The Clinton-Gore Economic Record
Moving from Budget Deficits to Historic Surpluses: Economic strategy
of fiscal discipline combined with investing in the American people moved the
economy from a record deficit -- $290 billion in 1992 -- to the largest dollar
surplus on record -- $167 billion in 2000. On track to eliminate the Nation's
publicly held debt by 2013.
21.6 Million New Jobs: 21.6 million new jobs -- the most created
by any Administration and more new jobs than were created from 1981-1992. The
economy has added an average of 248,000 jobs per month, the highest of any President
Low Unemployment: Fallen to 3.9%, the lowest in more than three
decades. Unemployment rates for African Americans and Hispanic Americans are
both at historic lows, while the unemployment rate for women is the lowest since
1953. Unemployment has remained below 5% for 34 months in a row.
Strong Economic Growth: Averaged 3.9% per year since President Clinton
and Vice President Gore took office, after growing just 1.7% per year from 1988-1992.
In February 2000, the United States entered the 107th consecutive month of economic
expansion -- the longest economic expansion in history.
Strong Private-Sector Growth: Increased 4.4% annually since 1993.
Since 1993, 19.7 million new jobs have been created in the private sector --
the highest percentage since Harry S. Truman was President and presiding over
post-World War II demobilization.
Expanding Trade to Strengthen Our Economy: Opening markets for U.S.
exports abroad and creating American jobs through NAFTA, GATT and nearly 300
other free and fair trade agreements. Opening foreign markets has contributed
to the 62 percent increase in American exports since 1992.
Lower Government Spending: At 18.7%, Federal Government spending
as a share of the Gross Domestic Product is at its lowest level since 1974.
Low Inflation: Underlying core rate at 1.9% in 1999 -- the lowest
rate since 1965. In the last four quarters the GDP price index has risen 1.3%
-- the lowest rate of increase since 1963.
Real Hourly Wages Up: Grown 6.8% under the Clinton-Gore Administration.
In the last 12 months, average hourly earnings have increased 3.7%, faster than
the rate of inflation. The U.S. has had 5 consecutive years of real wage growth,
the longest consecutive increase since the 1960s.
Higher Median Family Income: Increased by $5,046 since 1993 -- rising
from $41,691 in 1993 to $46,737 in 1998.
Lowest Federal Tax Rates in a Generation: A
four-person family with the median income of $54,900 paid the lowest share of
their income in income and payroll taxes since 1966.
Reduced Welfare Rolls: Welfare rolls are down by 7.2 million (or
51%) since 1993, after increasing by 22% from 1981-1992. This is the largest
welfare caseload decline in history, and the lowest number of people on welfare
Declining Child Poverty: Under President Clinton and Vice President
Gore, the child poverty rate has declined from 22.7% to 18.9% -- the biggest
5-year drop in nearly 30 years (1965-1970). For African American children poverty
is the lowest on record; for Hispanic children it is the lowest since 1980.
Highest Homeownership Rate: In 1999, the homeownership rate was
66.8% -- the highest ever recorded. Minority homeownership rates were also the
highest ever recorded.
More Auto Industry Jobs: 161,000 new auto jobs added since 1993
-- the fastest annual rate of auto job growth (2.6%) since the Johnson Administration.
Growing Construction Industry: 2.0 million new construction jobs
added since 1993 -- the fastest annual rate of growth (5.2%) in 50 years.