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

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TABLE B-23.—Relation of gross domestic product, gross national product, net national product, andnationaI income, 1959-93[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year orquarterGrossdomesticproductPIUS:Receiptsof factorincomefrom restof theworld '19591960196119621963196419651966156719681969 .197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993 p1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990:1IIIllIV1991:1IIIllIV1992:1IIIllIV1993:1IIIllIV..494.2513.3531.8571.6603.1648 0702.7769.8814.3889.3959 51,010.71,097.21,207.01,349.61,458.61,585.91,768.41,974.12,232.72 488 62,708.03,030.63,149.63,405.03,777.24,038.74,268.64,539.94,900.45 250 85,546.15,722.96,038.56 374 03,195.13,547.33,869.14,140.54,336.64,683.05,044.65,344.85,461.95,540.95,583.85,597.95,631.75,697.75,758.65,803.75,908.75,991.46,059.56,194.46,261.66,327.66,395.96,510.84.35.05.46.16.6748.18.38.910.311913.014.116.423.830.328.232.837.747.169 780.694.197.395.8108.197.396.0105.1128.7157 5168.6146.1129.291.9102.1106.698.192.8114.4139.9159.3164.0165.4165.2179.7162.4147.2139.1135.7134.4132.9127.3122.3122.8131.9135.1Less:Paymentsof factorincome torest oftheworld 2 1.5Equals:GrossnationalproductLess:ConsumptionoffixedcapitalEquals:NetnationalproductIndirectbusinesstax andnontaxliabilityLess:BusinesstransferpaymentsStatisticaldiscrepancyPIUS:SubsidieslesscurrentsurplusofgovernmententerprisesEquals:Nationalincome1.81.81.82.1242.73.13.44.1586.66.47.711.114.614.915.717.225.337 546.560.967.166.583.882.486.9100.5120.8141 5146.9131.9121.964.471.085.582.488.9106.9130 2139.1143.8147.0149.0147.7138.0134.3131.5123.9115.6127.9119.5124.8122.4132.3128.7497 0516.6535.4575.8607.7653 0708.1774.9819.8895.5965 61,017.11,104.91,215.71,362.31,474.31,599.11,785.51,994.62,254.52 520 82,742.13,063.83,179.83,434.43,801.54,053.64,277.74,544.54,908.25 266 85,567.85,737.16,045.83,222.63,578.43,890.24,156.24,340.54,690.55,054 35,365.05,482.15,559.35,599.95,630.05,656.15,710.65,766.25,815.55,927.65,996.36,067.36,191.96,262.16,327.16,402.344 646.347.749.351.353 957.362.167.473.981588.897.6109.9120.4140.2165.2182.8205.2234.8272 4311.9362.4399.1418.4433.2454.5478.6502.2534.0580 4602.7626.1657.96712412.5439.7448.0465.6488.2512.1547 2600.8590.2597.9607.8614.8619.9622.3626.7635.4631.7637.2714.6648.0663.2663.3679.7678.7452.5470.2487.7526.5556.4599 2650.7712.8752.4821.5884 2928.31,007.31,105.71,241.91,334.11,433.91,602.71,789.42,019.82 248 42,430.22,701.42,780.83,016.03,368.33,599.13,799.24,042.44,374.24 686 44,965.15,111.05,387.92,810.13,138.73,442.23,690.73,852.34,178.54,507.24,764.24,891.94,961.44,992.25,015.15,036.25,088.35,139.65,180.05,295.95,359.15,352.85,543.95,598.85,663.95,722.641945.548.151.754.758 862.765.470.479.086 694.3103.6111.4121.0129.3140.0151.6165.5177.8188 7212.0249.3256.4280.1309.5329.9345.5365.0385.3414 7444.0476.6502.8530 5262.3291.7317.7335.1351.6372.3394.2424.4436.2437.2448.0454.8465.6470.5481.3488.9493.4497.3504.8515.7515.6526.2532.4547.91.41.41.51.61.8202.22.32.52.8313.23.43.94.55.05.26.57.38.29911.213.415.416.619.021.024.224.025.626 626.826.327.628 016.018.120.222.224.924.227.226.226.327.027.126.726.126.326.026.627.027.627.828.127.027.828.428.8-1.8-3.1-2.2-1.0-2.07-.72.8.8-.126.03.11.1-.51.46.010.410.97.613 813.610.9-7.410.2-9.0-13.91.2-24.8-28.4117.89.623.6-10.113.8-20.5-5.9-2.0-24.9-25.412.813.1-1.814.94.9.24.527.36.223.123.615.732.134.412.013.3-0.9-.8.2.3-.31.31.41.21.2152.62.43.42.6.42.61.43.33.6294.84.76.211.79.56.49.714.110.9544.57.7729.619.29.72.68.222.016.54.49.93.0-5.610.41.8.8-8.04.33.03.9-3.77.717.16.1-5.310.7410.1425.7440.5474.5501.55391586.9643.7679.9741.0798.6833,5899.5992.91,119.51,198.81,285.31,435.51,609.11,829.82,038 92,198.22,432.52,522.52,720.83,058.33,268.43,437.93,692.34,002.64 249 54,491.04,598.34,836.62,551.52,834.33,134.43,341.93,486.03,828.84,127.64,305.24,426.24,502.04,496.64,539.24,546.04,587.84,596.94,662.64,755.44,814.64,800.84,975.85,038.95,104.05,143.21 Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign affiliates of U.S.corporations.2 Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of U.S. affiliates of foreigncorporations.Source: Department of Commerce, Bureau of Economic Analysis.294
TABLE B-24.—Relation of national income and personal income, 1959-93[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarter195919601961196219631964196519661967!19681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993"1982 IV1983 IV1984 IV1985 IV1986 IV1987 IV1988 IV1989 IV1990 1 IIIIIIV1991 1 IIIIIIV1992 1 IIIIIIV1993 1 IIIIIIV