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Remarks of President Clinton at an HFA Fundraiser At the Home of Patti and Mike Miller Chesapeake Beach, MarylandOctober 1, !"1#

PRESIDENT CLINTON:

$Applause%& 'ell, thank you% Mike and Patti, ( )anted to come hereand talk about America*s economic distress, but it*s kind of hard here% $+auhter%& ( )ant to say that e-erythin the t)o pre-ious speakers said, not)ithstandin the fact that they ha-e been in politics a -ery lon time, )as true% $+auhter%& ( did force .teny Hoyer to play a round of olf intemperatures that )ere /# and belo) all day% But ( )as youner then% $+auhter%& 0o), ( ne-er cease to be amaed 2 Hillary and ( li-e in this little to)n that*s about !" miles north of 0e) 3ork, and ( o do)n in the late fall, the )inter, to the local coffee shop to et a cup of coffee, and(*-e ot three s)eaters on and the kids are in 45shirts% 'hen ( )as a boy ( could ne-er understand )hy anybody retired to Florida6 no) ( don*t kno) ho) (*m oin to li-e throuh the ne7t )inter% (t*s fascinatin% $+auhter%& But )e had a ood time6 )e had a lot of ood times%And )hat Mike said about his mother )as true% ( took one look at that )oman and ( said, 8( )ant to be her 11th child% ( can be president if ( can 9ust be her 11th child%: $+auhter%& .o (*m lad to be here% ( thank you for comin here to support Hillary% ( don*t kno) if (*m any ood at this anymore% ( ha-en*t run for office in !" years, and yet e-ery election ( feel like an old horse that once )on a bunch of races and somebody comes to the barn, i-es me an e7tra bale of hay, hauls me on the track and slaps me on the rump, 9ust to see if ( can et around one more time% $+auhter%& But (*m not -ery )ell5suited for the current era because (*m not mad at anybody% And ( )atched fi-e hours of those t)o Republican debates and ( thouht, my ;od, (*d be lost as a duck in a hail storm in this debate 2 ( )ouldn*t kno) )hat to say% 4hese people actually think they can insult their )ay to the 'hite House, or compete )ith each other for )ho can say the most politically correct thins% And ( think it says somethin profoundly troublin about our politics 2 .teny )illtell you this 2 if the speaker of the House )ere )illin to brin bills to the floor of the Conress that had the support of at least <" percent of the House, if they )ould cut those #" loops on the far riht, our =emocrats )ould -ote )ith them because )e think )e ot hired to do somethin% 'e think )e ot hired to sho) up% 'e think )hen somebody 2 $applause& 2 pays your salary, you*re supposed to do somethin besides pontificate% And ( thouht it )as 2 ( suested 2 .teny, ( called about fi-e of your colleaues )ho )ere in the most recent contact )ith me, and said after >e-in McCarthy announced he )ould not run for speaker, that )e should et up and take those one5minute opportunities and cry crocodile tears and say that )e all )anted to -ote for him and )e didn*t realie that you )ould be eliminated from bein considered for speaker in the other party for tellin the truth% $+auhter%& And make no mistake about it, that*s )hat happened to him% 4hey e-en tried to 2 they )ere prepared to )reck his family life 9ust because he told the truth% He told the truth )hen Fo7 0e)s baited him and they said, 8'ell, you really ha-en*t done anythin 2 you ha-en*t repealed the health care

FOR (04?R0A+ @.? O0+31"1!"1#! bill, you ha-en*t shut the o-ernment do)n o-er the Planned Parenthood contro-ersy% 'hat ha-e you done: He said, 8'ell, our special Benhai committee dro-e Hillary Clinton*s numbers do)n%: $+auhter%& 'hich )as the truth% ( took no offense at it% 'hen ( )as dealin )ith the same thin )ith 0e)t ;inrich and 4om =e+ay and all those uys, the real fanatics $inaudible& they )ouldn*t let ;inrich come to the 'hite House alone because they kne) if ( could et him alone, he )ould tell me the truth% ( miht not like it, but ( could deal )ith it% =on*t you aree )ith that (f somebody )ill 9ust tell you )hat the deal is, it*ll be alriht% .o that*s a setup for )hy ( think this election is important% 'hen ( took office, the country had more than uadrupled the national debt in the pre-ious 1! years% (ncomes )ere stanant then% (neuality )as ro)in then% 'e had the only eiht years in more than #" years )hen all income roups re) toether% (t )as the sinle most important thin that happened in America )hen ( )as President% 'e had 2 $applause& 2 and (*m tellin you this not to look back, but to look for)ard% 4he most successful president in the last 2 on the Republican side in the last /# years, since )e )ere told the o-ernment )ould mess up a t)o5car parade and the number one obliation of any ood Republican )as to tear it do)n and to badmouth it and hope nobody )as lookin )hen you actually tried to et some money to do somethin, )as Reaan% 'hy Because )e had ne-er before run bi deficits in peacetime% ?-er% (t )as like )hen the second President Bush came in, )e had ne-er before cut ta7es in )artime% ?-er% But it fit )ith ideoloy, thouh not )ith e-idence% .o )e re-ersed it by one -ote and lost the Conress doin it% But in the Reaan years )e had about 1< million 9obs6 in our eiht years, nearly !/ million% 4he most important thin is thisD in the Reaan years the top !" percent of the electorate*s incomes )ent up !! percent in eiht years, but the bottom !" percent )ent up se-en5tenths of 1 percent% 'hen ( )as there, that same bottom !" percent, their incomes )ent up !/%< percent, the same as the top # percent% $Applause%& And e-erybody else did better% 4he only people that did better under Reaan than under me )ere the top 1 or ! percent, and they did 9ust fine )hen ( )as there%My point is )e pro-ed America could ro) toether% 4hen, )hen the second President Bush came in, it )as the first time )e e-er had a chance to try trickle5do)n economics )ith no brakes%And a lot of people ha-e forotten this, but before that financial crash he had a chairman of the FCC that actually posed by a pile of reulations, financial reulations, )ith a chainsa)% A chainsa)% .o )hat happened Po-erty )ent up, incomes )ent do)n% Before the crash 2 before the crash, the median income of Americans, the one in the middle, )as lo)er than it )as the day ( left office% All of our ro)th )as due to consumer spendin and finance and housin% .o )hat happened (f your ro)th is choked up in debt, three thins happen% 0umber one, pretty soon people*s credit cards et ma7ed out and they can*t buy suat% .econdly, con-entional banks et ner-ous and make home loans to people )ho shouldn*t ha-e them% And thirdly, the people in finance don*t ha-e traditional in-estment opportunities )here they start ne) businesses or help ood businesses e7pand, so they play financial ames )ith each other tryin to earn money any)ay 2 and the crash came% 0o), ( happen to think that President Obama has done a better 9ob )ith the economy than a lot of people i-e him credit for, because )e ot all the 9obs )e lost back in less than eiht years, and typically it takes 1" full years after a financial crash to reco-er your 9ob loss% But in a lobal

