The Clinton/Gore Economic Record: Continued Strong Growth Across the Board
THE CLINTON/GORE ECONOMIC RECORD:
Continued Strong Growth Across the Board
November 4, 1999
After Six Years, The Results of President Clinton and Vice President Goreís
Economic Leadership for the American People Are Clear. Six years ago, President
Clinton and Vice President Gore put in place a bold new three-part economic
strategy of cutting the deficit to help reduce interest rates and spur business
investment; investing in education, health care, science and technology so that
America was prepared to meet the challenges of the 21st century. Today, many
more Americans are sharing in the new economic prosperity and joining the circle
Deficit Eliminated: The First Budget Surplus in A Generation
- 1992. The deficit was $290 billion -- the highest dollar level in history. When President Clinton took office, the deficit was projected to hit $357 billion in 1998, and head higher. [Source: CBO]
- Today. This year, we had a budget surplus of $123 billion -- the largest dollar surplus on record and the largest as a share of our economy since 1951. With the Presidentís plan, we are now on track to also eliminate the nationís publicly held debt by 2015. [Source: OMB]
Faster Economic Growth: 3.8% Per Year
- 1981-1992. The economic grew an average 1.7 % per year under President Bush and 2.8 % per year during the Reagan-Bush years.
- Today. Since President Clinton took office, growth has averaged 3.8 % per year. [Source: US Department of Commerce].
Private-Sector Growth Is Up: 4.3% Per Year
- 1981-1992. The private sector of the economy grew 2.9 % annually from 1981-1992.
- Today. The private sector of the economy has grown 4.3 % annually. [Source: Based on data from the Department of Commerce]
Equipment and Software Investment Is Fueling Strong Growth: Fastest On Record
- 1988-1992. Real equipment and software investment rose just 3.8 % annually during the previous Administration.
- Today. Real equipment and software investment is up 12.6 % per year -- faster than any Administration since on record. [Source: Department of Commerce]
Jobs Are Up: 19.4 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 more than 19.4 million new jobs since January 1993, with 18 million in the private sector alone, at a faster annual growth rate than any Republican Administration since the 1920s. [Source: Bureau of Labor Statistics]
Unemployment Is Down: The Lowest Peacetime Rate in 29 Years
- 1981-1992. The unemployment rate averaged 7.1 % and rose to more than 10 % in 1982 and 1983.
- Today. In September, the unemployment rate was 4.2 % -- the lowest level in 29 years. The unemployment rate has been below 5 % for 27 consecutive months. [Source: BLS]
Unemployment for African Americans Declined Dramatically
- 1981-1992: African American unemployment reached 21.2 % in January 1983-- a record high, and never dropped below 10 %.
- Today. The African-American unemployment rate has fallen from 14.2 % in January 1993 to 8.9 % in 1998 its lowest annual 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 % in 1982.
- Today. The Hispanic unemployment rate has dropped from 11.6 percent in 1992 to 7.2 percent in 1998 -- its lowest annual level on record.
Real Wages Rising Again: Fastest Growth in Two Decades
- 1981-1992. Real average hourly earnings fell 4.3 % under Presidents Reagan and Bush. [Source: BLS.]
- Today. Real wages have grown 6.3 % under President Clinton. In 1998, real wages were up 2.7% -- thatís 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%, after adjusting for inflation.
- Today. Median weekly earnings rose 7.3% between 1996 and 1998, after adjusting for inflation (Source: Bureau of Labor Statistics).
Real Wages for Hispanics Rising After A Decade of Sharp Decline
- 1981-1991. Median weekly earnings dropped 8.5%, after adjusting for inflation.
- Today. Median weekly earnings rose 3.8% between 1996 and 1998, after adjusting for inflation (Source: Bureau of Labor Statistics).
Poverty For African-Americans Dropped to Lowest On Record
- 1981-1992. Between 1980-1992, the poverty rate for African American remained at 30% or more.
- Today. Since 1993, the African-American poverty rate has dropped from 33.1 percent to 26.1 percent in 1998-- thatís its lowest level recorded and thatís the largest five-year drop in African-American poverty in more than a quarter century (1967-1972). [Source: Bureau of the Census]
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. [Source: Bureau of the Census]
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. [Source: Bureau of the Census]
Welfare Rolls Dropped Dramatically: Lowest Since 1970
- 1981-1992. The number of welfare recipients increased by almost 2.5 million (a 22 % increase) to 13.6 million people.
- Today. The number of welfare recipients dropped by almost 5.5 million (a 35% decline) to 8.8 million between 1994 and 1998 the lowest since 1970. (Source: Department of Housing and Urban Development.)
Homeownership Is Up: The Highest in American History
- 1981-1992. The homeownership rate fell from 65.6 % in the first quarter of 1981 to 63.7 % in the first quarter of 1993. [Source: Bureau of the Census]
- Today. In the third quarter 1999, the homeownership rate is 67.0 the highest ever recorded.
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