PNationalincome410.1425.7440.5474.5501.5539.1586.9643.7679.9741.0798.6833.5899.5992.91,119.51,198.81,285.31,435.51,609.11,829.82,038.92,198.22,432.52,522.52,720.83,058.33,268.43,437.93,692.34,002.64,249.54,491.04,598.34,836.62,551.52,834.33,134.43,341.93,486.03,828.84,127.64,305.24,426.24,502.04,496.64,539.24,546.04,587.84,596.94,662.64,755.44,814.64,800.84,975.85,038.95,104.05,143.2Less:Corporateprofitswithinventoryvaluationandcapitalconsumptionadjustments52.350.751.659.665.172.182.988.686.092.689.677.590.3103.2116.4104.5121.9147.1175.7199.7202.5177.7182.0151.5212.7264.2280.8271.6319.8365.0362.8380.6369.5407.2150.3229.1261.3284.9264.6343.3378.3354.5382.6409.3367.5362.8369.3370.8359.0378.8409.9411.7367.5439.5432.1458.1468.5Netinterest10.211.213.114.616.118.221.124.328.130.433.640.045.449.356.571.880.085.1100.7120.5149.9191.2233.4262.4270.0307.9326.2350.2360.4387.7452.7463.7462.8442.0256.8281.8321.1331.9349.7368.6408.1459.8460.5459.5460.6474.4468.8466.3464.2451.9439.5440.8440.1447.7450.1443.2444.6Contributionsforsocialinsurance18.821.922.925.428.530.131.640.645.550.457.962.268.979.097.6110.5118.5134.5149.8171.8197.8216.6251.3269.6290.2325.0353.8379.8400.7442.3473.2503.1528.4555.6585.3272.8298.3332.2362.3388.7409.6453.5480.4495.9500.7506.4509.5520.7525.7531.5535.7548.5552.7556.6564.6568.9585.9590.5596.0Wageaccrualslessdisbursements0.0.0.0.0.0.0.0.0.0.0.0.0.6.0-.1-.5.1.1.1.3-.2.0,1.0- 4.2-.2 .0.0.0.0.1-.1-20.020.0.0.0.6.0.0-.2 .0.0.0.0.0.2.2-.4 .0.0.0.0.0-80.080.0.0.0.0Personalinterestincome22.725.026.929.332.436.140.344.949.554.660.869.275.781.894.1112.4123.0134.6155.7184.5223.2274.0336.1376.8397.5461.9498.1531.7548.1583.2668.2698.2715.6694.3695.8373.6418.7485.4507.5532.6562.3608.9681.2686.9692.8702.8710.3715.4720.0717.3709.6694.4696.0692.2694.5695.4693.1695.7699.2Personaldividendincome12.713.414.015.016.118.020.220.922.124.525.123.523.525.527.729.629.234.739.444.250.457.166.967.177.878.887.9104.7100.4108.4126.5144.4127.9140.4158.369.480.679.392.7105.6100.1113.8132.9141.2145.6146.6144.4136.6126.7123.9124.3128.2136.0144.9152.3157.0157.8159.0159.4>IUS:Governmenttransferpaymentstopersons25.727.531.532.634.536.039.143.652.360.667.581.897.0108.4124.1147.4185.7202.8217.5234.8262.8312.6355.7396.3426.1437.8468.1497.1521.3555.9603.8666.3749.2836.8889.7419.9428.0442.3474.8505.8528.1563.5624.0649.0656.1669.2690.9724.2740.9754.8776.8816.6830.9844.3855.4873.0883.7896.4905.6Businesstransferpaymentstopersons1.31.31.41.51.71.82.02.12.32.52.82.83.03.43.84.04.55.55.96.87.98.810.211.812.815.117.820.720.820.821.121.320.721.621.912.313.216.218.820.920.421.320.821.321.521.321.120.820.520.620.821.121.521.822.021.421.822.122.3Equals:Personalincome391.2409.2426.5453.4476.4510.7552.9601.7646.5709.9773.7831.0893.5980.51,098.71,205.71,307.31,446.31,601.31,807.92,033.12,265.42,534.72,690.92,862.53,154.63,379.83,590.43,802.04,075.94,380.34,673.84,850.95,144.95,387.62,746.82,965.33,242.53,456.73,647.83,918.54,195.24,469.44,585.64,648.64,701.94,759.14,783.94,833.44,858.84,927.55,017.85,093.85,139.85,328.35,254.75,373.25,412.75,509.8Source: Department of Commerce, Bureau of Economic Analysis.295
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S : Sf:' ;: W^W't-^WW': ;, S 4 Si :
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unitedminds
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Economic Report of the PresidentTo
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the Technology Reinvestment Project
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formed health care system, increase
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CONTENTSPageCHAPTER 1. A STRATEGY F
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PageProviding Comprehensive Benefit
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LIST OF CHARTS—CONTINUEDPage3-5 L
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CHAPTER 1A Strategy for Growth and
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which have left consumers and busin
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that growth in both real compensati
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for inflation was on average roughl
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Box 1-2.—Saving, Investment, and
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investments in human capital; inves
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of the income distribution (Table 1
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Box 1-3.—Credible Deficit Reducti
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Chart 1-7 Correlation of Investment
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Box 1~4*~-A Balanced Budget Amendme
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This educational record is not good
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fallen markedly since the 1960s (Ch
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The development and deployment of n
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Earlier rounds of GATT talks had fo
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Chart 1-10 Projected Real Growth Ra
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are therefore on the public dole. M
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prise communities and be granted sm
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ingredient that should allow the ec
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Chart 2-2 National Defense Purchase
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Chart 2-3 Growth of U.S. Merchandis