FOR (04?R0A+ @.? O0+31"1!"1#/economy, )e ha-e not reco-ered our income losses% ?-en today, the median income, the one in the middle, after inflation, is lo)er than it )as on my last day in office% .o there*s nothin he can do about that, especially after Republicans )on the Conress% 'e restored the auto industry and they*re hummin aain, and )e*re in pretty ood shape, and the annual deficit is do)n aboutE" percent from its hih% 'e*re mo-in%But the 9ob of the ne7t president is to brin America back, an America )here if people )ork hard, they can et re)arded6 )here if you do )hat you*re supposed to do, you can send your kidsto collee and they can look for)ard to ha-in a decent future6 )here it*s possible if you )ork hard to raise a family and succeed at )ork and at home in the most important 9ob of any society, raisin children% (t*s not complicated% 4hat*s )hat ( belie-e the 9ob is% And to do it in a )orld that )e still ha-e to lead e-en thouh )e don*t control it% +ead in an interdependent )orld )here borders look more like nets than )alls, )here )e )orry about cyber terrorism as )ell as people settin off bombs% .o )e ha-e to take the lead in tryin to stop bi, bad thins from happenin, and tryin to make ood thins happen% 4hat*s )hat ( think the 9ob of the ne7t president is%4he )orld is interdependent% America is interdependent% (*d rather be America riht no) lookin at the ne7t " years than any other bi country on ?arth% 'hy Because )e*re a lot more di-erse% +ook at this cro)d today% Gust look around at each other% (f )e had had this e-enton this piece of round /" years ao, most of the people in this cro)d )ould look like me 2 old, ray5haired )hite uys in suits% $+auhter%& ( )as 9ust oin to say, ( am rateful 2 $lauhter& 2 )ait, )ait, ( am rateful that my demoraphic has not been entirely eliminated from this cro)d% $+auhter%& And ( can see 4om McMillen from a distance, so that makes me feel ood%But )e are no) youner than any already )ealthy country in the )orld e7cept tiny (reland, and )e*re more di-erse in a lobal economy% (f the Chinese hadn*t chaned their one5child policy, )e )ould ha-e been youner than China )ithin !" years% 4hey had to do it% But )e ha-e some sinificant challenes facin us, and ( think Hillary should be president for a simple reasonD ( think she*s ot the best plan to restore broad5based prosperity, and ( think she is by far the most likely person to lead us in a )orld )here )e ha-e to do thins )ith other people, but )e ha-e to be stron to do it, and )e*re oin to ha-e to stop some bi, bad thins from happenin and try to make more ood thins happen% (t*s a 9ob% (t is a 9ob% $Applause%&But (*m tellin you, )e can do this 2 ( kno) )e can do it% And )hether it*s her plan for an infrastructure bank or for ha-in uni-ersal broadband access in rural areas 2 ( )as do)n in 'est irinia the other niht% =o you kno) there are t)o counties in 'est irinia )here the number one source of monthly income for non5collee5educated men is a disability check Because nothin has happened there in decades% 0o), the Republicans ha-e con-inced a bunch of those people that it*s because of our so5called )ar on coal, but coal employment peaked in 1!"6 coal production peaked in 1#"6 !",""" coal 9obs )ere lost )hen President Bush )as in office because of natural as% 4hat*s 9ust not true% 4he )orld has passed it by, 9ust like (ndian reser-ations )ithout amblin 2 and they need solar and )ind and lots of other thins to di-ersify their economy% (f )e had affordable, uni-ersal broadband access, )e could brin back the coal country% 'e could brin back the inner cities% 'e could brin back the people that ha-e been left out and left