    [Public Papers of the Presidents of the United States: William J. Clinton (1998, Book I)]
    [February 10, 1998]
    [Pages 201-202]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks on Departure for Capitol Hill
    February 10, 1998

        Thank you very much. Thank you, and good morning. Let me begin by
    saying how very pleased I am for the support we are receiving from all
    around the world for our stand against Saddam Hussein's weapons of mass destruction program. Friends and
    allies share our conviction that Saddam must not be allowed to develop
    nuclear, chemical, and biological weapons or the missiles to deliver
    them.
        Yesterday the Governments of Canada and Australia announced that
    they are prepared to join the United States, Great Britain, and other
    allies in a military operation should one prove necessary. As I have
    said before, I hope we can avoid the use of force. The choice is up to
    Saddam Hussein. Let the weapons inspectors
    back on the job with free and unfettered access. But if Saddam will not
    comply with the will of the international community, we must be prepared
    to act. And I am very grateful that others are prepared to stand with
    America.
        Now, today, as has been said, I am transmitting to Congress the
    annual ``Economic Report of the President.'' Let me begin by thanking

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    the Council of Economic Advisers for their hard work in preparing the
    report. I also want to thank our wonderful economic team for all they
    have done to promote prosperity for the American people. As the
    ``Economic Report of the President'' makes clear, our economy is strong;
    our prosperity is deep; our prospects are bright.
        For 5 years our Nation has pursued a new economic strategy for the
    information age. We have reduced the deficit to slash interest rates and
    spur private sector investment. We've opened markets to create high-wage
    jobs. We've invested in the skills and education of our people so that
    every American has the chance to reap the benefits of the new economy.
    All around us we see the results in revitalized basic industries,
    thriving new industries, an investment boom, a vibrant American economy.
        In this report, the Council of Economic Advisers projects continued
    growth through at least the next year. That would mark the longest
    peacetime expansion in the history of the United States. As this report
    makes plain, the expanding economy is producing wider opportunity and
    rising incomes for American families. Since 1993 the income of a typical
    family has increased $2,200 beyond inflation. We've seen the fastest
    growth in real hourly wages in 20 years, after 12 years in which real
    wages actually fell.
        The standard of living is rising faster than the cost of living now.
    And America has grown together, not apart, with the poorest fifth of our
    families seeing the largest percentage jump in their income. While
    incomes are rising, taxes are falling. A typical family earning $50,000
    a year now has the lowest tax burden in two decades; families earning
    $25,000 a year, the lowest tax burden in three decades.
        This economy is the envy of the world. But the progress was not
    predestined. We must press forward with the strategy that is now
    expanding opportunities for American families, not abandon it. Above
    all, we must maintain our fiscal discipline. It is the foundation of our
    prosperity. My view is clear: Every penny of any projected budget
    surplus should be reserved until we have taken all the steps necessary
    to save Social Security for the 21st century.
        I am heartened by the strong support this approach has gained from
    the American people, including the young people to whom I spoke
    yesterday at Georgetown University. And I am pleased by the strong
    support Members of Congress of both parties have given for saving Social
    Security first.
        In the past week, some have said that before we save Social
    Security, we should repeal the iron laws of fiscal discipline. They want
    to weaken the longstanding pay-as-you-go rule for taxes, which says that
    any spending proposal or any new tax cut must be paid for in the budget.
    This rule has been a key to our drive to balance the budget.
        Let me be clear: Fiscal irresponsibility gave us 12 years of
    exploding deficits, division, declining wages. Fiscal responsibility has
    given us the strongest economy in a generation. I will not allow a
    return to the policies that have failed us in the past. Let us maintain
    fiscal responsibility, save Social Security first, and prepare for an
    even brighter future for our people.
        Thank you very much.

    Note: The President spoke at 9:40 a.m. in the Rose Garden at the White
    House.