TABLE B–83.—Federal and State and local government current receipts and expenditures, nationalincome and product accounts (NIPA), by major type, 1959–2004[Billions <strong>of</strong> dollars; quarterly data at seasonally adjusted annual rates]Current receiptsCurrent expendituresYear orquarterTotalTotal 1Current tax receiptsPersonalcurrenttaxesTaxesonproductionandimportsTaxesoncorporateincomeContributionsforgovernmentsocialinsuranceIncomereceiptsonassetsCurrenttransferreceiptsCurrentsurplus<strong>of</strong>governmententerprisesTotal 2ConsumptionexpendituresCurrenttransferpaymentsInterestpaymentsSubsidiesNetgovernmentsaving1959 ........ 123.0 107.1 42.3 41.1 23.6 13.8 0.3 0.8 1.0 115.8 80.7 26.8 7.3 1.1 7.11960 ........ 134.4 113.4 46.1 44.6 22.7 16.4 2.7 .9 .9 122.9 83.3 28.0 10.4 1.1 11.51961 ........ 139.0 117.1 47.3 47.0 22.8 17.0 2.9 1.1 .8 132.1 88.2 31.8 10.2 2.0 6.91962 ........ 150.6 126.1 51.6 50.4 24.0 19.1 3.2 1.2 .9 142.8 96.8 32.6 11.1 2.3 7.81963 ........ 162.2 134.4 54.6 53.4 26.2 21.7 3.4 1.3 1.4 151.1 102.7 34.1 12.0 2.2 11.11964 ........ 166.6 137.6 52.1 57.3 28.0 22.4 3.7 1.6 1.3 159.2 108.6 34.9 12.9 2.7 7.41965 ........ 180.3 149.5 57.7 60.8 30.9 23.4 4.1 1.9 1.3 170.4 115.9 37.8 13.7 3.0 9.91966 ........ 202.8 163.5 66.4 63.3 33.7 31.3 4.7 2.2 1.0 192.8 132.0 41.8 15.1 3.9 10.01967 ........ 217.6 173.9 73.0 68.0 32.7 34.9 5.5 2.5 .9 220.0 149.7 50.1 16.4 3.8 −2.41968 ........ 252.0 203.2 87.0 76.5 39.4 38.7 6.4 2.6 1.2 246.8 165.8 58.1 18.8 4.2 5.21969 ........ 283.4 228.5 104.5 84.0 39.7 44.1 7.0 2.7 1.0 266.7 178.2 63.7 20.2 4.5 16.71970 ........ 286.7 229.3 103.1 91.5 34.4 46.4 8.2 2.9 .0 294.8 190.2 76.8 23.1 4.8 −8.11971 ........ 303.4 240.4 101.7 100.6 37.7 51.2 9.0 3.1 −.2 325.3 204.7 91.6 24.5 4.7 −21.91972 ........ 346.8 274.0 123.6 108.1 41.9 59.2 9.5 3.6 .5 355.5 220.8 102.2 26.3 6.6 −8.81973 ........ 390.0 299.4 132.4 117.3 49.3 75.5 11.6 3.9 −.4 385.6 234.8 114.2 31.3 5.2 4.41974 ........ 431.3 328.3 151.0 125.0 51.8 85.2 14.4 4.5 −.9 435.8 261.7 134.7 35.6 3.3 −4.41975 ........ 441.6 334.4 147.6 135.5 50.9 89.3 16.1 5.1 −3.2 508.2 294.6 169.2 40.0 4.5 −66.61976 ........ 505.5 383.8 172.3 146.6 64.2 101.3 16.3 5.8 −1.8 549.9 316.6 181.9 46.3 5.1 −44.41977 ........ 566.8 431.2 197.5 159.9 73.0 113.1 18.4 6.8 −2.6 597.7 346.6 193.3 50.8 7.1 −31.01978 ........ 645.6 485.0 229.4 171.2 83.5 131.3 23.2 8.0 −1.9 653.4 376.5 207.9 60.2 8.9 −7.81979 ........ 728.2 538.2 268.7 180.4 88.0 152.7 30.8 9.1 −2.6 726.5 412.3 232.6 72.9 8.5 1.71980 ........ 798.0 586.0 298.9 200.7 84.8 166.2 39.9 10.7 −4.8 842.8 465.9 278.0 89.1 9.8 −44.81981 ........ 