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Economic Reportof the PresidentTran
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C O N T E N T SECONOMIC REPORT OF T
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ECONOMIC REPORT OF THE PRESIDENTTo
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the playing field is level for our
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Monetary Policy ...................
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Encouraging FDI ...................
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3-4. The Equivalence of Sales Taxes
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Real GDP expanded by 3.7 percent du
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Options for Tax ReformChapter 3, Op
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and better Nation for it. A compreh
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Innovation and the Information Econ
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ecause they do not expect family me
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The Administration has pushed aggre
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C H A P T E R 1The Year in Review a
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Consumer SpendingConsumer spending
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easons for this correlation are dis
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2003, a number of countries that to
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ProductivityRecent productivity gro
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The projected path of inflation as
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strengthen. The forecast is based o
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The growth rate of the economy over
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In sum, potential real GDP is proje
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C H A P T E R 2Expansions Past and
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The behavior of real GDP is similar
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of faltering may be attributable to
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most recent expansions have shown r
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middle of 2003. The more moderate r
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1.2 percent. Employment continued t
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SummaryModerate recessions are foll
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permanent cuts should permanently r
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and the Jobs and Growth Tax Relief
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Federal government revenues had bee
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Fiscal policy played an especially
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C H A P T E R 3Options for Tax Refo
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High Compliance CostsThe complexity
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a reasonable estimate is that a 10
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Excess BurdenBecause taxes distort
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Box 3-3 — continuedThe bottom 40
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more uniform or pure version of the
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of being collected all at once at t
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would have to differ from state tax
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owner claimed it was for business,
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The current set of saving incentive
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the current system. In addition, so
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C H A P T E R 4ImmigrationIn recent
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TABLE 4-1.— Foreign-Born Share of
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immigrants (also called illegal or
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largest group of immigrants was bor
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employment costs, including wage fl
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Chapter 4 | 103
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wages fall in response to immigrati
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immigrants from Latin America do re
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addition, as migrants leave the cou
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include siblings and adult children
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despite the tremendous growth in th
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The TWP would allow new foreign wor
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C H A P T E R 5Expanding Individual
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This phenomenon, known as the “tr
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producing more of that good. Simila
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In 2002, the President proposed “
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provide evidence of increased profi
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schools are four times as efficient
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low administrative costs, estimated
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Box 5-2: The Benefits of Land Title
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development plan designed by others
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C H A P T E R 6Innovation and theIn
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E-mail is the most common online ac
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Changed circumstances, such as new
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Illegal Acts on the InternetThe Int
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or develop new markets, which can l
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inflation factor for the price cap
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U.S. households connecting to local
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- Page 151 and 152: for their property rights. The Admi
- Page 153 and 154: C H A P T E R 7The Global HIV/AIDS
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- Page 169 and 170: ConclusionThe United States and cou
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- Page 185 and 186: ConclusionThe United States is the
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- Page 189 and 190: Report to the President on theActiv
- Page 191 and 192: The Council continued its efforts t
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- Page 197: Appendix BSTATISTICAL TABLES RELATI
- Page 201 and 202: PageB-65. Producer price indexes by
- Page 203 and 204: General NotesDetail in these tables
- Page 205 and 206: TABLE B-1.—Gross domestic product
- Page 207 and 208: TABLE B-2.—Real gross domestic pr
- Page 209 and 210: TABLE B-4.—Percent changes in rea
- Page 211 and 212: TABLE B-5.—Contributions to perce
- Page 213 and 214: TABLE B-6.—Chain-type quantity in
- Page 215 and 216: TABLE B-7.—Chain-type price index
- Page 217 and 218: TABLE B-9.—Real gross domestic pr
- Page 219 and 220: TABLE B-11.—Real gross value adde
- Page 221 and 222: TABLE B-12.—Gross domestic produc
- Page 223 and 224: TABLE B-13.—Real gross domestic p
- Page 225 and 226: TABLE B-15.—Gross value added and
- Page 227 and 228: Year orquarterPersonalconsumptionex
- Page 229 and 230: TABLE B-19.—Real private fixed in
- Page 231 and 232: TABLE B-21.—Real government consu
- Page 233 and 234: TABLE B-23.—Real private inventor
- Page 235 and 236: TABLE B-25.—Real exports and impo
- Page 237 and 238: TABLE B-27.—Relation of national
- Page 239 and 240: TABLE B-28.—National income by ty
- Page 241 and 242: TABLE B-29.—Sources of personal i
- Page 243 and 244: TABLE B-31.—Total and per capita
- Page 245 and 246: Year orquarterTABLE B-32.—Gross s
- Page 247 and 248: POPULATION, EMPLOYMENT, WAGES, AND
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TABLE B-35.—Civilian population a
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TABLE B-37.—Civilian employment b
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TABLE B-39.—Civilian labor force
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TABLE B-41.—Civilian employment/p
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TABLE B-43.—Civilian unemployment
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TABLE B-45.—Unemployment insuranc
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TABLE B-46.—Employees on nonagric
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TABLE B-48.—Employment cost index
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Year orquarterTABLE B-50.—Changes
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Year ormonthTABLE B-52.—Industria
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TABLE B-54.—Capacity utilization
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TABLE B-56.—New private housing u
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TABLE B-58.—Manufacturers’ ship
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PRICESTABLE B-60.—Consumer price
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TABLE B-61.—Consumer price indexe
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TABLE B-63.—Changes in special co
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TABLE B-65.—Producer price indexe
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TABLE B-66.—Producer price indexe
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TABLE B-67.—Producer price indexe
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MONEY STOCK, CREDIT, AND FINANCETAB
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TABLE B-70.—Components of money s
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TABLE B-72.—Bank credit at all co
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TABLE B-73.—Bond yields and inter
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TABLE B-74.—Credit market borrowi
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TABLE B-76.—Mortgage debt outstan
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GOVERNMENT FINANCETABLE B-78.—Fed
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TABLE B-80.—Federal receipts and
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TABLE B-82.—Federal and State and
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TABLE B-84.—Federal Government cu
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TABLE B-86.—State and local gover
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TABLE B-88.—Maturity distribution
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CORPORATE PROFITS AND FINANCETABLE
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TABLE B-92.—Corporate profits of
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TABLE B-94.—Relation of profits a
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Year or monthCompositeTABLE B-96.
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End of yearTotalassetsTABLE B-98.
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TABLE B-100.—Farm input use, sele
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YearTABLE B-102.—U.S. exports and
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Year orquarterTABLE B-103.—U.S. i
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TABLE B-105.—U.S. international t
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TABLE B-107.—International invest
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TABLE B-109.—Civilian unemploymen
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TABLE B-111.—International reserv