To keep our historic economic expansion going, we need a 21st Century
revolution to open new markets, start new businesses, and hire new workers
right here in America--in our inner cities, poor rural areas, and on
Indian reservations.
Our nation's prosperity has not yet reached these places. Over the last six
months, I have traveled to many of them--joined by many of you, and many
far-sighted business people--to shine a spotlight on the enormous
potential in communities from Appalachia to the Mississippi Delta, from
Watts to the Pine Ridge Indian Reservation. Everywhere I've gone, I've met
talented people eager for opportunity, and able to work. Let's put them to
work.
For business, it's the smart thing to do. For America, it's the right thing
to do. And if we don't do it now, when will we ever get around to it?
I ask Congress to give businesses the same incentives to invest in
America's new markets that they now have to invest in foreign markets.
Tonight, I propose a large New Markets Tax Credit and other incentives to
spur $22 billion in private-sector capital--to create new businesses and
new investments in inner cities and rural areas.
Empowerment Zones have been creating these opportunities for five years
now. We should also increase incentives to invest in them and create more
of them.
This is not a Democratic or a Republican issue. It is an American issue.
Mr. Speaker, it was a powerful moment last November when you joined me and
the Reverend Jesse Jackson in your home state of Illinois, and committed to
working toward our common goal, by combining the best ideas from both sides
of the aisle. Mr. Speaker, I look forward to working with you.
We must maintain our commitment to community development banks and keep the
community reinvestment act strong so all Americans have access to the
capital they need to buy homes and build businesses.
We need to make special efforts to address the areas with the highest rates
of poverty. My budget includes a special $110 million initiative to promote
economic development in the Mississippi Delta; and $1 billion to increase
economic opportunity, health care, education and law enforcement for Native
American communities. In this new century, we should honor our historic
responsibility to empower the first Americans. I thank leaders and members
from both parties who have already expressed an interest in working with us
on these efforts.
There's another part of our American community in trouble today--our
family farmers. When I signed the Farm Bill in 1996, I said there was a
great danger it would work well in good times but not in bad. Well,
droughts, floods, and historically low prices have made times very bad for
our farmers. We must work together to strengthen the farm safety net,
invest in land conservation, and create new markets by expanding our
program for bio-based fuels and products.
Today, opportunity for all requires something new: having access to a
computer and knowing how to use it. That means we must close the digital
divide between those who have these tools and those who don't.
Connecting classrooms and libraries to the Internet is crucial, but it's
just a start. My budget ensures that all new teachers are trained to teach
21st Century skills and creates technology centers in 1,000 communities to
serve adults. This spring, I will invite high-tech leaders to join me on
another New Markets tour--to close the digital divide and open opportunity
for all our people. I thank the high-tech companies that are already doing
so much in this area--and I hope the new tax incentives I have proposed
will encourage others to join us.
If we take these steps, we will go a long way toward our goal of bringing
opportunity to every community.