917.2 663.9 345.2 236.0 81.1 195.7 50.2 12.3 −4.9 962.9 520.6 314.2 116.7 11.5 −45.71982 ........ 938.5 659.9 354.1 241.3 63.1 208.9 58.9 14.8 −4.0 1,072.6 568.2 350.5 138.9 15.0 −134.11983 ........ 999.4 694.5 352.3 263.7 77.2 226.0 65.3 16.8 −3.1 1,167.5 610.6 378.4 156.9 21.2 −168.11984 ........ 1,112.5 763.0 377.4 290.2 94.0 257.5 74.3 19.6 −1.9 1,256.6 657.6 390.9 187.3 21.0 −144.11985 ........ 1,213.5 824.3 417.4 308.5 96.5 281.4 84.0 23.0 .8 1,366.1 720.2 415.7 208.8 21.3 −152.61986 ........ 1,289.3 869.2 437.3 323.7 106.5 303.4 89.8 25.6 1.3 1,459.1 776.1 441.9 216.3 24.8 −169.91987 ........ 1,403.2 966.1 489.1 347.9 127.1 323.1 86.1 26.8 1.2 1,535.8 815.2 459.7 230.8 30.2 −132.61988 ........ 1,502.2 1,019.4 505.0 374.9 137.2 361.5 90.5 28.2 2.5 1,618.7 852.8 488.8 247.7 29.4 −116.61989 ........ 1,626.3 1,109.7 566.1 399.3 141.5 385.2 94.3 32.2 4.9 1,735.6 901.4 533.1 274.0 27.2 −109.31990 ........ 1,707.8 1,161.9 592.8 425.5 140.6 410.1 98.7 35.6 1.6 1,872.6 964.4 586.1 295.3 26.8 −164.81991 ........ 1,758.8 1,180.3 586.7 457.5 133.6 430.2 98.1 44.6 5.7 1,976.7 1,014.1 622.5 312.7 27.3 −217.91992 ........ 1,843.7 1,240.2 610.6 483.8 143.1 455.0 90.5 50.5 7.6 2,140.4 1,047.8 749.5 313.2 29.9 −296.71993 ........ 1,945.8 1,318.2 646.6 503.4 165.4 477.7 87.6 55.1 7.2 2,218.4 1,072.2 796.3 313.6 36.4 −272.61994 ........ 2,089.0 1,426.1 690.7 545.6 186.7 508.2 86.6 59.5 8.6 2,290.8 1,104.1 831.2 323.4 32.2 −201.91995 ........ 2,212.6 1,517.2 744.1 558.2 211.0 532.8 92.1 59.1 11.4 2,397.6 1,136.5 872.5 354.6 34.0 −184.91996 ........ 2,376.1 1,642.0 832.1 581.1 223.6 555.2 100.2 66.0 12.7 2,492.1 1,171.1 921.4 365.3 34.3 −116.01997 ........ 2,551.9 1,780.5 926.3 612.0 237.1 587.2 103.7 67.9 12.6 2,568.6 1,216.6 947.8 371.4 32.9 −16.71998 ........ 2,724.2 1,911.7 1,027.0 639.8 239.2 624.2 102.4 75.5 10.3 2,633.4 1,256.0 969.6 372.4 35.4 90.81999 ....... 2,895.0 2,036.2 1,107.5 674.0 248.8 661.4 106.8 80.6 10.1 2,741.0 1,334.0 1,005.5 357.3 44.2 154.02000 ....... 3,125.9 2,206.8 1,235.7 708.9 255.0 702.7 117.4 93.7 5.3 2,886.5 1,417.1 1,062.4 362.8 44.3 239.42001 ........ 3,113.1 2,168.0 1,237.3 728.6 194.9 731.1 113.7 101.8 −1.4 3,061.6 1,501.6 1,160.6 344.1 55.3 51.52002 ........ 2,954.7 1,995.5 1,051.2 762.6 174.6 748.3 101.9 106.3 2.8 3,234.3 1,609.2 1,270.5 316.4 38.2 −279.52003 ........ 3,032.0 2,033.8 1,001.9 798.1 225.8 773.2 104.0 111.5 9.5 3,399.7 1,717.1 1,332.9 303.0 46.7 −367.82004 p ...... ............ ............ 1,036.4 840.1 ............ 818.3 106.0 119.8 6.7 3,559.2 1,804.5 1,402.4 312.4 39.9 ..............2000: I ..... 3,091.1 2,182.2 1,207.0 697.6 270.8 695.5 114.9 90.5 7.9 2,822.4 1,386.3 1,029.6 362.2 44.4 268.7II .... 