[Weekly Compilation of Presidential Documents Volume 33, Number 35 (Monday, September 1, 1997)]
[Pages 1267-1268]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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

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out trading partners. And I'll keeping 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.

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.