New Democrats believe that private markets are the best engine of economic growth. The high-technology economy has been the engine of economic growth. The information technology industry has been responsible for over one-third of all real economic growth between 1995 and 1997. What's more, the Department of Commerce estimates that in 1998 the information technology industry will account for 8 percent of the total GDP and almost 15 percent of total economic growth. The rapid growth of the technology industry itself, amazing as it is, grossly understates the total value of technology on our economy in whole.
Technology helps all businesses, from farms to retailers, become more productive.
When productivity is increased, incomes rise but without the inflation that traditionally accompanies growth. The economic prosperity that has resulted has driven the unemployment rate to historic lows and made it easier for people to find and keep work. All income levels, in fact, saw real increases in income between 1992 and 1996. Technology is a consumer's best friend. Consumers have never had the information or the time to retrieve and digest the information necessary to truly make the best choice.