3,121.1 2,207.8 1,231.1 706.9 262.2 696.3 117.4 92.6 7.1 2,880.2 1,416.0 1,055.7 364.2 44.4 240.9III .. 3,142.3 2,218.0 1,248.0 712.2 250.5 707.7 117.8 94.6 4.2 2,902.1 1,424.8 1,070.2 362.8 44.3 240.2IV ... 3,149.3 2,219.2 1,256.6 718.7 236.4 711.2 119.6 97.1 2.2 2,941.4 1,441.3 1,093.9 362.0 44.1 207.92001: I ..... 3,189.9 2,242.1 1,296.6 725.1 213.1 729.2 118.0 98.9 1.7 3,000.8 1,470.2 1,119.6 358.7 52.3 189.2II .... 3,199.6 2,253.5 1,312.3 726.3 208.5 731.5 115.1 100.5 −1.1 3,050.2 1,491.5 1,151.2 349.0 58.4 149.4III ... 2,977.4 2,031.9 1,110.3 725.6 188.9 731.9 112.2 104.3 −2.9 3,074.7 1,509.3 1,158.7 339.4 67.3 −97.2IV ... 3,085.5 2,144.4 1,230.0 737.6 169.1 731.9 109.4 103.3 −3.4 3,120.8 1,535.6 1,212.8 329.4 43.1 −35.32002: I ..... 2,933.7 1,979.8 1,065.8 747.3 159.8 745.7 104.8 104.3 −.9 3,171.0 1,566.9 1,249.8 315.3 38.9 −237.3II .... 2,950.5 1,993.8 1,052.1 760.1 174.1 749.1 102.2 105.5 −.1 3,225.7 1,597.8 1,267.3 323.8 36.8 −275.2III ... 2,966.5 2,003.9 1,046.7 771.2 178.8 748.9 100.8 106.9 6.0 3,243.0 1,617.2 1,273.6 313.9 38.4 −276.5IV ... 2,968.3 2,004.5 1,040.3 771.8 185.4 749.6 99.9 108.3 6.0 3,297.4 1,654.9 1,291.1 312.6 38.7 −329.02003: I ..... 3,012.0 2,030.8 1,025.7 783.5 214.9 762.4 100.3 108.1 10.3 3,342.5 1,689.1 1,310.1 301.9 42.8 −330.6II .... 3,042.0 2,049.4 1,030.7 792.9 216.0 768.9 103.4 110.4 9.8 3,412.0 1,717.5 1,332.1 3O5.9 55.2 −370.1III ... 2,984.8 1,981.2 941.7 802.0 229.7 776.7 104.9 112.7 9.3 3,411.3 1,724.0 1,343.8 299.0 44.5 −426.5IV ... 3,089.2 2,073.7 1,009.4 813.9 242.5 785.0 107.2 114.6 8.7 3,433.0 1,737.6 1,345.7 305.3 44.4 −343.92004: I ..... 3,120.0 2,084.9 1,006.6 823.3 246.4 803.9 105.1 118.0 8.1 3,499.2 1,770.9 1,386.3 303.1 40.4 −379.2II .... 3,181.1 2,134.6 1,030.6 835.7 260.0 814.0 104.8 120.3 7.4 3,542.8 1,792.1 1,397.0 312.8 39.4 −361.7III ... 3,189.3 2,137.7 1,043.7 843.1 242.6 823.0 106.4 115.8 6.5 3,568.9 1,818.5 1,397.8 312.9 39.7 −379.6IV p ............ ............ 1,064.5 858.1 ............ 832.3 107.7 125.1 4.7 3,626.1 1,836.6 1,428.4 320.8 40.2 ..............1Includes taxes from <strong>the</strong> rest <strong>of</strong> <strong>the</strong> world, not shown separately.2Includes an item for <strong>the</strong> difference between wage accruals and disbursements, not shown separately.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.308
