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

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LIST OF CHARTS—CONTINUEDPage3-5 Long-Term Unemployment and the UnemploymentRate 1063-6 Employment-to-Population Ratios of Women 1073-7 Unemployment Rates by Educational Attainment,March 1993 1083-8 Ratio of White-Collar to Blue-Collar UnemploymentRates 1093-9 Real Hourly Compensation and Wages 1163-10 Average Annual Growth of Mean Family Income byIncome Quintile 1173-11 Productivity Growth and Price Reductions, 1950-90 ... 1183-12 Average Weekly Hours of Production and NonsupervisoryWorkers 1223-13 Help Supply Industry Employment as Share of TotalEmployment 1243-14 Part-Time Employment: Total and Voluntary 1253-15 Reallocation of Employment Between Industries 1264-1 Distribution of Population by Source of Health InsuranceCoverage: 1991 1344-2 Sources of Payment for Health Care by Insurance Status:1994 Estimates 1354-3 Administrative Expenses of Commercial Insurers as aShare of Claims Paid 1404—4 Health Expenditure and Life Expectancy in IndustrialCountries 1414-5 Estimates of Inappropriate Care for Five CommonProcedures 1444-6 Sources of Health Care Financing as Percent of TotalExpenditures 1484-7 Government Spending on Health Care as Percent ofTotal Government Revenues 1504-8 Health Expenditures as Percent of GDP 1624-9 Business Spending on Health Insurance 1656-1 U.S. Trade as Share of Real Gross Domestic Product 2076-2 U.S. Exports of Goods and Services 2086-3 Nominal and Real Effective Dollar Exchange Rates 2416-4 Exchange Rates of the Dollar Against Selected Currencies2426-5 French Franc-Deutsche Mark Exchange Rates 246LIST OF BOXESPage1-1 The New Measure of Unemployment 221-2 Saving, Investment, and Current Account Deficits 2918
LIST OF BOXES—CONTINUEDPage1-3 Credible Deficit Reduction and Real Interest Rates 351-4 A Balanced Budget Amendment to the Constitution? .. 391-5 The National Service Program 421-6 How Does the Earned Income Tax Credit Work? 512-1 The Economic Effects of the Midwest Floods of 1993 672-2 The Economic Effects of Lower Oil Prices 712-3 Are Current Long-Term Interest Rates Sustainable? ... 812-4 Estimating the Long-Run Effects of Deficit Reduction 873-1 The New Current Population Survey 1043-2 Growing Inequality of Employment and Unemployment1163-3 Consequences of Productivity Growth 1193-4 Why Productivity Growth Does Not Cause Unemployment1204—1 Moral Hazard and Adverse Selection 1374-2 Recent Reductions in Health Care Inflation 1464-3 Capped Entitlements 1645-1 Selected National Performance Review Recommendations1725-2 Market Power 1745-3 Natural Monopoly 1765-4 Externalities 1806-1 U.S. Exports: More Than Peanuts 2096-2 The Case of the Polish Golf Carts 2246-3 Mexican Economic Reforms 2266-4 The Asian "Miracle" 2326-5 The Economic Impact of the Uruguay Round 2346-6 The Uruguay Round and U.S. Trade Laws 2376-7 Exchange-Rate Volatility and International Trade 2446-8 Criteria for Joining the Economic and MonetaryUnion 24719
Page 1: S : Sf:' ;: W^W't-^WW': ;, S 4 Si :
Page 5: unitedminds
Page 9 and 10: Economic Report of the PresidentTo
Page 11: the Technology Reinvestment Project
Page 14: formed health care system, increase
Page 19 and 20: CONTENTSPageCHAPTER 1. A STRATEGY F
Page 21: PageProviding Comprehensive Benefit
Page 27 and 28: CHAPTER 1A Strategy for Growth and
Page 29 and 30: which have left consumers and busin
Page 31 and 32: that growth in both real compensati
Page 33 and 34: for inflation was on average roughl
Page 35 and 36: Box 1-2.—Saving, Investment, and
Page 37 and 38: investments in human capital; inves
Page 39 and 40: of the income distribution (Table 1
Page 41 and 42: Box 1-3.—Credible Deficit Reducti
Page 43 and 44: Chart 1-7 Correlation of Investment
Page 45 and 46: Box 1~4*~-A Balanced Budget Amendme
Page 47 and 48: This educational record is not good
Page 49 and 50: fallen markedly since the 1960s (Ch
Page 51 and 52: The development and deployment of n
Page 53 and 54: Earlier rounds of GATT talks had fo
Page 55 and 56: Chart 1-10 Projected Real Growth Ra
Page 57 and 58: are therefore on the public dole. M
Page 59: prise communities and be granted sm
Page 62 and 63: ingredient that should allow the ec
Page 64 and 65: Chart 2-2 National Defense Purchase
Page 66 and 67: Chart 2-3 Growth of U.S. Merchandis
Page 68 and 69: Chart 2-5 Households: Credit Market
Page 70 and 71: THE HEADWINDS ARE MOSTLY CALMINGAs
Page 72 and 73: 1993, real consumer spending increa
Page 74 and 75:
RESIDENTIAL INVESTMENTResidential i
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smallest annual increase in 20 year
Page 78 and 79:
ments with the Internal Revenue Ser
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safe-harbor rules for underpayment
Page 82 and 83:
Chart 2-9 Alternative Measures of t
Page 84 and 85:
Meanwhile, the Mountain States were
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inflation is measured by the Blue C
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Saving, Investment, and Capital Acc
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the future should be reflected in l
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Chart 2-15 Dynamic Effects of Defic
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joyed healthy average real GDP grow
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Chart 2-16 Personal Income Taxes as
