President's Economic Report

Laura Tyson, Council of Economic Advisors, briefed the media on the President’s annual economic report. According to the report, the economy was expected to grow at 3 percent in 1994 and remain on track to create 8 million jobs over 4 years. Growth of output increased steadily over the course of 1993, and was expected to continue. Consumer spending should have remained healthy because of continued gains in employment and output. Investment spending should have remained strong because of low long-term interest rates and increasing levels of demand. The recent strength in residential construction should have also continued. The economic report also explained the rationale for the economic recovery, specifically the administration’s investment program: investing in people, technology, defense conversion, infrastructure, and the environment, and the administration’s efforts to open foreign markets, improve the efficiency of the government, and reform the nation’s health care system. close