TABLE B–84.—Federal Government current receipts and expenditures, national income and productaccounts (NIPA), 1959–2004[Billions <strong>of</strong> dollars; quarterly data at seasonally adjusted annual rates]Year orquarterTotalTotal 1Current tax receiptsPersonalcurrenttaxesCurrent receiptsTaxesonproductionandimportsTaxesoncorporateincomeContributionsforgovernmentsocialinsuranceIncomereceiptsonassets309CurrenttransferreceiptsCurrentsurplus<strong>of</strong>governmententerprisesTotal 2Current expendituresCurrenttransferpayments3ConsumptionexpendituresInterestpaymentsSubsidiesNetFederalGovernmentsaving1959 ........ 87.0 73.3 38.5 12.2 22.5 13.4 0.0 0.4 −0.1 83.6 50.0 26.2 6.3 1.1 3.31960 ........ 93.9 76.5 41.8 13.1 21.4 16.0 1.4 .4 −.3 86.7 49.8 27.5 8.4 1.1 7.21961 ........ 95.5 77.5 42.7 13.2 21.5 16.5 1.5 .5 −.5 92.8 51.6 31.3 7.9 2.0 2.61962 ........ 103.6 83.3 46.5 14.2 22.5 18.6 1.7 .5 −.5 101.1 57.8 32.3 8.6 2.3 2.51963 ........ 111.8 88.6 49.1 14.7 24.6 21.0 1.8 .6 −.3 106.4 60.8 34.1 9.3 2.2 5.41964 ........ 111.8 87.8 46.0 15.5 26.1 21.7 1.8 .7 −.3 110.8 62.8 35.2 10.0 2.7 1.01965 ........ 120.9 95.7 51.1 15.5 28.9 22.7 1.9 1.1 −.3 117.6 65.7 38.3 10.6 3.0 3.31966 ........ 137.9 104.8 58.6 14.5 31.4 30.5 2.1 1.2 −.6 135.7 75.9 44.2 11.6 3.9 2.31967 ........ 146.9 109.9 64.4 15.2 30.0 34.0 2.5 1.1 −.6 156.2 87.1 52.6 12.7 3.8 −9.41968 ........ 171.2 129.8 76.4 17.0 36.1 37.8 2.9 1.1 −.3 173.5 95.4 59.3 14.6 4.1 −2.31969 ........ 192.5 146.1 91.7 17.9 36.1 43.1 2.7 1.1 −.5 183.8 98.4 65.1 15.8 4.5 8.71970 ........ 186.0 138.0 88.9 18.2 30.6 45.3 3.1 1.1 −1.5 201.1 98.6 80.0 17.7 4.8 −15.21971 ........ 191.7 138.7 85.8 19.1 33.5 50.0 3.5 1.1 −1.6 220.0 102.0 95.5 17.9 4.6 −28.41972 ........ 220.1 158.4 102.8 18.6 36.6 57.9 3.6 1.3 −1.1 244.4 107.7 111.9 18.8 6.6 −24.41973 ........ 250.4 173.1 109.6 19.9 43.3 74.0 3.8 1.3 −1.8 261.7 108.9 124.9 22.8 5.1 −11.31974 ........ 279.5 192.2 126.5 20.2 45.1 83.5 4.2 1.4 −1.8 293.3 118.0 145.7 26.0 3.2 −13.81975 ........ 277.2 187.0 120.7 22.2 43.6 87.5 4.9 1.5 −3.6 346.2 129.6 183.5 28.9 4.3 −69.01976 ........ 322.5 218.1 141.2 21.6 54.6 99.1 5.9 1.6 −2.2 374.3 137.2 198.5 33.8 4.9 −51.71977 ........ 363.4 247.4 162.2 22.9 61.6 110.3 6.7 1.9 −2.9 407.5 150.7 212.9 37.1 6.9 −44.11978 ........ 423.5 286.9 188.9 25.6 71.4 127.9 8.5 2.4 −2.1 450.0 163.3 232.7 45.3 8.7 −26.51979 ........ 486.2 326.2 224.6 26.0 74.4 148.9 10.7 2.8 −2.3 497.5 179.0 254.6 55.7 8.2 −11.31980 ........ 532.1 355.9 250.0 34.0 70.3 162.6 13.7 3.5 −3.6 585.7 207.5 299.1 69.7 9.4 −53.61981 ........ 619.4 408.1 290.6 50.3 65.7 191.8 18.3 3.8 −2.5 672.7 238.3 329.5 93.9 11.1 −53.31982 ........ 616.6 386.8 295.0 41.4 49.0 204.9 22.2 5.2 −2.4 748.5 263.3 358.8 111.8 14.5 −131.91983 ........ 642.3 393.6 286.2 44.8 61.3 221.8 23.8 6.0 −2.9 815.4 286.5 383.0 124.6 20.8 −173.01984 ........ 709.0 425.7 301.4 47.8 75.2 252.8 26.6 7.3 −3.4 877.1 310.0 396.5 150.3 20.6 −168.11985 ........ 