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It's still the economy
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October 7, 1996: 9:34 a.m. ET
President Clinton, Senator Dole clashed over the economy, jobs, and growth
From Correspondent Rhonda Schaffler
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NEW YORK (CNNfn) -- Sunday night's debate focused on a wide range of issues, covering everything from drug use to campaign financing to foreign policy.
Indeed, Bill Clinton and Bob Dole made it quite clear from the start: when it comes to the economy, they simply don't see eye to eye.(1.01M QuickTime Movie)
Clinton's position: "We are better off than we were four years ago. Let's keep it going."
Dole's counter: "We work harder and harder to make ends meet and put food on the table..."
President Clinton defended his administration's record on the economy, pointing out that the United States boasts 10.5 million new jobs, the first wage increases in a decade, and a faster growth rate than that seen under any Republican administration since the 1920's.
Dole interpreted the situation somewhat differently.
"I look at the slowest growth in a century. He inherited a growth of 4.7 to 4.8 percent, and now it's down to about 2.4 percent. We're going to pass a million bankruptcies for the first time in history. We've got stagnant wages," Dole said.
The Republican candidate maintained that a tax cut is necessary to spur economic growth. (120K WAV) (120K AIF)
After the President quipped that he could use a tax cut, Dole fired back, saying, "The people need it, that's the point."
Clinton protested that the Republican plan "is a $550 billion tax scheme that will cause a big hole in the deficit, which will raise interest rates and slow down the economy."
Instead, Clinton called for a "targeted tax cut for education, child rearing, health care, and home buying, which is paid for in the balanced budget plan, something that he has not done, certified by the congressional budget office, that's the right way to go."(263K WAV) (263K AIF)
The two candidates also disagreed on the Clinton administration's fulfillment of promises made during the 1992 Presidential Campaign, especially those regarding a reduction in the government's size.
Clinton took the stance that "our government is smaller and less bureaucratic, and has given more authority to the states than our two predecessors who were Republican presidents."
Dole, on the other hand, maintained, "He talks about a smaller government; there are actually more people in government, except for people in defense-related jobs. They're gone. The government's bigger than it was when President Kennedy was around, even though he says it's not."
The debate is not expected to affect the markets one way or the other Monday, as neither candidate appeared to deliver any knock-out blows. Each side, however, claimed victory within minutes of the debate's conclusion. (1.02 QuickTime Movie)
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