ECONOMIC PROGRESS IN
NEW YORK
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 York 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 York:

• 97,700 new jobs added in 23 months -- after 523,500 lost during the previous 4 years.
• 108,400 new private sector jobs added in 23 months -- after 500,500 lost during the previous 4 years.
• The unemployment rate has dropped from 8.3% to 6.0%.
• New business incorporations have increased 5%.
• Bankruptcy filings have dropped 45% per year -- after increasing 11% per year during the previous 4 years.
• Business failures have dropped 20% per year -- after increasing 35% per year during the previous 4 years.

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

6 TIMES MORE NEW YORK FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 890,568 working families in New York will receive a tax cut. This compares to an increase in the income tax rate for only the 148,562 wealthiest taxpayers in New York.

TAX CUT FOR 80,373 SMALL BUSINESSES IN NEW YORK: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 80,373 small businesses in New York are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.

3,141,000 NEW YORK 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 3,140,640 workers in New York, and protects the jobs of 188,672 workers in New York who are likely to use unpaid leave this year alone.

2 MILLION STUDENTS AND FORMER STUDENTS IN NEW YORK WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 2 million New York borrowers -- 1.4 million current borrowers and 600,000 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.