Presidential Radio Address

President Clinton talked about how he is aware that “far too many Americans” have not benefitted from the economic recovery. He explained that pressures from the new global economy and the constant demand for new skills have placed a “huge premium” on education and training, making it difficult for people without the necessary skills to compete for rising incomes. To help solve this problem, the president said he developed the proposed Middle Class Bill of Rights which will increase incomes in the short and long runs by cutting taxes and promoting education and training. He said the plan will give tax deductions for educational expenses after high school; allow people to withdraw, tax-free, from their IRAs for education costs; and make available to lower-wage workers and unemployed people cash vouchers of up to $2,600 a year for more training. The president also talked about his proposed New Covenant designed to create opportunity for those who take responsibility and on his proposed m close