ECONOMIC PROGRESS IN
NEW MEXICO
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 New Mexico 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 New Mexico:

• Nearly twice as many new jobs per year -- 29,270 vs. 14,650 average during the previous 4 years.
• Over twice as many new private sector jobs per year -- 24,887 vs. 10,850 average during the previous 4 years.
• 3,600 new manufacturing jobs in 23 months -- after a net loss during the previous 4 years.
• The unemployment rate has dropped from 7.2% to 5.9%.
• Home building has increased 27%.

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

32 TIMES MORE NEW MEXICO FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 133,845 working families in New Mexico will receive a tax cut. This compares to an increase in the income tax rate for only the 4,136 wealthiest taxpayers in New Mexico.

TAX CUT FOR 8,405 SMALL BUSINESSES IN NEW MEXICO: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 8,405 small businesses in New Mexico are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.

176,000 NEW MEXICO 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 175,760 workers in New Mexico, and protects the jobs of 10,559 workers in New Mexico who are likely to use unpaid leave this year alone.

75,800 STUDENTS AND FORMER STUDENTS IN NEW MEXICO WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 75,800 New Mexico borrowers -- 53,100 current borrowers and 22,700 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.