THE WHITE HOUSE AT WORK
Friday, December 3, 1999
ANNOUNCING 20 MILLION NEW JOBS CREATED AND INVESTING IN A HIGH-TECH ECONOMY
"With today's new numbers, we have truly crossed a remarkable threshold: 20 million jobs -- thanks to the hard work of the American people, and the economic policies we have pursued...If we want our current prosperity to continue into the 21st century, we must continue to encourage the creation and spread of new technologies in our own economy."
President Bill Clinton
Friday, December 3, 1999
Today, at the White House, President Clinton announced that, since he took office in January 1993, our economy has created over 20 million new jobs Most of these new jobs are private-sector, high-wage, full-time positions which are dispersed across the nation and among all races and classes of Americans. The President also highlighted important new steps to spur high-tech economic growth and improve our ability to compete in global markets.
20 Million New Jobs Created under the Clinton-Gore Administration. In 1993, when President Clinton took office, the American economy was barely creating jobs, wages were stagnant, and the unemployment rate was 7.5 percent. Due in large part to the President's three-part economic strategy of fiscal discipline, investing in the American people, and opening markets abroad, we are enjoying the longest peacetime economic expansion in the nation's history. Today, President Clinton announced the findings of a report by the Department of Labor and the Council of Economic Advisers that show that under his leadership:
- 20 million new jobs have been created since 1993, the most ever created under a single administration Of these new jobs, 92% are in the private sector, and most are full-time;
- 81% of these new jobs are in job categories that pay above median wage;
- The unemployment rate is the lowest it has been in nearly 30 years;
- Employment gains have been strong for all major subgroups of the population. African-American and Hispanic employment rose to record highs, and the unemployment rates fell to record lows. The unemployment rate for women is now lower than at any time since 1953;
- Real wages have risen for four straight years, the longest and fastest wage growth in more than two decades. Real wages have risen across the board; and
- Job displacement rates have been on the decline.
Highlighting Progress Toward a High-Tech Economy. Noting that the information technology sector alone has been responsible for one-third of our economic growth, and that high-tech jobs pay nearly 80% more than the private-sector average, President Clinton emphasized the importance of investing in new technology to maintain America's prosperity into the next century. The President highlighted important steps he has taken, through negotiations with Congress, to boost high-tech investment and innovation:
- A 5-year extension of the Research and Experimentation Credit, a tax incentive for companies to invest in innovative technologies;
- Substantial, balanced increases in federal investment in long-term research and development within a wide range of science and engineering disciplines; and.
- Reforming and strengthening our patent system for America's entrepreneurs.
The White House Briefing Room
The White House at Work Archives