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TABLE 2-2.— Administration Foreca
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TABLE 2-3.— Accounting for Growth
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CHAPTER 3Trends and Recent Developm
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first quarter of 1991, nonfarm payr
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cause defense cutbacks have caused
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UNEMPLOYMENT AND NONEMPLOYMENTThe U
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Chart 3-3 Civilian Unemployment Rat
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Chart 3-6 Employment-to-Population
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Chart 3-8 Ratio of White-Collar to
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than would be expected given its hi
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that the natural rate is falling? M
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SLOW INCOME GROWTHIncome trends hav
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Chart 3-10 Average Annual Growth of
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Box 3-3.—Consequences of Producti
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likely that immigration could expla
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We do, however, know how many worke
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size. No data are available on vola
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BENEFITSOne of the concerns raised
Page 135 and 136:
edented partnership to develop a nu
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CHAPTER 4Health Care ReformTHE UNIT
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make cost-conscious decisions. In a
Page 141 and 142:
A third rationale for universal cov
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Box 4-1.—Moral Hazard and Adverse
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ies depending on one's health statu
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than people in other countries do,
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sumers are ill equipped to bring st
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By itself, the aging of the populat
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TABLE 4-3.- Sources and Uses of Hea
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about 65 to 70 cents for a typical
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THE ARCHITECTURE OF THE HEALTHSECUR
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etary savings for the Federal Gover
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contribution, within limits. Outsid
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salary income, payments from the em
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TABLE 4-6.—Caps on Premiums by Fi
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An example will illustrate the proc
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TABLE 4-9.—Sources and Uses of Fe
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Chart 4-9 Business Spending on Heal
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Health care reform should set the s
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and private sectors, addressing env
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Box 5-1.—Selected National Perfor
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Box 5-2*—Market PowerFirms are sa
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ate regulation. For example, State
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competitiveness of U.S. industry, a
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Box 5-4.—ExternalitiesAn external
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in the habitat of the spotted owl r
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CLIMATE CHANGE ACTION PLANCertain g
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eral, lays a foundation for broader
Page 194 and 195:
The Administration's proposal seeks
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vances in technical know-how have a
Page 198 and 199:
Investments in R&D are risky. Like
Page 200 and 201:
1950s and 1960s, and American compa
Page 202 and 203:
ico and Lawrence Livermore in Calif
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of industry. MOCs will be affiliate
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tiveness. Again, the hoped-for resu
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forts to cut the massive Federal bu
Page 210 and 211:
TECHNOLOGY POLICY, GROWTH, ANDCOMPE
Page 212 and 213:
mitment to an open international tr
Page 214 and 215:
ses, which take such intersectoral
Page 216 and 217:
An important sectoral development i
Page 218 and 219:
TABLE 6-3.—Stock of U.S. Outward
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technical change has been offered a
Page 222 and 223:
ent account is a broader measure of
Page 224 and 225:
TABLE 6-6.—Intrafirm Trade as Sha
Page 226 and 227:
greater access to the Japanese mark
Page 228 and 229:
the transparency of its trade regim
Page 230 and 231:
that if the states of the former So
Page 232 and 233:
Box 6-3.—Mexican Economic Reforms
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1998, while nontariff barriers on a
