Economy: the Strongest Economy in a Generation
Longest Economic Expansion in U.S. History. In February 2000, the United States entered the 107th consecutive month of economic expansion -- the longest economic expansion in history. [National Bureau of Economic Research and Council of Economic Advisors]
Moving From Record Deficits to Record Surplus. In 1992, the Federal budget deficit was $290 billion – the largest dollar deficit in American history. In January 1993, the Congressional Budget Office projected that the deficit would grow to $455 billion by 2000. The Office of Management and Budget is now projecting a $211 billion surplus for 2000 – the third consecutive surplus and the largest surplus ever, even after adjusting for inflation. Compared with original projections, that is $666 billion less in government drain on the economy and $666 billion more potentially available for private investment in this one year alone. The 2000 surplus is projected to be 2.2 percent of GDP -- the largest surplus as a share of GDP since 1948. This is the first time we have had three surpluses in a row in more than a half century. [Office of Management and Budget; National Economic Council, 6/26/00]
Paying Off the National Debt. In 1998 and 1999, the debt held by the public was reduced by $140 billion, and the government is projected to pay down an additional $184 billion in public debt this fiscal year alone. That will bring total debt pay down to $324 billion -- the largest three-year debt pay-down in American history. Public debt is on track to be $2.4 trillion lower in 2000 than was projected in 1993. Debt reduction brings real benefits for the American people -- a family with a home mortgage of $100,000 might expect to save roughly $2,000 per year in mortgage payments. Reduced debt also means lower interest rates and reduced payments on car loans and student loans. With the President's plan, we are now on track to eliminate the nation's publicly held debt by 2012. [White House, National Economic Council, 6/26/00; White House, Presidential Statement, 5/1/00; Treasury Department, Office of Economic Policy, From Widening Deficits to Paying Down the Debt: Benefits for the American People, 8/4/99]
More Than 22 Million New Jobs. 22.2 million new jobs have been created since 1993, the most jobs ever created under a single Administration -- and more new jobs than Presidents Reagan and Bush created during their three terms. 91 percent (19.9 million) of the new jobs have been created in the private sector, the highest percentage in 50 years. Under President Clinton and Vice President Gore, the economy has added an average of 255,000 jobs per month, the highest under any President. This compares to 52,000 per month under President Bush and 167,000 per month under President Reagan. [National Economic Council, 6/00]
Fastest and Longest Real Wage Growth in Over Three Decades. In the last 12 months, average hourly earnings have increased 3.8 percent -- faster than the rate of inflation. 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 6.5 percent, after declining 4.3 percent during the Reagan and Bush years. [National Economic Council, 6/00]
Unemployment is the Lowest in Over Three Decades. Unemployment is down from 7.5 percent in 1992 to 4.0 percent in June 2000, and in April the unemployment rate was the lowest in over 30 years. The unemployment rate has fallen for seven years in a row, and has remained below 5 percent for 34 months in a row. African-American unemployment has fallen from 14.2 percent in 1992 to 7.2 percent in April 2000 -- the lowest rate on record. The unemployment rate for Hispanics has fallen from 11.6 percent in 1992 to 5.4 percent in April 2000 -- and also the lowest rate on record. For women the unemployment rate was 4.0 percent in April -- the lowest since 1953. [National Economic Council]
Highest Homeownership Rate in History. In 1999, the homeownership rate was 66.8 percent -- the highest ever recorded. Minority homeownership rates were also the highest ever recorded. [Bureau of the Census, 1/27/00]
Lowest Poverty Rate in Two Decades. The poverty rate has fallen from 15.1 percent in 1993 to 12.7 percent in 1998. That's the lowest poverty rate since 1979 and the largest five-year drop in poverty in nearly 30 years (1965-1970). The African-American poverty rate has dropped from 33.1 percent in 1993 to 26.1 percent in 1998 -- the lowest level ever recorded and the largest five-year drop in African-American poverty in more than a quarter century (1967-1972). The poverty rate for Hispanics is at the lowest level since 1979, and dropped to 25.6 percent in 1998. [Poverty In the United States: 1998, Bureau of the Census, 9/30/99]
Largest Five-Year Drop in Child Poverty Rate Since the ‘60s. Under President Clinton and Vice President Gore, child poverty has declined from 22.7 percent in 1993 to 18.9 percent in 1998 -- the biggest five-year drop in nearly 30 years. The poverty rate for African-American children has fallen from 46.1 percent in 1993 to 36.7 percent in 1998 -- a level that is still too high, but is the lowest level in 20 years and the biggest five-year drop on record. The rate also fell for Hispanic children, from 36.8 percent to 34.4 percent – and is now 6.5 percentage points lower than it was in 1993.[Poverty In the United States: 1998, Census Bureau, 9/30/99]
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