ECONOMIC PROGRESS IN ALABAMA
UNDER PRESIDENT CLINTON

President Clinton's strategy to strengthen the economy is based on reducing the federal budget deficit, lowering trade barriers, and empowering workers, families, businesses and communities to succeed. Here are some of the results for the nation and Alabama after the first two years of the Clinton Administration:

Improved Economic and Fiscal Conditions in the United States:

• Under Clinton Economic Plan, the deficit will be lowered by more than $600 billion -- the deficit will be cut for three years in a row for the first time since Harry Truman was President.
• Almost 6 million new jobs created -- private sector job growth rate 8 times faster than during previous Administration.
• Federal government workforce will drop by 272,900 -- creating lowest workforce since the Kennedy Administration.

Improved Economic Conditions in Alabama:

• 4,200 new manufacturing jobs -- after 600 lost during previous 4 years.
• The unemployment rate has dropped from 7.2% to 5.0%.
• The Help Wanted Index has increased 58%.
• Business failures have dropped 19%.
• Home sales have increased 10%.
• Bank lending growth over 2 1/2 times greater than during previous 4 years -- $2.8 billion per year vs. $1 billion per year.

What President Clinton's Accomplishments Have Achieved for the People of Alabama:

26 TIMES MORE ALABAMA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 374,672 working families in Alabama will receive a tax cut. This compares to an increase in the income tax rate for only the 14,449 wealthiest taxpayers in Alabama.

TAX CUT FOR 17,939 SMALL BUSINESSES IN ALABAMA: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 17,939 small businesses in Alabama are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.

629,000 ALABAMA WORKERS PROTECTED BY FAMILY AND MEDICAL LEAVE ACT: The Family and Medical Leave Act allows workers to take up to 12 weeks of unpaid leave for the birth of a child, to care for a sick family member, or if they become too sick to work. This law covers about 629,275 workers in Alabama, and protects the jobs of 37,803 workers in Alabama who are likely to use unpaid leave this year alone.

159,000 STUDENTS AND FORMER STUDENTS IN ALABAMA WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 159,000 Alabama borrowers -- 111,300 current borrowers and 47,700 new borrowers in the next few years -- can take advantage of the new direct student loan program by participating directly in the program or by consolidating guaranteed loans into direct loans. Some will benefit from lower interest rates, and all will benefit from more repayment options, including income contingent repayment.