New Markets Tour Facts
President Clinton's New Markets Tour
- The President’s New Markets Tour will Help Direct the Flow of Opportunity and Investment into Some of the Most Stubborn Pockets of Poverty in our Nation. The President will not do so with big-government solutions more appropriate for an earlier time. Instead, he will expand on the innovative approach to community empowerment he and the Vice President have pioneered for nearly seven years. He will harness the entrepreneurial spirit and enlightened self-interest of the private sector to bring new capital and jobs to communities that the prosperity of the past 6 ½ years has passed by. The President will lead a bipartisan delegation of corporate CEOs, Members of Congress and Cabinet Secretaries on an unprecedented tour of communities in great need of capital and support. This four-day tour through America will shine a spotlight on the great potential of these untapped markets.
- The President Will Be Traveling to the Following Communities Across the Nation.
On this trip, the President will mobilize a large and broad array of private-sector investments in our untapped domestic markets; highlight for the nation that these investments represent wise business decisions -- especially at this time of rapid economic growth, when firms are eagerly searching for new workers and new markets.
- Annville, KY/Hazard, KY (Appalachia);
- Clarksdale, Mississippi;
- East St. Louis, IL;
- Pine Ridge Indian Reservation, SD;
- Phoenix, AZ;
- Los Angeles, CA/Anaheim, CA
Because this expansion has been so strong and so sustained, the benefits of economic growth have flowed to millions of people once cut off from the economic mainstream. Wages are rising and welfare rolls are shrinking. Unemployment has dropped from 7.2 percent to just 4.2 percent – the lowest it’s been since 1970.
- America is Enjoying a Time of Remarkable Economic Expansion.
- Too Many Communities in America where Unemployment is Too High and Opportunity is Too Scarce. In our inner cities, small- and medium-sized towns, rural areas, and Native American communities, there is consumer market that is grossly underdeveloped. There will never be a better time for America to develop this market.
- Attracting New Investments.Later this month, the President will announce legislation that – through new tax incentives and investment tools -- will make it more attractive for corporate America to search for opportunities in places where they have rarely, if ever, looked before. These underserved areas or New Markets include economically devastated communities throughout the country. The President’s New Markets initiative will provide to investors the same tax credits and loan guarantees already provided to investors in emerging economies overseas.
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