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Clinton offers way out of downturn at nation?s largest retailer event

NEW YORK ? The key to overcoming the current world economic problem is finding ways for both companies and consumers to work together to pull themselves out of the hole, according to former United States president Bill Clinton who spoke at the NRF 101st Annual Convention & Expo.

During the ?Embracing our common humanity? keynote presentation, Bill Clinton spoke about the state of the economy and what issues the world faces in order to break through. Terry Lundren, CEO/president of Macy?s, Cincinnati, OH, moderated the session.

?In the recent hiring spree, more men showed up for jobs in retail that have been traditionally held by women,? said Bill Clinton, former president and founder of the William J. Clinton Foundation.

?The point is that the economic crisis is about way more than just the economy ? it has gone to the core sense of who people are and how they get through their lives with meaning,? he said.

World problem
During the session, Mr. Clinton spoke about his post-presidential work and the importance of humanity in the world.

?Work is at the core of human dignity and the American dream,? Mr. Clinton said.

As the United States and other countries begin to rebuild their economies, there is hope and evidence that the retail industry will succeed.

According to Mr. Clinton, the U.S. retail industry grew 5 percent last year while the overall U.S. economy grew 2 percent, which is hopeful news to retailers trying to push through the economy.

All eyes were on former president Clinton at the NRF 101st Annual Convention & Expo

Additionally, Mr. Clinton said that the retail industry makes up 20 percent of the U.S.? gross domestic product and is responsible for 25 percent of jobs in the country, showing the power that retailers hold in determining the state of the economy.

However, with the new economic crisis comes a new set of expectations about employment that differ dramatically from past generations, per Mr. Clinton.

?When I wrote my most recent book, I made a list of everything I had done in my life and realized that when I entered politics as my chosen field, my success was uncertain, but I never doubted I could make a living,? Mr. Clinton said.

?However this recent economic crisis has shattered that belief for Americans,? he said.

?Leading a country after a recession is more important than putting money in people?s pockets.?

During the session, Mr. Clinton also outlined three major problems in the world that differentiate richer, wealthier countries from poor countries that must be solved ? stability, equality and sustainability.

?The job we have is to reduce the negative forces and build positive ones with shared resources and responsibility,? Mr. Clinton said.

In particular, Mr. Clinton spoke about his work with HIV/AIDS with the William J. Clinton Foundation.

One of the biggest initiatives for the foundation has been setting up health clinics in rural areas of countries such as Ethiopia. The most challenging thing is finding ways to build a system that rewards hard work and makes life predictable for consumers in the countries.

Country crisis
Mr. Clinton also talked about individual countries and how they stack up in the current economy.
For example, although Brazil has faced some countrywide difficulties, the country has proved itself in other ways, including electricity and environmental issues.

?Brazil is a good bet for the future because of how they are trying to solve problems that do not have an easy answer with specific ideas for solving them,? Mr. Clinton said.

The former president also discussed what factors led up to the crash of the U.S. economy, citing finance, housing and consumer spend as the main issues that flopped.

Retail also held a particular opportunity with investors leading up to the crisis when brands and merchants had the opportunity to build new stores, but instead the money was used for housing and finance.

To recover properly, the U.S. needs to accelerate the rate of the recovery of the mortgage crisis, per Mr. Clinton. He said a financial collapse can take five to 10 years to recover from, and if a mortgage is involved it is likely to be closer to 10 years.

Mr. Clinton also discussed healthcare during the session, claiming that it makes up 17.2 percent of the U.S. economy, which ties into his work with diabetes and obesity.

Mr. Clinton said that the U.S. pays $850 billion to $1 trillion more than any other country?s healthcare program, and is often regarded as being one of the worst in the world.

Despite the challenging issues of the U.S. and the world, Mr. Clinton left the audience of retail executives with hopeful parting words about the future of employment in the country.

?If we can build systems and create jobs for incredibly creative people, we have the chance to share the future with either prosperity or misery,? Mr. Clinton said.

?It will not minimize the challenges before us, but we have to have an attitude that we can create a better tomorrow that we can share,? he said.

Final Take
Mr. Clinton reveals where he shopped this holiday season