[Weekly Compilation of Presidential Documents Volume 33, Number 18 (Monday, May 5, 1997)]
[Pages 631-632]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Remarks on Departure for the Franklin Delano Roosevelt Memorial 
Dedication Ceremony

May 2, 1997

The Economy

    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 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.

[[Page 632]]

    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.