Jobless Recovery Hobart Rowen  
ItÛªs been an article of faith in the Clinton administration that the spectacular drop in long-term interest rates to record lows has a two-fold meaning.</br></br>- First, it says, the slide in interest rates symbolizes a vote of approval by financial markets for Clinton's big budg- Û¢	et-deficit program passed by Congress. Lower long-term rates show that the markets no longer fear a serious infla-</br></br>Second, their expectation is that low interest rates will galvanize economic activity, regenerating economic growth. Having failed to get the direct stimulus to the economy that he had hoped forÛÓthrough public works and an investment tax credit for businessÛÓthe president is counting on the oomph that low interest rates are supposed to supply.</br></br>As reported in this column previously, the Clinton team at first forecast a $100 billion thrust for the economy in 1994 just from the stimu-</br></br>Û¢	lative effect of cheaper interest rates. But lately, that has been whittled down to a wished-for $50 billion in ÐÊ 1994. Or, more modestly, the $100 billion boost to gross domestic product is now said to be the administrationÛªs guess over two to 2'h years.