On the recordAugust 2, 1996
Well, you know, I can't comment on the job figures officially until 9:30, so I'll have something to say about it later. But I can tell you this, there is no--there is now no substantial evidence of inflation pressures in this economy. The best thing about the recovery of the last 3 years--although a lot of us would like to see the growth rate a little higher--but the best thing about it is that we have proved that this economy, together--not just our administration--the American people have proved that they could create over 10 million jobs and that wages could actually start rising again after a decade without any inflation in the economy. I believe it's because of the productivity of the American workers and the competition of the global market working together. What I was worried about was that we wouldn't be able to get wages going up again even though jobs were being created. Now, wages are finally beginning to rise, and there's at this point no evidence that there's an inflationary problem. And that's a very good thing for the American people in terms of their household budgets and a very good thing for the American economy. If we can keep growing and raise wages and keep inflation in check, then we will have done something that we've not been able to do for 30 years. And that's a very, very good sign for the American people.
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