Malcolm Wallop: “in his budget message to Congress and in his State of the Union Address, Clinton has painted a very rosy picture of the…”

“in his budget message to Congress and in his State of the Union Address, Clinton has painted a very rosy picture of the U.S. economy. He has said that investment is up; real investment in equipment grew 7 times as fast in 1993 as over the preceding 4 years; mortgage rates are at their lowest levels in decades; nearly 2 million more people are working than were working a year ago; and the deficit is expected to decline. Clinton was lucky. He was the chief beneficiary of low interest rates, corporate restructuring, and a recovery that began long before he took office. In fact, GAO just this Friday found that the lower than estimated budget deficit for fiscal year 1993 was due to lower than expected outlays for deposit insurance programs. If Clinton wants to claim credit for this rosy economic picture, that's certainly his prerogative. Presidents take credit for the good news and are held responsible for the bad. But what needs to be made clear is that this economic story is far from complete. Job numbers are nowhere as strong as they should be. And consumer confidence is weak.”