    [Public Papers of the Presidents of the United States: William J. Clinton (1997, Book II)]
    [August 23, 1997]
    [Pages 1115-1116]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 1115]]

    The President's Radio Address
    August 23, 1997

        Good morning. Today I want to talk about the tools we need to keep
    our economy growing in a way that helps all our people to prosper and
    advances America's leadership in the world as we move into the 21st
    century.
        For nearly 5 years now, we have pursued a new economic course for
    America, with three parts: eliminate the deficit, invest in education
    and training, and open new markets abroad for America's products and
    services. It is working. The American people are enjoying the longest
    period of sustained economic growth in a generation, with 12 million new
    jobs, unemployment below 5 percent, core inflation at a 30-year low.
    Once again America is the world's number one exporter, the world's
    largest producer of semiconductors, the world's largest producer of
    automobiles. Our Nation has been ranked the world's most competitive
    economy for the last 5 years.
        With a strong and prosperous America moving into the 21st century,
    we must continue our successful economic strategy. In 1993 we passed an
    economic plan that cut the deficit 75 percent in 4 years. And now we
    have a balanced budget with an historic focus on education and
    incentives to bring jobs to people and places that still don't have
    them.
        But to keep America growing, to keep America leading, we have to
    continue to create high-wage jobs, and to do that, we must continue to
    expand American exports. After all, 95 percent of the world's consumers
    live beyond our borders. Already, over the last 4 years, more than 25
    percent of our economic growth has come from overseas trade. Now, that's
    a big reason more than half our new jobs in the last 2 years have paid
    above average wages, because export-related jobs pay, on average, about
    15 percent more than nonexport jobs. And today, our exports support more
    than 11 million good, high-paying American jobs, including one in five
    of our manufacturing jobs.
        To keep our economy growing and to create these good jobs, we must
    keep tearing down foreign barriers to American goods and services.
    That's why next month I will ask Congress to renew Presidential fast-
    track authority to negotiate tough new trade agreements. This is
    authority that every President from both parties has had since 1974. I
    will use it to negotiate trade agreements that will keep us competitive,
    boost our exports, create more good jobs, and raise our standard of
    living.
        This fast-track authority will do three things. First, it gives the
    President the flexibility I need to forge strong agreements in sectors
    where our Nation is most competitive, such as agriculture, information
    technology, medical equipment, and environmental technology. Second, it
    will strengthen my ability to get worldwide agreements, especially for
    our Nation's farmers, tearing down barriers in the world agricultural
    market. It will also help to ensure that American companies and workers
    compete in the global economy in a contest that is open, with a level
    playing field, with rules that are fair and enforced. Third, it will
    help me to negotiate more open markets with specific countries,
    especially in Latin America and Asia. In the coming century, these
    emerging markets in Latin America and Asia are expected to grow 3 times
    as fast as our own, and their demand for United States goods and
    services is already taking off. If we don't seize these new
    opportunities our competitors surely will. Already, since 1992, in Latin
    America and Asia alone, our competitors have negotiated 20 trade
    agreements that do not include the United States.
        To make sure all our people share the fruits of increased prosperity
    and commerce, I also will continue to promote worker rights and
    responsible environmental policies with our trading partners. And I'll
    keep working to strengthen retraining and educational opportunities for
    workers here. We have to pull together, not apart, to compete and win in
    the global economy.
        For more than two decades now, on a bipartisan basis, Congress has
    consistently supported initiatives to open markets and create jobs,
    including the President's authority to break down trade barriers around
    the world. Our workers and our businesses are the best in the world, but
    they can't compete in the slow lane. I look forward to working closely
    with Congress to keep American prosperity on the fast track.

    [[Page 1116]]

    Note: The address was recorded at 7 p.m. on August 22 at a private
    residence in Martha's Vineyard, MA, for broadcast at 10:06 a.m. on
    August 23.