Remarks on the National Economy September 26, 2000
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2216 Sept. 26 / Administration of William J. Clinton, 2000 the Development, Production, Stockpiling American people could participate in the and Use of Chemical Weapons and on Their growth of our Nation. We expanded the Destruction, adopted by the United States earned-income tax credit, nearly doubling it Senate on April 24, 1997, enclosed is the re- to make sure that work pays for people who port on CWC compliance. work on modest incomes. The report is provided in both a classified We raised the minimum wage, passed the and unclassified form. family and medical leave law, enacted a $500 Sincerely, child tax credit, passed the Kennedy- William J. Clinton Kassebaum bill to make sure people could carry their health insurance with them when NOTE: Identical letters were sent to Jesse Helms, they changed jobs, created the HOPE schol- chairman, and Joseph R. Biden, Jr., ranking mem- ber, Senate Committee on Foreign Relations; and arship tax credit and other increases in col- Benjamin A. Gilman, chairman, and Sam lege aid for the biggest expansion in college Gejdensen, ranking member, House Committee opportunity since the GI bill over 50 years on International Relations. This letter was re- ago. leased by the Office of the Press Secretary on Sep- Now, we all know that the American peo- tember 26. ple have done a lot with these changes. We have the lowest unemployment in 30 years, Remarks on the National Economy the lowest female unemployment in 40 years, September 26, 2000 the lowest Hispanic and African-American unemployment ever recorded. So, the 22 Thank you very much. Ladies and gentle- million jobs and the longest economic expan- men, we're here to talk about some good sion in history have truly had a broad base news for our economy and what it means for of benefits. The rising tide has been lifting hardworking Americans. I want to thank all boats. those on our administration team who had Today I'm pleased to announce that we a lot to do with the results that I will be have reached another economic milestone. announcing today. In its annual study on income and poverty, I thank John Podesta, and I thank Gene the Census Bureau reports that last year typ- Sperling; our Council of Economic Chair ical household income rose $1,072, to the Martin Baily, and the other members of the highest level ever recorded, breaking $40,000 Council of Economic Advisers; Jack Lew and for the first time. Sylvia Mathews at OMB and all the people American incomes have been on the rise at OMB and the staff at the Council of Eco- for 5 years running now. Since 1993, when nomic Advisers; all the folks who work in the we launched our economic strategy, median White House and those who have been part family income has risen by 15 percent. That of the groups that have helped us and our means, for the typical family, after inflation, economic team and the Government to $6,300 more a year in real purchasing power achieve the results that the American people for the things that matter most: sending their have worked for and earned. As John Podesta just described, when we children to college; covering critical health took office, the deficit was $290 billion and care costs; saving for a secure retirement. rising. It was projected to be about $450 bil- And the poverty rate has fallen to 11.8 per- lion this year. Twelve years of irresponsible cent, the lowest in 20 years. Since 1993, 7 fiscal policies had quadrupled the debt of the million Americans have moved out of pov- United States, giving us low growth and very erty, 2.2 million in the last year alone. The high interest rates. Unemployment was high; equality part of this recovery is picking up confidence was low. steam. Last year African-American and His- Al Gore and I worked hard to change that, panic poverty rates took their largest drop with a strategy of fiscal discipline, investment ever. Child poverty dropped more than any in our people, and expanded trade. A big part year since 1966, and elderly poverty fell of our strategy was to make sure that all the below 10 percent for the first time in history. Administration of William J. Clinton, 2000 / Sept. 26 2217 The rising tide of the economy is lifting those drugs are manufactured right here in all boats. Every income group is seeing eco- America. Some of the most vulnerable Amer- nomic growth, with the greatest gains, in per- icans, seniors and people with disabilities, are centage terms, being made by the hardest paying the highest prices for prescription pressed Americans. In 1999, as the report drugs made in America, in the entire world. shows, African-American and Hispanic I support the legislation the Senate has households experienced the biggest boosts in passed to right this wrong. If fully funded, their incomes ever. the Senate bill meets my condition that the Today, the most important thing we can prescription drugs we import here are every say about our economy is that it works for bit as safe as the ones already on the shelves working families, and its success belongs to of America's pharmacies. With this protec- all the American people. If we stay on the tion in place, we can preserve the safety of path that got us here, the path of fiscal dis- our prescription drug supply and cut prices cipline, we can reach even greater heights for the pharmaceuticals Americans need. of prosperity. If we add the new markets ini- The idea has potential, as long as the lead- tiative and an expansion of the empowerment ership in Congress sees it as part of a real zone program the Vice President has led so solution, not part of a campaign strategy. Of ably these last years, we can extend it even course, again I say, it's only part of a solution. further, to people and places still left behind, A discount doesn't help you much if you've so that the gains we are seeing in the cities got more than $10,000 in catastrophic drug reach as far as our rural communities and costs. What you need, what all seniors need, Native American reservations. We can also is something that makes drugs cheaper but achieve something once unthinkable. We can helps you pay for them, as well. What you make our country debt-free for the first time need is a Medicare prescription drug benefit since the Presidency of Andrew Jackson in that is optional, affordable, and dependable. 1835. I'm disappointed by the congressional Months ago, I presented a budget that leadership's suggestion that there's not time sticks to the path of fiscal discipline and enough to pass such a benefit, and I disagree. makes critical investments in America's fu- Every day Congress is still in session is an- ture, that saves Social Security, strengthens other day it could be working overtime to Medicare, and includes a voluntary prescrip- provide a Medicare prescription drug benefit tion drug benefit, invests in education, and and to meet our other pressing national pri- increases accountability, and pays down the orities. debt by 2012. There is still time for Congress to raise Now, there's less than a week left in this the minimum wage; to pass the bipartisan fiscal year, and Congress still has not passed new markets legislation; to help close the 11 of the 13 appropriation bills. Congress still growing digital divide; to give our American has not raised the minimum wage or taken children more opportunities in education; to other initiatives to keep all Americans' lives reduce class size with more highly trained improving, along with the economy, includ- teachers; to fix crumbling old schools and to ing a strong, enforceable Patients' Bill of build new ones; to support after-school pro- Rights, voluntary Medicare prescription drug grams for all the children in this country who benefits, or tax cuts for college tuition, child need it; and to increase accountability by re- care, and long-term care. quiring States not only to identify failing I was, however, encouraged this week that schools but to turn them around or put them the Republican leadership said that they will under new management. work with me and the congressional Demo- The remarkable success of our economy, crats in the face of the drug companies' oppo- the rising incomes, the falling poverty rates, sition, to give Americans access to prescrip- show again how much we can achieve when tion drugs that are cheaper in other coun- we work hard, make the right choices, and tries. I think it's wrong when drug companies work together. The American people do that sell the same drugs for a much higher price every day of the year. So for just a few days, at home than they do overseas, even when the days left in this legislative session, I hope 2218 Sept. 26 / Administration of William J. Clinton, 2000 the Congress will work with me in that same Mr. Hotung, Mrs. Hotung, I thank you for spirit and with the same eye toward achieve- your generosity. I loved your speech. [Laugh- ment. ter] And I'd like to thank you, especially, for This is a good day for America. We have what you've tried to do for the people of East proved that we can lift all boats in a modern, Timor. It means a lot to me because I know global, information-based economy.