President Clinton and Vice President Gore's Economic Plan: Building the Path to Prosperity for America's Families (8/5/00)

President Clinton and Vice President Gore's Economic Plan: Building the Path to Prosperity for America's Families (8/5/00)

Seven years ago this week, President Clinton and Vice President Gore's economic plan was enacted without a single Republican vote. Vice President Gore broke a tie on August 6, 1993 to pass the measure in the Senate and President Clinton signed the 1993 Budget Reconciliation into law four days later. Their bold, three-part strategy established fiscal discipline; invested in education, health care, science and technology; and opened foreign markets so that American workers have a fair chance to compete abroad. Passage of the economic plan was a historic turning point, reversing 12 years of trickle-down economics and turning the largest deficit in history into the largest budget surplus in history. It also committed the country to a path of fiscal discipline that helped unleash the productive potential of the American people, contributing to the longest economic expansion in history, including the creation of over 22 million jobs, the lowest unemployment and inflation rates in a generation, rising wages and the highest homeownership rates on record. Today, working families are enjoying the benefits of this comprehensive plan and the course of fiscal discipline it established.

Clinton-Gore Economic Plan Restored Fiscal Discipline

The previous two administrations drove annual budget deficits to their highest level in history, piled up more debt in 12 years than the nation did in the previous 200, and quadrupled the national debt. Thanks to the 1993 economic plan, President Clinton and Vice President Gore kept their promise to cut the deficit in half in four years and produced three back-to-back surpluses for the first time in over 50 years. Fiscal discipline has resulted in real benefits for American families by keeping interest rates low and productivity high, and by creating the conditions for the strongest economy in our nation's history.

Slashed the Federal Deficit

Lowered Interest Rates and Increased Productivity

Cut Taxes and for Small Businesses to Create Jobs and Build the Economy

Clinton-Gore Economic Plan Invested in the American People

Not only did President Clinton and Vice President Gore reverse the failed economic polices that had resulted in a sea of red ink, they also reversed 12 years of neglect of working families. Their economic strategy invests in America's future by rewarding those who work hard and play by the rules. Their strategy has transformed America, so that we now enjoy the lowest crime rate in 25 years, the smallest welfare rolls in 30 years and the highest child immunization rate in history. Today, more young people are graduating from high school and going to college, more Americans enjoy clean air and clean water, and more Americans are confident about the future of our nation. The 1993 economic plan was the first step in this strategy, cutting taxes for working families, preserving and protecting Medicare, and making key investments and reforms in child immunizations, higher education, and research and development.

Cut Taxes for Working Families

"I thought the Earned Income Tax Credit was the right direction because it helps people get off of welfare." [Speaker Newt Gingrich, Atlanta Journal & Constitution, 9/2/93] "One of the Clinton presidency's biggest accomplishments is also one of its least ballyhooed. We're talking about the Earned Income Tax Credit (EITC), which may be as boring as it sounds but which also may have more beneficial impact on some of the neediest American families than anything the government has done in decades." [Black, Minneapolis Star-Tribune, 10/16/1994]

Preserved and Protected Medicare

Expanded Childhood Immunizations

Revitalized Communities with Empowerment Zones

Reformed Student Loans

Encouraged Investment in Research, Development and Job Creation

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