the President's plan, we are on track to eliminate the nation's publicly held debt by at least 2012.
Home Ownership
Reached 67.2 percent in the second quarter of 2000 -- the highest ever recorded. Minority homeownership rates were also the highest ever recorded. In contrast, the homeownership rate fell from 65.6 percent in the first quarter of 1981 to 63.7 percent in the first quarter of 1993.
Expanding Educational Opportunity: Elementary and Secondary Schools
Teachers
Nearly 30,000 new, well-prepared teachers were hired for fall 1999 with funds from the first down payment on the President’s seven-year plan to reduce class size by hiring 100,000 teachers.
After School Programs
850,000 school-age children in rural and urban communities will have safe and educational after-school opportunities in 2000 because of the expanded 21st Century Community Learning Centers program -- 375,000 more than last year.
Education Technology
30 million children and up to 47,000 schools and libraries are being connected to the Internet though the E-rate. In the fall of 1998, 891999, 95 percent of public schools were connected to the Internet. In 1994, just 35 percent were connected. Internet -- up from 35 percent in 1994. In 1999, 63 percent of all public school classrooms were connected to the Internet -- up from 3 percent in 1994. Stats in Brief NCES 2000-086, 2/00]
Title I
1111 million low-income students in 13,000 school districts now benefit from higher expectations and a challenging curriculum geared to higher standards. And through better targeting of federal funds, Title I funds now reach 95 percent of highest poverty schools, up from 79 percent in 1993-94.
Charter Schools
Increased the number of charter schools from one in 1993 to 1,7002,000 today. More than 250,000 students nationwide are now enrolled in charter schools in 30 states and the District of Columbia. Won $145 million in the FY00 budget, to provide startup funding to as many as 2,400 charter schools. Charter schools help expand choice and accountability in public schools.
America Reads Challenge
1,400 colleges and universities joined the President's America Reads Challenge, and 26,700 college work-study students now serve as reading tutors to help every child to read well and independently by the third grade.
Mentoring
Won a 67 percent funding increase so that 482,000 middle school students will be prepared for college this year through expanded mentoring efforts as part of GEAR UP.
School-To-Work
516,000 high school students and nearly 178,000 employers participated in school-to-work programs in 1998.
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