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Longest Economic Expansion in U.S. History. In February 2000, the United States entered the 107th consecutive month of economic expansion -- the longest economic expansion in history.
Moving From Record Deficits to Record Surplus. In 1992, the Federal budget deficit was $290 billion - the largest dollar deficit in American history. In January 1993, the Congressional Budget Office projected that the deficit would grow to $455 billion by 2000. The Office of Management and Budget is now projecting a surplus of at least $230 billion for 2000 - the third consecutive surplus and the largest surplus ever, even after adjusting for inflation. Compared with original projections, that is over $685 billion less in government drain on the economy and over $685 billion more potentially available for private investment in this one year alone. The 2000 surplus is projected to be 2.4 percent of GDP -- the largest surplus as a share of GDP since 1948. This is the first time we have had three surpluses in a row in more than a half century, and it is the second consecutive surplus excluding Social Security.
Paying Off the National Debt. In July 2000, the Treasury Department announced that the United States will pay off $221 billion of debt this year -- the largest one-year debt pay down in American history. This will be the third consecutive year of debt reduction, bringing the three-year total to $360 billion. Public debt is on track to be $2.4 trillion lower in 2000 than was projected in 1993. Debt reduction brings real benefits for the American people -- a family with a home mortgage of $100,000 might expect to save roughly $2,000 per year in mortgage payments. Reduced debt also means lower interest rates and reduced payments on car loans and student loans. With the President's plan, we are now on track to eliminate the nation's publicly held debt by at least 2012.
More Than 22 Million New Jobs. 22.2 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. 92 percent (20 million) of the 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 248,000 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.
Fastest and Longest Real Wage Growth in Over Three Decades. In the last 12 months, average hourly earnings have increased 3.8 percent -- faster than the rate of inflation. The United States has had five consecutive years of real wage growth -- the longest consecutive increase since the 1960s. Since 1993, real wages are up 6.5 percent, after declining 4.3 percent during the Reagan and Bush years.
Household Income Breaks $40,000 for First Time in History. Income for median households rose $1,072, or 2.7 percent, from $39,744 in 1998 to $40,816, marking an unprecedented fifth year of significant growth in income. In 1999, the median income of African American households increased from $25,911 in 1998 to $27,910 -- an increase of $1,999, or 7.7 percent, which is the largest one-year increase ever recorded. The income of the median Hispanic household, adjusted for inflation, increased from $28,956 in 1998 to $30,735 in 1999 -- an increase of $1,779, or 6.1 percent, which is the largest one-year increase ever recorded.
Unemployment is the Lowest in Over Three Decades. Unemployment is down from 7.5 percent in 1992 to 3.9 percent in September, the lowest in more than three decades. The unemployment rate has fallen for seven years in a row, and has remained below 5 percent for 37 months in a row -- over three full years. Unemployment for African-Americans fell to the lowest level ever recorded, and for Hispanics it remains at historic lows.
Highest Homeownership Rate in History. The homeownership rate reached 67.2 percent in the second quarter of 2000 -- the highest ever recorded. Minority homeownership rates were also the highest ever recorded. In contrast, the homeownership rate fell from 65.6 percent in the first quarter of 1981 to 63.7 percent in the first quarter of 1993. There are almost 9 million more homeowners than in 1993.
Lowest Poverty Rate Since 1979. In 1999, the poverty rate dropped from 12.7 percent to 11.8 percent, the lowest rate in two decades. Since President Clinton and Vice President Gore passed their Economic Plan in 1993, the poverty rate has declined from 15.1 percent in 1993 to 11.8 percent in 1999 - the largest six-year drop in poverty in nearly 30 years (1964-1970). There are now 7 million fewer people in poverty than in 1993, and over 2.2 million, or over 30 percent, of this decline occurred during the past year.
Largest One-Year Drop in Child Poverty in More than Three Decades. Under President Clinton and Vice President Gore child poverty has dropped by 25.6 percent -- from 22.7 percent in 1993 to 16.9 percent in 1999. While this is still too high, it is the lowest child poverty rate since 1979 and includes the largest one-year decline since 1966, which occurred from 1998 to 1999. The African American child poverty rate has fallen 28.2 percent since 1993, and dropped from 36.7 percent in 1998 to 33.1 percent in 1999 -- the largest one-year drop in history and the lowest level on record (data collected since 1959). The Hispanic child poverty rate has fallen by 26 percent since 1993, and dropped from 25.6 percent in 1998 to 22.8 percent in 1999 -- the lowest level since 1979.
