[Weekly Compilation of Presidential Documents Volume 32, Number 27 (Monday, July 8, 1996)]
[Pages 1195-1197]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on the Unemployment Figures 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.

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    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 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.

Unemployment Figures

    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.

Campaign Contributions

    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

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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 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.