[Charles Fishman, editor] Please Distribute 10/08/92 THE ESSENTIAL BILL CLINTON: THE ECONOMY (Part II) THE PLAN FOR CHANGE --------------------------- "My plan is a bold plan. It offers fifty billion dollars in new investments over the next four years--in each of the next four years. New incentives for the private sector, an investment tax credit, urban enterprise zones, new business tax incentives, research and development incentives, and others." "It offers twenty billion dollars a year in hard federal dollars, every year for the next four years, to build an economy for the twenty-first century, to invest in new roads and bridges and streets and rail systems, to develop high- speed rail and a national fiber optic network, to develop new environmental technologies to clean our waters and our air, and to recycle more of our solid wastes. In short, to do those things we are not doing today. "This twenty billion dollars will create a million jobs a year in each of the next four years, driving funds into your cities. . . . It will enable us to spend more in infrastructure, and in law enforcement, and in education, and in social services. . . . this will happen without spending one red cent of state or local money or private sector money." "I support incentives for military personnel to earn military retirement by taking jobs as teachers and police. . . . I want to retrain defense industry technicians for work in critical civilian fields such as biotechnology, renewable energy, and environmental cleanup." "I want America to chart a new course, to depart from twelve years of dominance by special interests and big government that has given one percent of the American people at the top more wealth than the bottom ninety percent for the first time since the 1920's, [years] that have cost us our economic leadership, our growth rates, and the reward for work which ought to be part of the American Dream. That have undermined the strength of our families and have raised the awful specter that we may be rearing the first generation of Americans to do worse than their parents. THE BUSH RECORD --------------------------- The Bush/Quayle Administration has the worst record for small business and economic growth since Herbert Hoover. During the first three years of the Bush/Quayle Administration, the number of new business incorporations declined at a 3.3 percent annual rate, the first decline since 1945 [Joint Economic Committee] In 1991, 944,00 individuals and businesses filed for bankruptcy--the highest number since the current U.S. Bankruptcy Code took effect in 1979. During the Bush Administration, the number of personal bankruptcies filed exceeds net new jobs created by a 3-1 margin. [Administrative Office of the U.S. Courts] Since George Bush took office, no net private sector jobs have been created, unemployment has increased by 3 million, 1.2 million manufacturing jobs have been lost, and real weekly earnings have fallen by 4 percent. [Bureau of Labor Statistics, Department of Commerce] The conservative Heritage Foundation recently concluded that "although President Bush often complains about the burden placed on the economy by excessive regulation, only Richard Nixon in the last two decades has done more to add to this burden." THE CLINTON ALTERNATIVE --------------------------- Under Bill Clinton's leadership, Arkansas has led the nation in creating jobs, and the Arkansas Development Finance Authority Clinton helped create has become a model in small business financing assistance. "Yesterday [10/3/92], in the Wall Street Journal, which is hardly an arm of the Democratic Party, there was a huge article on our administration in Arkansas, which said that we had enjoyed solid job growth while we had kept taxing and spending steady in a state with the second lowest overall tax burden in the country." "[In fact,] in my state, we led the country in the last year in private sector job growth." "When we raised money, we raised it on things that would generate growth and income. We spent all the money we raised on education, on training, on new technology, on new transportation systems, on investments in growth that would increase wealth. That is what we have to do as a country." "the budgets [George Bush] has submitted have nearly doubled the debt. Even worse, he wasted billions and reduced our investment in education and jobs. We can do better." "He has never balanced a government budget. But I have, eleven times." ENDORSEMENTS: --------------------------- Nobel Prize winning economists: Paul Samuelson, MIT (1970) Kenneth Arrow, Stanford (1972) Lawrence Klein, Penn (1980) James Tobin, Yale (1981) Franco Modigliani, MIT (1985) Robert Solow, MIT (1987) Business and Professional Women's PAC, by unanimous vote. The 7,000 participants at the B&PW convention in Minneapolis made the first presidential endorsement in B&PW's 75-year history. Said Chairwoman, Mariwyn Heath (7/28/92, "This political action committee looked at the voting records of the candidates, their vetoes and the power that they use for and against women, and took this bold step to endorse the presidential ticket of Bill Clinton and Al Gore." Roger Johnson, Chairman, Western Digital (member of the Orange County Eight and one of 30 presidents or CEOs of some of the nation's leading high-tech companies endorsing Clinton): "As a Republican who has voted for every GOP presidential candidate since Eisenhower in 1952, it has been an eye-opening experience to find that a Democratic governor from Arkansas has a far better understanding of what America needs than does an incumbent Republican Administration." Delano Lewis, President and CEO, C&P Telephone: "The Clinton-Gore plan is an investment in people, in plant, and in equipment, the elements that [will] generate private sector investment and participation in national economic recovery. For business people who want to provide employment opportunities, this plan makes absolute sense." Kathryn Thompson, real estate developer (and member of the Orange County Eight): "Bill Clinton knows only an economically strong America can preserve world peace and promote expanding markets. Bill Clinton can see past the moment and therefore is the most qualified [presidential candidate] in shaping history in America's best interest." The Seattle Times (10/4/92): Bush has provided over an economy that has created the fewest jobs of any administration since WWII. . . . As Bush tries to blame others, Clinton talks about the future with plans for investments in educations and major jobs-training programs and strengthening the public works that allow private commerce to thrive." AFL-CIO President, Lane Kirkland: "Working people want a government that fights to rebuild the country's economic strength, provides fair opportunities and seeks--in the words of the Pledge of Allegiance--"liberty and justice for *all*." [Meeting earlier this month, the AFL-CIO General Board, composed of representatives from all 88 unions affiliated with the federation, endorsed the Clinton-Gore ticket.] John P. White, former Issues Director, Perot Petition Committee (10/5/92): "Today, I am announcing my support for Governor Bill Clinton for President of the United States. . . . I believe that a Clinton presidency will achieve for the country the essential combination of economic growth, good jobs, and long-term fiscal strength. I believe Clinton has an excellent economic plan and will provide the long- term deficit reduction that will be necessary to return America to a sound footing."