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

More documents

Recommendations

Info

LETTER OF TRANSMITTALCOUNCIL OF ECONOMIC ADVISERSWashington, B.C., December 31, 1993MR. PRESIDENT:The Council of Economic Advisers submits this report on itsactivities during the calendar year 1993 in accordance with therequirements of the Congress, as set forth in section 10(d) of theEmployment Act of 1946 as amended by the Full Employment andBalanced Growth Act of 1978.Sincerely,Laura D'Andrea Tyson, ChairAlan S. Blinder, MemberJoseph E. Stiglitz, Member251
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 24 and 25:
LIST OF CHARTS—CONTINUEDPage3-5 L
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
Page 76 and 77:
smallest annual increase in 20 year
Page 78 and 79:
ments with the Internal Revenue Ser
Page 80 and 81:
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
Page 86 and 87:
inflation is measured by the Blue C
Page 88 and 89:
Saving, Investment, and Capital Acc
Page 90 and 91:
the future should be reflected in l
Page 92 and 93:
Chart 2-15 Dynamic Effects of Defic
Page 94 and 95:
joyed healthy average real GDP grow
Page 96 and 97:
Chart 2-16 Personal Income Taxes as
Page 98 and 99:
TABLE 2-2.— Administration Foreca
Page 100 and 101:
TABLE 2-3.— Accounting for Growth
Page 103 and 104:
CHAPTER 3Trends and Recent Developm
Page 105 and 106:
first quarter of 1991, nonfarm payr
Page 107 and 108:
cause defense cutbacks have caused
Page 109 and 110:
UNEMPLOYMENT AND NONEMPLOYMENTThe U
Page 111 and 112:
Chart 3-3 Civilian Unemployment Rat
Page 113 and 114:
Chart 3-6 Employment-to-Population
Page 115 and 116:
Chart 3-8 Ratio of White-Collar to
Page 117 and 118:
than would be expected given its hi
Page 119 and 120:
that the natural rate is falling? M
Page 121 and 122:
SLOW INCOME GROWTHIncome trends hav
Page 123 and 124:
Chart 3-10 Average Annual Growth of
Page 125 and 126:
Box 3-3.—Consequences of Producti
Page 127 and 128:
likely that immigration could expla
Page 129 and 130:
We do, however, know how many worke
Page 131 and 132:
size. No data are available on vola
Page 133 and 134:
BENEFITSOne of the concerns raised
Page 135 and 136:
edented partnership to develop a nu
Page 137 and 138:
CHAPTER 4Health Care ReformTHE UNIT
Page 139 and 140:
make cost-conscious decisions. In a
Page 141 and 142:
A third rationale for universal cov
Page 143 and 144:
Box 4-1.—Moral Hazard and Adverse
Page 145 and 146:
ies depending on one's health statu
Page 147 and 148:
than people in other countries do,
Page 149 and 150:
sumers are ill equipped to bring st
Page 151 and 152:
By itself, the aging of the populat
Page 153 and 154:
TABLE 4-3.- Sources and Uses of Hea
Page 155 and 156:
about 65 to 70 cents for a typical
Page 157 and 158:
THE ARCHITECTURE OF THE HEALTHSECUR
Page 159 and 160:
etary savings for the Federal Gover
Page 161 and 162:
contribution, within limits. Outsid
Page 163 and 164:
salary income, payments from the em
Page 165 and 166:
TABLE 4-6.—Caps on Premiums by Fi
Page 167 and 168:
An example will illustrate the proc
Page 169 and 170:
TABLE 4-9.—Sources and Uses of Fe
Page 171 and 172:
Chart 4-9 Business Spending on Heal
Page 173:
Health care reform should set the s
Page 176 and 177:
and private sectors, addressing env
Page 178 and 179:
Box 5-1.—Selected National Perfor
Page 180 and 181:
Box 5-2*—Market PowerFirms are sa
Page 182 and 183:
ate regulation. For example, State
Page 184 and 185:
competitiveness of U.S. industry, a
Page 186 and 187:
Box 5-4.—ExternalitiesAn external
Page 188 and 189:
in the habitat of the spotted owl r
Page 190 and 191:
CLIMATE CHANGE ACTION PLANCertain g
Page 192 and 193:
eral, lays a foundation for broader
Page 194 and 195:
The Administration's proposal seeks
Page 196 and 197:
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
Page 204 and 205:
of industry. MOCs will be affiliate
Page 206 and 207: tiveness. Again, the hoped-for resu
Page 208 and 209: 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
Page 220 and 221: 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
Page 234 and 235: 1998, while nontariff barriers on a
Page 236 and 237: ward convergence in environmental a
Page 238 and 239: Box 6-4.—The Asian "Miracle"Per c
Page 240 and 241: Box 6-5.—The Economic Impact of t
Page 242 and 243: development, and environmental clea
Page 244 and 245: THE TRADE POLICY AGENDABy lowering
Page 246 and 247: ignated monopolies. It also establi
Page 248 and 249: The dollar ended 1993 roughly where
Page 250 and 251: 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 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
Page 271 and 272: MONEY STOCK, CREDIT, AND FINANCE:Pa
Page 273 and 274: General NotesDetail in these tables
Page 275 and 276: TABLE B-l.—Gross domestic product
Page 277 and 278: TABLE B-2.—Gross domestic product
Page 279 and 280: TABLE B-3.—Implicit price deflato
Page 281 and 282: TABLE B-4.—Fixed-weighted price i
Page 283 and 284: TABLE B-6.—Selected per capita pr
Page 285 and 286: TABLE B-8.—Cross domestic product
Page 287 and 288: TABLE B-10.—Gross domestic produc
Page 289 and 290: 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
Page 297 and 298: TABLE B-20.—Inventories and final
Page 299 and 300: TABLE B-22.—Experts and imports o
Page 301 and 302: TABLE B-24.—Relation of national
Page 303 and 304: TABLE B-25.—National income by ty
Page 305 and 306: TABLE B-26.—Sources of personal i
Page 307 and 308:
TABLE B-28.—Total and per capita
Page 309 and 310:
Year orquarterPersonalsavingTotalTA
Page 311 and 312:
POPULATION, EMPLOYMENT, WAGES, AND
Page 313 and 314:
TABLE B-33.—Population and the la
Page 315 and 316:
TABLE B-35.—Civilian employment b
Page 317 and 318:
TABLE B-37.—Civilian labor force
Page 319 and 320:
TABLE B-39.—Civilian employment/p
Page 321 and 322:
TABLE B-41.—Civilian unemployment
Page 323 and 324:
TABLE B-43.—Unemployment insuranc
Page 325 and 326:
TABLE B-44.—Employees on nonagric
Page 327 and 328:
TABLE B-46.—Employment cost index
Page 329 and 330:
TABLE B-48.—Changes in productivi
Page 331 and 332:
TABLE B-50.—Industrial production
Page 333 and 334:
TABLE B-52.—Capacity utilization
Page 335 and 336:
TABLE B-53.—New construction acti
Page 337 and 338:
TABLE B-55.—Business expenditures
Page 339 and 340:
TABLE B-57.—Manufacturers' shipme
Page 341 and 342:
PRICESTABLE B-59.—Consumer price
Page 343 and 344:
TABLE B-60.—Consumer price indexe
Page 345 and 346:
TABLE B-62.—Changes in special co
Page 347 and 348:
TABLE B-64.—Producer price indexe
Page 349 and 350:
Page 351 and 352:
Page 353 and 354:
MONEY STOCK, CREDIT, AND FINANCETAB
Page 355 and 356:
TABLE B-69.—Components of money s
Page 357 and 358:
TABLE B-71.—Commercial bank loans
Page 359 and 360:
TABLE B-72.—Bond yields and inter
Page 361 and 362:
TABLE B-73.—Total funds raised in
Page 363 and 364:
TABLE B-75.—Mortgage debt outstan
Page 365 and 366:
GOVERNMENT FINANCETABLE B-77.—Fed
Page 367 and 368:
TABLE B-78.—Federal receipts, out
Page 369 and 370:
TABLE B-80.—Federal and State and
Page 371 and 372:
TABLE B-82.—Federal Government re
Page 373 and 374:
TABLE B-84.—State and local gover
Page 375 and 376:
TABLE B-86.—Maturity distribution
Page 377 and 378:
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
Page 387 and 388:
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
show all

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

Create successful ePaper yourself

Delete template?

Save as template?