    [Public Papers of the Presidents of the United States: William J. Clinton (1993, Book II)]
    [December 4, 1993]
    [Pages 2115-2116]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    December 4, 1993

        Good morning. Today I'm in Los Angeles to hold a meeting on the
    economy and its impact on southern California. A year ago this month, I
    hosted a national economic summit to get the best ideas from all across
    America on how to implement the economic strategy I ran for President to
    implement, a strategy to regain control of our economic destiny; to put
    confidence back into our people; to strengthen our families; a strategy
    to rebuild the American dream by restoring middle class values of
    opportunity, responsibility, and community, rewarding work and family
    and faith.
        For too long the Government in Washington ignored roadblocks that
    stood in the way of an economic recovery: our investment deficit that
    hurts workers caught in changing times and communities plagued by crime,
    a budget deficit that drains money from our economy, a trade deficit
    that keeps us from selling our products and services around the world.
    All these roadblocks have kept America from moving and have hurt
    California especially, because California had so many high-tech
    employees in the defense industry, which as all of us know has been cut
    back a lot since 1987 and the end of the cold war in 1989. And now
    California, like the rest of America, is paying the price but even more
    so, not only because it's our biggest State but because one in five jobs
    lost permanently in our economy in the last few years has been lost in
    the southern part of this State.
        But during the time I've been President, we've tried to take these
    roadblocks head-on for all America. Let me say how. First, the strength
    of our economy and the security of our jobs is now tied to our ability
    to sell our products abroad. More and more Americans are becoming more
    productive. That means fewer people can produce more goods and services.
    That's a good thing to compete in the global economy, but only if we
    have more customers to buy those goods and services. That's the only way
    we can grow our economy, increase jobs, and increase incomes of working
    people.
        That's why we just passed the North American Free Trade Agreement.
    With NAFTA we'll sell more products stamped ``Made in the USA.'' We're
    also working hard on a world trade agreement between now and December
    15th in the GATT talks. And we've established better trade relations
    with Japan specifically and with the Asian countries in general.
        California is our strategic link to the economies in Latin America
    and to the Pacific rim. This State exports more than any other State.
    One in every 10 jobs out here is now tied to exports. We've launched our
    country's first national export strategy. It will benefit all the States
    in America. We've cut back Government export controls on $37 billion
    worth of high-tech communications products. It's good for trade. It's
    good for workers in high-tech industries in places like California, New
    York, and many States in between.
        Just yesterday we announced the third round of grants in our
    technology reinvestment project. This plan helps defense firms to make
    the transition to a commercial economy. It takes military technologies
    developed with American tax dollars during the cold war and puts them to
    use in the civilian economy. It will create thousands

    [[Page 2116]]

    and thousands of jobs in the years ahead all across our Nation. It's
    just part of a national defense conversion plan that totals $20 billion
    in new investment over 5 years.
        We've taken other steps to strengthen the value of work, our
    families, and the communities we live in. For all of you who work and
    raise children and still live near the poverty line, we've expanded your
    earned-income tax credit. About 20 million of you will pay lower income
    taxes next April 15th. For American families, this is a signal that we
    value work over welfare. We've also passed the family and medical leave
    law so that people can care for a sick parent or a new baby without fear
    of losing their jobs. We've redesigned dramatically the student loan
    program, lowering interest rates and making it easier for more of you to
    get student loans and to pay them back on better terms. And we've also
    made it much simpler and easier for people to get small business loans.
        Our economic plan has brought the deficit down. Interest rates are
    down. Inflation is down, and people are beginning to benefit. People are
    beginning to buy their first homes, and over 5 million Americans have
    refinanced their home mortgages. Single family housing starts are at
    their highest level in 6 years, and existing home sales are at a 14-year
    high.
        Maybe you've borrowed money to expand your business. Economic
    indicators from durable goods to business spending on equipment to auto
    sales show manufacturing and consumer confidence picking up. Personal
    income is up. And more jobs have been created in the first 11 months in
    this administration than in the entire 4 years of the previous
    administration in the private sector, about 50 percent more now.
        Now, all that is encouraging news. But frankly, it hasn't reached
    everyone yet. It hasn't reached into every family with economic
    benefits. And way too many people still lack good jobs. As I said
    earlier, of all the jobs lost nationally since 1990, one in five are
    right here in southern California.
        This afternoon I'm going to Canoga Park in the western part of the
    San Fernando Valley for a meeting on the economy with business and
    community leaders. We'll meet face to face in an informal setting to go
    over their ideas, to see what's working, and to identify what we could
    all be doing to create more jobs and more opportunity.
        But our goal in California is the same as our goal nationwide: to
    build an economic recovery that will carry us through the changes in our
    economy and put us on the road to lasting economic growth in a global
    climate that is very tough and highly competitive. For our Nation to
    stay strong, every American must have a chance to compete and win. We've
    still got a lot of work ahead of us, but we're working hard. And all of
    you will have to work hard, too.
        None of what we do in our economic session today will matter if
    people aren't ready to seize opportunities, take responsibility to
    rebuild their communities. This simply cannot be done by Government
    alone, certainly not just at the national level. Leaders can't protect
    the economic interest of our middle class if our people aren't living
    and working by middle class values, rebuilding our communities from the
    ground up, home by home, street by street, and block by block. I need
    all of you to help me so that we can do this together.
        In times of change, we've always sought the new opportunities, the
    new opportunities for ourselves, our families, and our neighbors. That
    expansive, forward-looking spirit is what brought people out here to
    California in the first place, across wagon trails and over highways on
    the open road. Well, times have changed; they always do. But we're
    trying to put America on the right road to reach a better tomorrow.
    Unemployment is down, and jobs are up. We're moving in the right
    direction. But there is so much more to do. To move forward we have to
    go down the road together.
        Thanks for listening.

    Note: The President spoke at 10:06 a.m. from the Beverly Hills Hotel in
    Los Angeles, CA.