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

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ECONOMIC REPORTOF THE PRESIDENT
Page 1: S : Sf:' ;: W^W't-^WW': ;, S 4 Si :
Page 5: unitedminds
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
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ecession in 1990. Even by late 1993
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eturning. Fourth-quarter growth of
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Box 2-1,—The Economic Effects of
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the 1950s. Employers have apparentl
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Box 2-2.—The Economic Effects of
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Change in Tax WithholdingThe change
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payments out of savings. Another is
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Chart 2-10 Unemployment Rates by St
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Chart 2-12 Yields on 10-Year Treasu
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1970s. Although higher than the ex
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deficit. The mechanism is simple. D
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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
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leading to an increase in capital i
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In response to these problems in th
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Chart 3-1 Changes in Output and Pay
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ation over 1993 included retail tra
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Box 3-1.—The New Current Populati
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Chart 3-4 Long-Term Unemployment as
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Chart 3-7 Unemployment Rates by Edu
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unemployed yet another. These are a
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Changes in the natural rate have be
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every year, while even more new job
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Chart 3-9 Real Hourly Compensation
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Chart 3-11 Productivity Growth and
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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
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ance premiums and ever-higher medic
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are uninsured at some time during a
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late, however, these payers may bec
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About 80 percent of conventional he
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tion results in high administrative
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expenditures. No comparative studie
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Chart 4-5 Estimates of Inappropriat
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Box 4-2.—Recent Reductions in Hea
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14 percent, and out-of-pocket spend
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health spending increased from 9 pe
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Since the Administration's comprehe
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The second option is a "lower cost-
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erage premium in 1994 is estimated
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TABLE 4-5.—Discounts Under the He
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plan the employee chooses, and have
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Chart 4-8 Health Expenditures as Pe
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Box 4-3.—Capped EntitlementsBoth
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of income associated with leaving w
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CHAPTER 5Microeconomic Initiatives
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The National Performance ReviewThe
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PROMOTING COMPETITIONCompetition am
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merging hospitals averages fewer th
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nopoly prices, it has been criticiz
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that competition in local telephone
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improving the technology for regula
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A central point of contention invol
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Currently, the Internal Revenue Cod
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and permanence (except for treatmen
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capital can substitute for one anot
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isky "pathbreaking" technologies th
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ence a project's technical objectiv
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cent of federally sponsored basic r
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could register with the government
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nologies for use in the fields of h
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players. These partnerships may inc
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workers and early retirement benefi
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CHAPTER 6The United States in the W
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$460 billion in current dollars, an
Page 215 and 216:
Box 6-1.—U.S. Exports: More Than
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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
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Another interesting aspect of Japan
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examining differences in predicted
Page 227 and 228:
The Framework represents a departur
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tus has become increasingly controv
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when their subsidies to state-owned
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cent or more in the Mexican market.
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a permanent staff. There is a "laye
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will create good, high-paying jobs
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nism for resolving trade and invest
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ers. Progress in textiles and appar
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trade resulting from these substant
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vention moratorium on whaling. In b
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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
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Council Members and their Dates of
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The Members of the CouncilAlan S. B
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members represented the Council at
Page 264 and 265:
mists, and two research assistants.
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other government agencies or resear
Page 269 and 270:
CONTENTSNATIONAL INCOME OR EXPENDIT
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MONEY STOCK, CREDIT, AND FINANCE:Pa
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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
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TABLE B-14.—Output, costs, and pr
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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
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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
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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
Page 341 and 342:
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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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
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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
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TABLE B-84.—State and local gover
Page 375 and 376:
TABLE B-86.—Maturity distribution
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CORPORATE PROFITS AND FINANCETABLE
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TABLE B-90.—Corporate profits of
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TABLE B-92.—Relation of profits a
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TABLE B-94.—Common stock prices a
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AGRICULTURETABLE B-96.—Farm incom
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TABLE B-98.—Farm input use, selec
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TABLE B-100-—U.S. exports and imp
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INTERNATIONAL STATISTICSTABLE B-102
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TABLE B-103.—U.S. international t
Page 395 and 396:
TABLE B-105.—U.S. merchandise exp
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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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