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Leading the Longest Peacetime Economic Expansion in U.S. History

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State of the Union Address 2000

Leading the Longest Peacetime Economic Expansion in U.S. History

More than 20 Million New Jobs

  • 20.4 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 combined.
  • More than 92 percent (18.8 million) of these 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 245,000 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.
  • [source: Bureau of Labor Statistics, 1/2000]

Longest Peacetime Economic Expansion in History

  • America is experiencing the longest peacetime economic expansion on record (105 months). In February 2000, the economy will set a record for the longest expansion ever.
  • [source: National Bureau of Economic Research]

Unemployment Is the Lowest in 30 Years

  • Unemployment has dropped from 7.5 percent in 1992 to 4.1 percent today.
  • The unemployment rate has fallen seven years in a row, and has remained below 5 percent for 30 consecutive months.
  • The unemployment rate for women was 4.1 percent, the lowest since 1953.
  • African-American unemployment has fallen from 14.2 percent in 1992 to 8.0 percent in 1999, the lowest rate ever recorded.
  • The unemployment rate for Hispanics has declined from 11.6 percent in 1992 to 6.4 percent in 1999, the lowest rate ever recorded.
  • [source: Bureau of Labor Statistics]

Lowest Poverty Rate in Two Decades

  • The poverty rate has fallen from 15.1 percent in 1993 to 12.7 percent in 1998. The current rate is the lowest since 1979.
  • The United States has experienced the largest five-year drop in poverty in nearly 30 years.
  • 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.
  • The poverty rate for Hispanics is at the lowest level since 1979, and dropped to 25.6 percent in 1998.
  • [Source: Poverty In the United States 1998, Bureau of the Census, 9/30/99]

Highest Homeownership Rate in History

  • In the third quarter of 1999, the homeownership rate was 67.0 -- the highest ever recorded.
  • [source: Bureau of the Census, 9/28/99]

Fastest and Longest Real Wage Growth in More Than Two Decades

  • Since 1993, real wages have grown 6.6 percent -- compared to declining 4.3 percent during the previous two administrations.
  • In 1998, real wages were up 2.6 percent -- the fastest annual real wage growth in over 20 years.
  • [source: Bureau of Labor Statistics]

Expanded Investment in Urban and Rural Areas

  • President Clinton and Vice President Gore have created 135 urban and rural Empowerment Zones and Enterprise Communities across the country, that have created new jobs, new opportunities and stronger communities.
  • The Enterprise Zone/Enterprise Community initiative has already leveraged over $10 billion in additional public and private sector investment in community revitalization efforts.
  • The Work Opportunity Tax Credit gives attractive tax incentives to business that hire and employ young adults living in Empowerment Zones and Enterprise Communities.
  • [source: National Economic Council, 11/18/99]

New Markets Initiative: Encouraging Investment in Underserved Communities

  • President Clinton's New Markets Initiative is helping to bring economic development and renewal to communities that have not benefited from the soaring economy.
  • The President's New Markets Tour of underserved communities generated nearly $1 billion in private sector investment commitments.
  • President Clinton and Vice President Gore won $20 million of funding for American Private Investment Corporations that will leverage $800 million of new investment in underserved areas. They also secured $16.5 million in new funding for New Market Venture Capital Firms and BusinessLINC to bring equity capital and technical assistance to small businesses in low- and moderate-income neighborhoods.
  • [source: National Economic Council, 11/5/99]


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