And now, today, less than 3 years since we set our policies in place, our nation has one big program to help every American, young and old. It's called economic recovery. Inflation has plummeted by two-thirds to about 4 percent during the past year. And that lower inflation rate makes the average retired person's private pension benefits worth about a thousand dollars more in purchasing power than if inflation had stayed at the 1980 levels. The stock market has come back to life, and the American worker's real wages are rising.
Unemployment is still too high but is dropping fast.
Last year more than 4 million Americans found jobs, the steepest 12-month drop in unemployment rate in 30 years. And just this morning we saw a picture of the future of our economy, and it looks good. The index of leading indicators is a combination of different activities in the economy, and it rose by 1.1 percent. The index shows the direction the economy is headed in future months. So, send away the handwringers, because today's good news marks the 16th rise in the last 17 months of those indicators.