Improved Access to Affordable, Quality Child Care and Early Childhood Programs. Under the Clinton-Gore Administration, federal funding for child care has more than doubled, helping parents pay for the care of about 1.5 million children in 1998, and the1996 welfare reform law increased child care funding by $4 billion over six years to provide child care assistance to families moving from welfare to work. Since 1993, the Clinton-Gore Administration has increased funding for the Head Start program by 90 percent, and in FY 2000, the program will serve approximately 880,000 children - over 160,000 more children than in 1993.
Increased the Minimum Wage. The minimum wage has risen from $4.25 to $5.15 per hour, increasing wages for 10 million workers. The President and Vice President have called for an additional increase to $6.15 over two years.
Lowest Crime Rates in a Generation. When President Clinton and Vice President Gore took office in 1993, the violent crime rate in America had more than quadrupled during the previous three decades. Since then, America has experienced the longest continuous drop in crime on record. The overall crime rate is the lowest in 25 years, and in 1999 crime fell for the eighth consecutive year nationwide. Violent crime rate fell 7 percent in 1999 and 27 percent since 1993. Since 1993, the murder rate is down more than 25 percent to its lowest point since 1967, and gun violence has declined by more than 35 percent.
Putting 100,000 More Police on the Streets. In 1999, ahead of schedule and under budget, the Clinton-Gore Administration met its commitment to fund an additional 100,000 police officers for our communities. As a part of the COPS Program, the President announced a distressed neighborhood grant program to increase community policing in high-crime and underserved neighborhoods. To help keep crime at record lows, in fall 1999, the President won funding for the first installment toward his goal to hire up to 50,000 more officers by 2005. This year, the Clinton-Gore budget includes over $1 billion to continue the successful COPS initiative to hire more officers, hire new community prosecutors, give police the tools and technology they need to fight crime, and to fund community-wide crime fighting efforts.
More Than Half a Million Felons, Fugitives and Domestic Abusers Denied Guns. Since taking effect in 1994, the Brady Law has helped to prevent a total of more than 536,000 felons, fugitives, domestic abusers, and other prohibited purchasers from buying guns. In November 1998, the National Instant Criminal Background Check System (NICS) took effect under the Brady Law, allowing access to a fuller set of records that law enforcement officials can use to conduct checks of all prospective gun purchases -- not just for handguns. As of March 2000, NICS has conducted over 10 million background checks on gun purchasers, and stopped an estimated 179,000 illegal gun sales.
Cracking Down on the Most Serious Gun Criminals. President Clinton and Vice President Gore have established a tough records of enforcement of our nation's gun laws by helping law enforcement take serious gun criminals out of our communities and put them where they belong: behind bars. The number of federal firearms cases prosecuted by the U.S. Attorneys increased 16 percent, from 4,754 in 1992 to 5,500 in 1999. And, by providing federal, state and local law enforcement and prosecutors with the tools they need to crack down on gun criminals, overall gun prosecutions have increased 22 percent. In addition, the average sentence for federal gun offenders has increased by nearly two years, and federal law enforcement is successfully targeting the most serious gun offenders. Between 1992 and 1998, the number of federal gun defendants sentenced to prison for three years or more went up 20 percent, and the number sentenced to five years or more went up 12 percent.
Largest Gun Enforcement Initiative in History. This year, President Clinton has proposed the largest gun enforcement initiative ever. The initiative would provide a record $280 million to add 500 new federal ATF agents and inspectors to target violent gun criminals and illegal gun traffickers that supply guns to criminals and juveniles, and fund over 1,000 new federal, state, and local gun prosecutors to take dangerous gun offenders off the streets. This initiative would also expand the ATF's crime gun tracing program by providing tracing equipment and training to 250 additional law enforcement agencies and by creating the first nationally integrated ballistics testing system. The new ballistics testing system will help law enforcement use the unique "fingerprints" of bullets or shell casings left at the scene of a crime to identify gun criminals -- even in the absence of a firearm.
Enacted Single Largest Investment in Health Care for Children since 1965. The five year, $24 billion State Children's Health Insurance Program (S-CHIP) will provide health care coverage for up to five million children. Two million children have already been enrolled, and in October 1999 President Clinton announced new outreach initiatives to enroll millions more uninsured, eligible children. Last year, the President launched a nationwide "Insure Kids Now" campaign that will bring together major TV and radio networks, healthcare organizations, religious groups and other community-based organizations to help enroll more children in the Children's Health Insurance Program, with the goal of enrolling 5 million of the estimated 10 million children eligible for health insurance under S-CHIP within 5 years. As of June 2000, approximately 2.5 million children were enrolled in S-CHIP. This year, the budget includes sev! eral of Vice President Gore's proposals to accelerate enrollment of children in S-CHIP. The President is also proposing a new FamilyCare program, which would give States the option to cover parents in the same plan as their children.
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