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Economic Report of the President 1994 - The American Presidency ...

Economic Report of the President 1994 - The American Presidency ...

Economic Report of the President 1994 - The American Presidency

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  • Page 3: Economic Reportof the PresidentTran
  • Page 7: ECONOMIC REPORTOF THE PRESIDENT
  • Page 10 and 11: tax rates for only the top 1.2 perc
  • Page 13 and 14: ationalized our export promotion ac
  • Page 17: LETTER OF TRANSMITTALCOUNCIL OF ECO
  • Page 20 and 21: PageThe Federal Government's Fiscal
  • Page 23 and 24: LIST OF CHARTSPage1-1 Growth of Rea
  • Page 25: LIST OF BOXES—CONTINUEDPage1-3 Cr
  • Page 28 and 29: And, perhaps most fundamentally of
  • Page 30 and 31: Chart 1-2 shows the remarkable slow
  • Page 32 and 33: The forces underlying this widening
  • Page 34 and 35: Chart 1-4a Federal Budget Deficits
  • Page 36 and 37: ment—including education and rese
  • Page 38 and 39: us by the previous Administration
  • Page 40 and 41: fore and after OBRA93 are compared
  • Page 42 and 43: TABLE 1-5.—Contributions to Growt
  • Page 44 and 45: is that cutting the annual deficit
  • Page 46 and 47: America has never competed on the b
  • Page 48 and 49: Box l-5.—The National Service Pro
  • Page 50 and 51: TABLE 1-7.—Sources of U.S. Econom
  • Page 52 and 53:

    will automatically shift the compos

  • Page 54 and 55:

    In sum, the Council estimates that

  • Page 56 and 57:

    Chart 1 -11 Shares of Wages and Ben

  • Page 58 and 59:

    lation than is, say, an increase in

  • Page 61 and 62:

    CHAPTER 2The U.S. Economy in 1993 a

  • Page 63 and 64:

    Chart 2-1 Recovery Pattern of Nonfa

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    TABLE 2-1.— Foreign Country Real

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    ciation in the stock market and boo

  • Page 69 and 70:

    ecession in 1990. Even by late 1993

  • Page 71 and 72:

    eturning. Fourth-quarter growth of

  • Page 73 and 74:

    Box 2-1,—The Economic Effects of

  • Page 75 and 76:

    the 1950s. Employers have apparentl

  • Page 77 and 78:

    Box 2-2.—The Economic Effects of

  • Page 79 and 80:

    Change in Tax WithholdingThe change

  • Page 81 and 82:

    payments out of savings. Another is

  • Page 83 and 84:

    Chart 2-10 Unemployment Rates by St

  • Page 85 and 86:

    Chart 2-12 Yields on 10-Year Treasu

  • Page 87 and 88:

    1970s. Although higher than the ex

  • Page 89 and 90:

    deficit. The mechanism is simple. D

  • Page 91 and 92:

    long rates. In 1993, real GDP in th

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    Box 2-4.—-Estimating the Long-Run

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    havior because of the higher tax ra

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    gradually overtake spending growth

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    A second risk is that long-term int

  • Page 101:

    leading to an increase in capital i

  • Page 104 and 105:

    In response to these problems in th

  • Page 106 and 107:

    Chart 3-1 Changes in Output and Pay

  • Page 108 and 109:

    ation over 1993 included retail tra

  • Page 110 and 111:

    Box 3-1.—The New Current Populati

  • Page 112 and 113:

    Chart 3-4 Long-Term Unemployment as

  • Page 114 and 115:

    Chart 3-7 Unemployment Rates by Edu

  • Page 116 and 117:

    unemployed yet another. These are a

  • Page 118 and 119:

    Changes in the natural rate have be

  • Page 120 and 121:

    every year, while even more new job

  • Page 122 and 123:

    Chart 3-9 Real Hourly Compensation

  • Page 124 and 125:

    Chart 3-11 Productivity Growth and

  • Page 126 and 127:

    Box 3-4.—Why Productivity Growth

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    In contrast, over the past half-cen

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    increase for full-time employment.

