    [Public Papers of the Presidents of the United States: William J. Clinton (1996, Book II)]
    [July 5, 1996]
    [Pages 1077-1079]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the Unemployment Rate and an Exchange With Reporters
    July 5, 1996

        The President. Good morning. Today, we had good economic news for
    America's working families. Four years ago today, unemployment was
    nearly 8 percent; job growth was anemic; the deficit was at an all-time
    dollar high; wages were stagnant. We promised to take these economic
    challenges head-on. Our critics said it wouldn't work. But today's news,
    once again, proves them wrong.
        Unemployment has dropped to 5.3 percent. The American economy has
    created 10 million jobs since the beginning of this administration. The
    deficit has been cut more than half, and wages for American workers are
    finally on the rise again. We have the most solid American economy in a
    generation. And it's good news when America can have high job growth,
    strong investment, and low inflation.
        In 1993 we put in place a comprehensive strategy: cutting the
    deficit, expanding trade, rewarding work, investing in the skills and
    the education of our people. We have a lot more to do. We must make sure
    that every American has the tools that he or she needs to make the most
    of the opportunities in this new economy. We have to make sure that
    income growth continues. That's why we should balance the budget, pass
    the Kassebaum-Kennedy health reform bill, raise the minimum wage,
    improve pension security, and improve access to college and training for
    all Americans. Our strategy is working, and this is no time to turn
    back.
        On this Independence Day weekend, we Americans have a lot to
    celebrate. Just yesterday, the Russian people also showed the power of
    democratic ideals and free markets by turning out in large numbers to
    vote for the forces of

    [[Page 1078]]

    reform. And by reelecting President Yeltsin, the Russian people have
    decisively chosen the path of progress.
        This morning I spoke with President Yeltsin to congratulate him on
    his victory and on the victory of the Russian people. The United States
    and Russia have accomplished a great deal over the last 3\1/2\ years. I
    expressed to the President my determination to build on that progress,
    to advance the security and the prosperity of both the American and the
    Russian people.
        I wish all Americans a happy Fourth of July weekend. We have two
    things to celebrate: more than 10 million new jobs and a continued hope
    for a greater peace and stability in the world in the wake of the
    elections in Russia.
        Q. Are these jobs all in the service area? I know that President
    Chirac sort of nicked you a little at the summit, saying that they were
    basically fast food----
        The President. Yes, but that's actually not accurate. Martin Baily's
    going to come up here and brief you, from the Council of Economic
    Advisers, about them, and he can talk about this in great detail. But
    our analysis shows that of the new jobs, the vast majority are in higher
    income job categories and are full-time jobs. So we believe that there
    is not only a stabilizing of the economy but a stabilizing upward of the
    economy if you look at the job mix, if you look at the categories in
    which they are.

    President Boris Yeltsin of Russia

        Q. When will you see President Yeltsin again? And how did he sound?
    Did you ask him about his health? How did he sound?
        The President. I didn't have to ask him about his health because he
    sounded so good. We joked. I told him that, you know, in January a
    majority of the people of Russia said they wouldn't vote for him for
    reelection. And so he's had a remarkable turnaround. He sort of took the
    ``comeback kid'' label away from me. [Laughter] But he sounded quite
    good.
        And in answer to your question, I don't know when we're going to
    meet again. But he is going to have some folks coming over here to see
    us. And Vice President Gore is going soon to Moscow--I think within a
    week, a week to 10 days--to take up his regular meetings with Prime
    Minister Chernomyrdin. So whatever we need to deal with in the near term
    we'll probably use that channel as we normally do.
        Claire [Claire Shipman, CNN].

    Branscum-Hill Trial

        Q. Are you prepared for your Whitewater testimony on Sunday, and how
    do you feel about another session?
        The President. Fine.

    1996 Campaign Financing

        Q. Mr. President, a question about campaign contributions. Your
    administration has been very critical of Senator Dole for accepting a
    lot of money from the tobacco industries. Yet, there is an article today
    in the Wall Street Journal saying that the DNC had accepted a lot of
    money from tobacco industries and had kind of been channeling it out to
    the Democratic State parties. Is there any difference in Dole accepting
    money from the tobacco industries and your administration?
        The President. Well, first of all, look at what I have said. What I
    seek to highlight is the difference in our policies. There is also a
    huge difference--I mean, it's roughly, I think, a five to one difference
    in the ratio of contributions. I think over 80 percent of their money, I
    believe, is the tobacco industry's money I believe has gone to
    Republicans.
        And what I've been critical of is the apparent impact of this. We
    have evidence of the Republican Party chairman calling State Republican
    officials around the country, when the Republicans out in the country
    are thinking about doing the responsible things, to restrict access of
    young people to tobacco and urging them not to do certain things. And we
    had the repeated opposition of Senator Dole to what we're trying to do
    to restrict the advertising of tobacco products to children and the
    distribution of them, and going to areas where he thinks there will be a
    receptive audience for that and attacking my policies.
        So what I think is, you know, we have an open and free country and
    people who are citizens should be able to contribute to whomever they
    wish. But when you see a pattern of contributions and then a dramatic
    difference in the policies, it is the policies and their impact on the
    American people that I'm most concerned about.
        And the American people should look at where I stand and where he
    stands, and they should decide whether they agree with us. Then because
    all the contributions are reported, they can decide whether they think
    the contributions

    [[Page 1079]]

    have anything to do with the policy position. That's how I think it
    ought to be analyzed.
        Thank you.

    Note: The President spoke at 11:15 a.m. in the Briefing Room at the
    White House. During the exchange, a reporter referred to President
    Jacques Chirac of France, and the President referred to Prime Minister
    Viktor Chernomyrdin of Russia.