ECONOMIC PROGRESS IN MICHIGAN
UNDER PRESIDENT CLINTON

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 Michigan:

• Almost 4 times as many new jobs per year -- 90,939 vs. 22,900 average during previous 4 years.
• Almost 5 times as many new private sector jobs per year -- 87,861 vs. 18,075 average during the previous 4 years.
• 37,500 new manufacturing jobs in 23 months -- after 67,800 lost in the previous 4 years.
• The unemployment rate has dropped from 7.2% to 5.5%.
• New business incorporations have increased 21%.

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

10 TIMES MORE MICHIGAN FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 392,321 working families in Michigan will receive a tax cut. This compares to an increase in the income tax rate for only the 41,107 wealthiest taxpayers in Michigan.

TAX CUT FOR 41,459 SMALL BUSINESSES IN MICHIGAN: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 41,459 small businesses in Michigan are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.

1,502,000 MICHIGAN 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 1,501,815 workers in Michigan, and protects the jobs of 90,221 workers in Michigan who are likely to use unpaid leave this year alone.

579,600 STUDENTS AND FORMER STUDENTS IN MICHIGAN WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 579,600 Michigan borrowers -- 405,700 current borrowers and 173,900 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.