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    consistent with the past. Since 198

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    work that make better use of the va

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    effective in reducing the duration

  • Page 138 and 139:

    ance premiums and ever-higher medic

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    are uninsured at some time during a

  • Page 142 and 143:

    late, however, these payers may bec

  • Page 144 and 145:

    About 80 percent of conventional he

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    tion results in high administrative

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    expenditures. No comparative studie

  • Page 150 and 151:

    Chart 4-5 Estimates of Inappropriat

  • Page 152 and 153:

    Box 4-2.—Recent Reductions in Hea

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    14 percent, and out-of-pocket spend

  • Page 156 and 157:

    health spending increased from 9 pe

  • Page 158 and 159:

    Since the Administration's comprehe

  • Page 160 and 161:

    The second option is a "lower cost-

  • Page 162 and 163:

    erage premium in 1994 is estimated

  • Page 164 and 165:

    TABLE 4-5.—Discounts Under the He

  • Page 166 and 167:

    plan the employee chooses, and have

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    Chart 4-8 Health Expenditures as Pe

  • Page 170 and 171:

    Box 4-3.—Capped EntitlementsBoth

  • Page 172 and 173:

    of income associated with leaving w

  • Page 175 and 176:

    CHAPTER 5Microeconomic Initiatives

  • Page 177 and 178:

    The National Performance ReviewThe

  • Page 179 and 180:

    PROMOTING COMPETITIONCompetition am

  • Page 181 and 182:

    merging hospitals averages fewer th

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    nopoly prices, it has been criticiz

  • Page 185 and 186:

    that competition in local telephone

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    improving the technology for regula

  • Page 189 and 190:

    A central point of contention invol

  • Page 191 and 192:

    Currently, the Internal Revenue Cod

  • Page 193 and 194:

    and permanence (except for treatmen

  • Page 195 and 196:

    capital can substitute for one anot

  • Page 197 and 198:

    isky "pathbreaking" technologies th

  • Page 199 and 200:

    ence a project's technical objectiv

  • Page 201 and 202:

    cent of federally sponsored basic r

  • Page 203 and 204:

    could register with the government

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    nologies for use in the fields of h

  • Page 207 and 208:

    players. These partnerships may inc

  • Page 209 and 210:

    workers and early retirement benefi

  • Page 211 and 212:

    CHAPTER 6The United States in the W

  • Page 213 and 214:

    $460 billion in current dollars, an

  • Page 215 and 216:

    Box 6-1.—U.S. Exports: More Than

  • Page 217 and 218:

    The fast-growing countries of Asia

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    Such concerns are plausible and are

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    tegically, involving the private se

  • Page 223 and 224:

    Another interesting aspect of Japan

  • Page 225 and 226:

    examining differences in predicted

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    The Framework represents a departur

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    tus has become increasingly controv

  • Page 231 and 232:

    when their subsidies to state-owned

  • Page 233 and 234:

    cent or more in the Mexican market.

  • Page 235 and 236:

    a permanent staff. There is a "laye

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    will create good, high-paying jobs

  • Page 239 and 240:

    nism for resolving trade and invest

  • Page 241 and 242:

    ers. Progress in textiles and appar

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    trade resulting from these substant

  • Page 245 and 246:

    vention moratorium on whaling. In b

  • Page 247 and 248:

    petitive position of U.S. firms. Ha

  • Page 249 and 250:

    The weakness in the economies of ou

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    compensated by a higher franc inter

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    Box 6-8.—Criteria for Joining the

  • Page 255:

    Appendix AREPORT TO THE PRESIDENT O

  • Page 258 and 259:

    Council Members and their Dates of

  • Page 260 and 261:

    The Members of the CouncilAlan S. B

  • Page 262 and 263:

    members represented the Council at

  • Page 264 and 265:

    mists, and two research assistants.