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Chart 2-5 Households: Credit Market
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THE HEADWINDS ARE MOSTLY CALMINGAs
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1993, real consumer spending increa
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RESIDENTIAL INVESTMENTResidential i
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smallest annual increase in 20 year
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ments with the Internal Revenue Ser
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safe-harbor rules for underpayment
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Chart 2-9 Alternative Measures of t
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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
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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
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The Administration's proposal seeks
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vances in technical know-how have a
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Investments in R&D are risky. Like
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1950s and 1960s, and American compa
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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
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TECHNOLOGY POLICY, GROWTH, ANDCOMPE
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mitment to an open international tr
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ses, which take such intersectoral
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An important sectoral development i
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TABLE 6-3.—Stock of U.S. Outward
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technical change has been offered a
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ent account is a broader measure of
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TABLE 6-6.—Intrafirm Trade as Sha
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greater access to the Japanese mark
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the transparency of its trade regim
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that if the states of the former So
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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
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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
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 257 and 258: LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 259 and 260: Report to the President on the Acti
Page 261 and 262: duction budget package, the North A
Page 263 and 264: Working Group studying cost-benefit
Page 265 and 266: prepares the Economic Indicators an
Page 267: Appendix BSTATISTICAL TABLES RELATI
Page 270 and 271: POPULATION, EMPLOYMENT, WAGES, AND
Page 272 and 273: AGRICULTURE:PageB-96. Farm income,
Page 274 and 275: NATIONAL INCOME OR EXPENDITURETABLE
Page 276 and 277: TABLE B-2.—Gross domestic product
Page 278 and 279: TABLE B-3.—Implicit price deflato
Page 280 and 281: 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
Page 290 and 291: 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 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
Page 332 and 333: 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
Page 340 and 341: TABLE B-58.—Manufacturers' new an
Page 342 and 343: TABLE B-60.—Consumer price indexe
Page 344 and 345: 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
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TABLE B-67.—Changes in producer p
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TABLE B-69.—Components of money s
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TABLE B-70.—Aggregate reserves of
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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-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
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TABLE B-83.—State and local gover
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TABLE B-85.—Interest-bearing publ
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TABLE B-87.—Estimated ownership o
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TABLE B-89.—Corporate profits by
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TABLE B-91.—Sales, profits, and s
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TABLE B-93.—Sources and uses of f
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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
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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
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NATIONAL WEALTHTABLE B-l 12.—Nati
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SUPPLEMENTARY TABLETABLE B-114.—S
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