May 1, 1998

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T H E W H I T E H O U S E

May 1, 1998

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PRESIDENT CLINTON:
SUCCESS IN THE NEW ECONOMY

"We are building a new economy for our people -- a new economy powered by technology, nurtured by the ingenuity of the human mind, and enlarged by trade among all nations -- one that will forever transform the way we live, work and relate to one another."

- President Bill Clinton
May 1, 1998

Today, President Clinton visits a mid-size design and manufacturing business in Silicon Valley to demonstrate how all Americans -- not just software engineers and computer science majors, but workers with a whole range of skills -- are benefiting from the new economy we are building. The President also uses the visit to emphasize the interconnectedness of the global economy, and to demonstrate why the Administration is fighting to give the International Monetary Fund the resources it needs to contain the Asian financial crisis and protect American jobs.

The Strongest Economy In A Generation. President Clinton's three-part economic strategy -- fiscal responsibility, investing in our people, opening new markets to American goods and services -- is working for America's families. In the first quarter of 1998, the economy grew at a strong annual rate of 4.2 percent; unemployment was the lowest in 28 years; inflation was the lowest in more than 30 years; consumer confidence reached its highest level in a generation; and for five years in a row, America's economy was rated the most competitive in the world.

Building A New Economy. Silicon Valley is an example of the type of success that the new economy can bring to workers of all trades and disciplines. Silicon Valley has added 200,000 jobs since 1992. With less than 10 percent of the state's population, the region accounts for 40 percent of California's exports.

Expanding Opportunity In The New Economy. Two keys to expanding opportunity in the new economy are education and job training. Through HOPE Scholarships, Lifetime Learning Tax Credits, Education IRAs, expanded Pell Grant scholarships and cheaper student loans, the President has helped open the doors of college to all Americans who want to pursue learning and upgrade their skills. President Clinton is also working to reform the job training and adult and vocational education systems, calling for a G.I. Bill for workers that will:

Empower individuals, providing Americans seeking training with Skills Grants, report cards to inform consumers' choices, and universal access to core services like job-search assistance;
Streamline services, creating a nationwide system of One-Stop Career Centers (centers that consolidate multiple training and employment programs at the "street level");.
Enhance accountability, requiring training providers to be certified. Performance measures will include rates of job retention, earnings, and job placement;
Increase flexibility, allowing states and local areas to implement innovative job-training programs.

Protecting The Health Of The World Economy. In the new economy, America's prosperity -- and American jobs -- are more closely linked to the health of the world economy than ever. President Clinton is urging Congress to give the International Monetary Fund the resources it needs to contain economic crises around the world to better ensure global economic stability and American prosperity.