ECONOMIC PROGRESS IN MINNESOTA
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 Minnesota 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 Minnesota:

• 56% more new jobs per year -- 60,052 vs. 38,375 average during the previous 4 years.
• 68% more new private sector jobs per year -- 54,104 vs. 32,225 average during the previous 4 years.
• Over 7 times as many new manufacturing jobs per year -- 8,400 vs. 1,175 average during the previous 4 years.
• The unemployment rate has dropped from 5.1% to 3.5%.
• New business incorporations have increased 12%.
• Business failures have dropped 46%.

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

7 TIMES MORE MINNESOTA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 155,348 working families in Minnesota will receive a tax cut. This compares to an increase in the income tax rate for only the 22,960 wealthiest taxpayers in Minnesota.

TAX CUT FOR 26,078 SMALL BUSINESSES IN MINNESOTA: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 26,078 small businesses in Minnesota are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.

845,000 MINNESOTA 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 844,645 workers in Minnesota, and protects the jobs of 50,742 workers in Minnesota who are likely to use unpaid leave this year alone.

419,200 STUDENTS AND FORMER STUDENTS IN MINNESOTA WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 419,200 Minnesota borrowers -- 293,400 current borrowers and 125,800 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.