  • Page 266 and 267:

    other government agencies or resear

  • Page 269 and 270:

    CONTENTSNATIONAL INCOME OR EXPENDIT

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    MONEY STOCK, CREDIT, AND FINANCE:Pa

  • Page 273 and 274:

    General NotesDetail in these tables

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    TABLE B-l.—Gross domestic product

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    TABLE B-2.—Gross domestic product

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    TABLE B-3.—Implicit price deflato

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    TABLE B-4.—Fixed-weighted price i

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    TABLE B-6.—Selected per capita pr

  • Page 285 and 286:

    TABLE B-8.—Cross domestic product

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    TABLE B-10.—Gross domestic produc

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    TABLE B-12.—Gross domestic produc

  • Page 291 and 292:

    TABLE B-14.—Output, costs, and pr

  • Page 293 and 294:

    TABLE B-16.—Personal consumption

  • Page 295 and 296:

    TABLE B-18.—Gross and net private

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    TABLE B-20.—Inventories and final

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    TABLE B-22.—Experts and imports o

  • Page 301 and 302:

    TABLE B-24.—Relation of national

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    TABLE B-25.—National income by ty

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    TABLE B-26.—Sources of personal i

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    TABLE B-28.—Total and per capita

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    Year orquarterPersonalsavingTotalTA

  • Page 311 and 312:

    POPULATION, EMPLOYMENT, WAGES, AND

  • Page 313 and 314:

    TABLE B-33.—Population and the la

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    TABLE B-35.—Civilian employment b

  • Page 317 and 318:

    TABLE B-37.—Civilian labor force

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    TABLE B-39.—Civilian employment/p

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    TABLE B-41.—Civilian unemployment

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    TABLE B-43.—Unemployment insuranc

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    TABLE B-44.—Employees on nonagric

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    TABLE B-46.—Employment cost index

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    TABLE B-48.—Changes in productivi

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    TABLE B-50.—Industrial production

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    TABLE B-52.—Capacity utilization

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    TABLE B-53.—New construction acti

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    TABLE B-55.—Business expenditures

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    TABLE B-57.—Manufacturers' shipme

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    PRICESTABLE B-59.—Consumer price

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    TABLE B-60.—Consumer price indexe

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    TABLE B-62.—Changes in special co

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    TABLE B-64.—Producer price indexe

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    TABLE B-65.—Producer price indexe

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    TABLE B-66.—Producer price indexe

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    MONEY STOCK, CREDIT, AND FINANCETAB

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    TABLE B-69.—Components of money s

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    TABLE B-71.—Commercial bank loans

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    TABLE B-72.—Bond yields and inter

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    TABLE B-73.—Total funds raised in

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    TABLE B-75.—Mortgage debt outstan

  • Page 365 and 366:

    GOVERNMENT FINANCETABLE B-77.—Fed

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    TABLE B-78.—Federal receipts, out

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    TABLE B-80.—Federal and State and

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    TABLE B-82.—Federal Government re

  • Page 373 and 374:

    TABLE B-84.—State and local gover

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    TABLE B-86.—Maturity distribution

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    CORPORATE PROFITS AND FINANCETABLE

  • Page 379 and 380:

    TABLE B-90.—Corporate profits of

  • Page 381 and 382:

    TABLE B-92.—Relation of profits a

  • Page 383 and 384:

    TABLE B-94.—Common stock prices a

  • Page 385 and 386:

    AGRICULTURETABLE B-96.—Farm incom

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    TABLE B-98.—Farm input use, selec

  • Page 389 and 390:

    TABLE B-100-—U.S. exports and imp

  • Page 391 and 392:

    INTERNATIONAL STATISTICSTABLE B-102

  • Page 393 and 394:

    TABLE B-103.—U.S. international t

  • Page 395 and 396:

    TABLE B-105.—U.S. merchandise exp

  • Page 397 and 398:

    TABLE B-107.—International reserv

  • Page 399 and 400:

    TABLE B-109.—Civilian unemploymen

  • Page 401 and 402:

    TABLE B —111.— Growth rates in

  • Page 403 and 404:

    TABLE B-113.—National wealth in 1

  • Page 410:

    ISBN 0-16-043028-390 00078C 43

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