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ward convergence in environmental a
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Box 6-4.—The Asian "Miracle"Per c
Page 240 and 241:
Box 6-5.—The Economic Impact of t
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development, and environmental clea
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THE TRADE POLICY AGENDABy lowering
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ignated monopolies. It also establi
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The dollar ended 1993 roughly where
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Box 6-7.—Exchange-Rate Volatility
Page 252 and 253:
Chart 6-5 French Franc-Deutsche Mar
Page 254 and 255:
Besides bringing these endeavors to
Page 257 and 258:
LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 259 and 260:
Report to the President on the Acti
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duction budget package, the North A
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Working Group studying cost-benefit
Page 265 and 266:
prepares the Economic Indicators an
Page 267:
Appendix BSTATISTICAL TABLES RELATI
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POPULATION, EMPLOYMENT, WAGES, AND
Page 272 and 273:
AGRICULTURE:PageB-96. Farm income,
Page 274 and 275:
NATIONAL INCOME OR EXPENDITURETABLE
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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
Page 282 and 283:
TABLE B-5.—Changes in gross domes
Page 284 and 285:
TABLE B-7.—Cross domestic product
Page 286 and 287:
TABLE B-9.—Gross domestic product
Page 288 and 289:
TABLE B-ll.—Gross domestic produc
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TABLE B-13.—Gross domestic produc
Page 292 and 293:
TABLE B-15.—Personal consumption
Page 294 and 295:
TABLE B-17.—Gross and net private
Page 296 and 297:
TABLE B-19.—Inventories and final
Page 298 and 299:
TABLE B-21.—Foreign transactions
Page 300 and 301:
TABLE B-23.—Relation of gross dom
Page 302 and 303:
TABLE B-25.—National income by ty
Page 304 and 305:
TABLE B-26.—Sources of personal i
Page 306 and 307:
TABLE B-27.—Disposition of person
Page 308 and 309:
TABLE B-29.—Gross sating and inve
Page 310 and 311:
TABLE B-31.—Median money income (
Page 312 and 313:
TABLE B-33.—Population and the la
Page 314 and 315:
TABLE B-34.—Civilian employment a
Page 316 and 317:
TABLE B-36.—Unemployment by demog
Page 318 and 319:
TABLE B-38.—Civilian labor force
Page 320 and 321:
TABLE B-40.—Civilian unemployment
Page 322 and 323:
TABLE B-42.—Unemployment by durat
Page 324 and 325:
TABLE B-44.—Employees on nonagric
Page 326 and 327:
TABLE B-45.—Hours and earnings in
Page 328 and 329:
TABLE B-47.—Productivity and rela
Page 330 and 331:
PRODUCTION AND BUSINESS ACTIVITYTAB
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TABLE B-51.—Industrial production
Page 334 and 335:
TABLE B-53.—New construction acti
Page 336 and 337:
TABLE B-54.—New housing units sta
Page 338 and 339:
Year or monthTABLE B-56.—Manufact
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TABLE B-58.—Manufacturers' new an
Page 342 and 343:
TABLE B-60.—Consumer price indexe
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TABLE B-61.—Consumer price indexe
Page 346 and 347:
TABLE B-63.—Changes in consumer p
Page 348 and 349:
TABLE B-64.—Producer price indexe
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TABLE B-66.—Producer price indexe
Page 352 and 353:
TABLE B-67.—Changes in producer p
Page 354 and 355:
TABLE B-69.—Components of money s
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TABLE B-70.—Aggregate reserves of
Page 358 and 359:
TABLE B-72.—Bond yields and inter
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TABLE B-73.—Total funds raised in
Page 362 and 363:
TABLE B-74.—Mortgage debt outstan
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TABLE B-76.—Consumer credit outst
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TABLE B-78.—Federal receipts, out
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TABLE B-79.—Federal budget receip
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TABLE B-81.—Federal and State and
Page 372 and 373:
TABLE B-83.—State and local gover
Page 374 and 375:
TABLE B-85.—Interest-bearing publ
Page 376 and 377:
TABLE B-87.—Estimated ownership o
Page 378 and 379:
TABLE B-89.—Corporate profits by
Page 380 and 381:
TABLE B-91.—Sales, profits, and s
Page 382 and 383:
TABLE B-93.—Sources and uses of f
Page 384 and 385:
TABLE B-95.—Business formation an
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19481949195019511952195319541955195
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TABLE B-99.—Indexes of prices rec
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TABLE B-101.— Farm business balan
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TABLE B-103.—U.S. international t
Page 394 and 395:
TABLE B-104.—U.S. merchandise exp
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TABLE B-106.—U.S. merchandise exp
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TABLE B-108.—Industrial productio
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TABLE B-110.—Foreign exchange rat
Page 402 and 403:
NATIONAL WEALTHTABLE B-l 12.—Nati
Page 404:
SUPPLEMENTARY TABLETABLE B-114.—S
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