February 10, 1998


For five years, our nation has pursued a new economic strategy for the Information Age. We have reduced the deficit to slash interest rates and spur private sector growth; opened markets to create high wage jobs; and invested in the skills and education of our people so that every American can reap the rewards of growth. All around us, we see the results: revitalized basic industries... thriving new industries... an investment boom... and a vibrant American economy.

President Bill Clinton
February 10, 1998

Today, President Clinton sends to Congress the annual Economic Report of the President. The Report makes clear that the American economy is strong. Incomes are up and taxes are down. To keep the economy growing and widen the circle of opportunity, President Clinton is: calling for continued fiscal responsibility, working to save Social Security first, preparing the American people for a brighter future.

The Strongest Economy In A Generation. President Clinton's three-part economic strategy --cutting the deficit, investing in our people, opening foreign markets to American goods -- is working for America's families. Since 1993 it has helped bring about: nearly 15 million new jobs; the lowest unemployment rate in a quarter century; the highest homeownership rate on record; the lowest core inflation rate in three decades; an increase in family income of nearly $2,200; and, this year, the lowest Federal tax burden on typical middle-income families in more than 20 years.

Higher Incomes for America's Families. Under the President's plan, the incomes of America's working families are up:

Lower Federal Tax Burden For Middle-Income Families. Because of the President's 1993 Economic Plan and the 1997 Balanced Budget Agreement, the typical middle-income family -- with an income of about $50,000 -- will have the lowest Federal tax burden in 20 years (1976); for a family with an income of about $25,000, the average federal tax burden will be the lowest in more than three decades (1966).

The Balanced Budget: Building On Success. The President's new budget builds on this record and provides targeted tax relief for child care, education, and the environment --all fully paid for. These targeted tax relief efforts would:

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