ECONOMIC PROGRESS IN CONNECTICUT
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 Connecticut 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 Connecticut:

• The unemployment rate has dropped from 6.5% to 5.0%.
• 900 new jobs added in 23 months -- after 150,300 lost during the previous 4 years.
• Business failures have dropped 30% -- after average annual increases of 69% over the previous 4 years.
• Homes sales have increased 21% -- after declining 5% per year over the previous 4 years.
• Home building is up 9.3% -- after declining 19.3% per year over the previous 4 years.

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

2 TIMES MORE CONNECTICUT FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 84,379 working families in Connecticut will receive a tax cut. This compares to an increase in the income tax rate for only the 38,909 wealthiest taxpayers in Connecticut.

TAX CUT FOR 17,195 SMALL BUSINESSES IN CONNECTICUT: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 17,195 small businesses in Connecticut are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.

670,000 CONNECTICUT 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 670,429 workers in Connecticut, and protects the jobs of 40,276 workers in Connecticut who are likely to use unpaid leave this year alone.

539,800 STUDENTS AND FORMER STUDENTS IN CONNECTICUT WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 539,800 Connecticut borrowers -- 377,900 current borrowers and 161,900 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.