Economic Report of the President

Abstract

I am pleased to report that the American economy today is strong. We are enjoying the longest economic expansion ever recorded, with more than 22 million new jobs since 1993, the lowest unemployment rate in 30 years, the lowest female unemployment rate in 40 years, the lowest Hispanic and African-American unemployment rates ever recorded, and the highest home ownership rate on record. This economic expansion has been not only unusually long, but also broad and deep. For the first time in decades, wages are rising at all income levels. We have the lowest child poverty in 20 years and the lowest poverty rate for single mothers ever recorded. Since 1993 the median family income has gone up more than $6,000, and for African-American families it has risen even more. The number of families who own stock has grown by 40 percent. Our current economic strength is the result not of chance, but of a choice the American people made 8 years ago. At that time, 10 million of our fellow citizens were out of work. Interest rates were high. The Federal budget deficit was $290 billion and rising. And the Federal debt had quadrupled in the previous 12 years, imposing a crushing burden on our economy and on our children.

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