    [Public Papers of the Presidents of the United States: William J. Clinton (1997, Book I)]
    [May 2, 1997]
    [Pages 530-531]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on the National Economy
    May 2, 1997

        The President. Good morning. As all of you know, I'm on my way to
    the dedication of our Nation's memorial to President Franklin Roosevelt.
    It will be a celebration of our century's greatest leader, someone whose
    faith in our country and our people helped us to conquer challenges in a
    very difficult time. Today, if we have the same faith and confidence in
    ourselves, we can clearly move into the 21st century stronger and more
    confident, with the American dream alive, with the American community
    more united, with America's leadership in the world secure.
        Before I go, I want to comment on the very good news we have
    received on the economy today and what it means for our present work in
    Washington. The new employment report has just been issued. I'm pleased
    to report that the unemployment rate has dropped to 4.9 percent; 4.9
    percent is the lowest it has been in 24 years.
        Our economy has now created over 12 million jobs since the beginning
    of 1993. Inflation remains low. Our economy is now the strongest it has
    been in a generation. This is a great tribute to the efforts of the
    American people and to the validity of the new economic policy that we
    brought here in 1993.
        In late 1992, when we were putting this economic policy together in
    its final details, we were determined to move away from the failed
    policies of trickle-down economics to a policy of invest and grow: to
    bring the deficit down, but to invest more in our people's education and
    training and technology and science, and to expand trade dramatically so
    that we could create new jobs at higher wages. This strategy is working.
    We know now that the deficit will be down, probably by more than two-
    thirds what it was when I took office by the end of this year. With 4.9
    percent unemployment, we know what works. This strategy works.
        We need to finish the job now. We need to balance the budget while
    continuing to invest in our people and in our future. I've been working
    hard with the leaders of Congress to do just that. I am hopeful that we
    can get an agreement that will balance the budget and continue our
    commitments to invest in education and in the health care of our
    children and in environment and in technology. I am hopeful that we can
    do this in a way that preserves, enhances, reforms Medicare and protects
    Medicaid, and deals with the problems of legal immigrants, which I feel
    so strongly about, and also gives appropriate but disciplined tax
    relief.
        The one thing I am determined to do is to keep on this economic
    course which has brought us to the lowest unemployment rate in 24 years.
    Therefore, we have to be very careful not to set conditions in motion
    which could explode the deficit again because of the way the tax cut is
    written or other provisions are written after this budget period ends.
        So we changed the course of the Nation. This is profoundly
    important. And we now have to finish the job, not undo it. I'm very
    optimistic. I'm very hopeful. We've had good conversations late last
    night and early this morning. But I want to make it clear that we're
    moving in the right direction, and this budget agreement must

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    continue that movement, not reverse it, not undermine it but continue it
    and give more Americans the chance to participate in the prosperity that
    our Nation is enjoying.
        Thank you very much.
        Q. Mr. President, do you think you'll have a budget deal today?
        The Vice President. We're late for the dedication, so questions
    later.

    Note: The President spoke at 9:40 a.m. on the South Lawn at the White
    House, prior to his departure for the Franklin Delano Roosevelt Memorial
    dedication ceremony.