773.3 460.6 336.0 46.4 76.3 276.5 29.1 9.4 −2.4 948.2 338.4 419.3 169.4 20.9 −175.01986 ........ 815.2 479.6 350.1 44.0 83.8 297.5 31.4 8.2 −1.5 1,006.0 358.2 445.1 178.2 24.5 −190.81987 ........ 896.6 544.0 392.5 46.3 103.2 315.9 27.9 10.7 −2.0 1,041.6 374.3 452.9 184.6 29.9 −145.01988 ........ 958.2 566.7 402.9 50.3 111.1 353.1 30.0 10.8 −2.3 1,092.7 382.5 481.9 199.3 29.0 −134.51989 ........ 1,037.4 621.7 451.5 50.2 117.2 376.3 28.6 12.4 −1.6 1,167.5 399.2 522.0 219.3 26.8 −130.11990 ........ 1,081.5 642.8 470.2 51.4 118.1 400.1 30.2 13.5 −5.1 1,253.5 419.8 569.9 237.5 26.4 −172.01991 ........ 1,101.3 636.1 461.3 62.2 109.9 418.6 30.1 17.9 −1.4 1,315.0 439.5 597.6 250.9 26.9 −213.71992 ........ 1,147.2 660.4 475.3 63.7 118.8 441.8 25.7 19.4 −.1 1,444.6 445.2 718.7 251.3 29.5 −297.41993 ........ 1,222.5 713.4 505.5 66.7 138.5 463.6 26.2 21.1 −1.8 1,496.0 441.9 764.7 253.4 36.0 −273.51994 ........ 1,320.8 781.9 542.7 79.4 156.7 493.7 23.4 22.3 −.4 1,533.1 440.8 799.2 261.3 31.8 −212.31995 ........ 1,406.5 845.1 586.0 75.9 179.3 519.2 23.7 19.1 −.6 1,603.5 440.5 839.0 290.4 33.7 −197.01996 ........ 1,524.0 932.4 663.4 73.2 190.6 542.8 26.9 23.1 −1.2 1,665.8 446.3 888.3 297.3 34.0 −141.81997 ........ 1,653.1 1,030.6 744.3 78.2 203.0 576.4 25.9 19.9 .3 1,708.9 457.7 918.8 300.0 32.4 −55.81998 ........ 1,773.8 1,116.8 825.8 81.1 204.2 613.8 21.5 21.5 .1 1,734.9 454.6 946.5 298.8 35.0 38.81999 ....... 1,891.2 1,195.7 893.0 83.9 213.0 651.6 21.5 22.7 −.3 1,787.6 475.1 986.1 282.7 43.8 103.62000 ........ 2,053.8 1,313.6 999.1 87.8 219.4 691.7 25.2 25.7 −2.3 1,864.4 499.3 1,038.1 283.3 43.8 189.52001 ....... 2,016.2 1,252.2 994.5 85.8 164.7 717.5 24.9 27.1 −5.5 1,969.5 531.9 1,131.4 258.6 47.6 46.72002 ........ 1,847.3 1,069.0 831.2 87.3 143.4 733.8 20.3 24.8 −.6 2,101.8 592.7 1,243.0 229.0 37.2 −254.52003 ........ 1,877.0 1,064.5 775.8 89.4 191.4 758.2 23.0 25.5 5.8 2,241.6 658.6 1,322.5 214.1 46.4 −364.52004 p ...... .............. .............. 788.4 89.7 ............ 801.8 22.8 26.3 4.1 2,341.7 704.8 1,378.0 219.7 39.2 ............2000: I ..... 2,035.7 1,301.9 975.4 86.7 233.0 685.3 24.5 24.8 −.8 1,823.0 485.7 1,008.2 285.1 43.9 212.7II .... 2,044.9 1,309.4 987.4 88.9 225.5 685.6 25.5 25.3 −.9 1,863.5 505.1 1,028.8 285.7 43.8 181.4III ... 2,066.8 1,322.6 1,011.7 88.1 215.6 696.5 25.0 25.8 −3.1 1,875.5 501.5 1,047.8 282.5 43.7 191.2IV .. 2,068.0 1,320.4 1,021.7 87.5 203.7 699.4 25.9 26.7 −4.5 1,895.5 505.0 1,067.4 279.6 43.5 172.52001: I ..... 2,089.2 1,323.0 1,047.3 87.6 180.7 716.4 26.4 27.2 −3.8 1,932.6 518.4 1,095.4 274.5 44.3 156.6II .... 2,080.5 1,315.6 1,045.7 86.9 176.6 718.1 25.2 27.3 −5.7 1,956.9 528.0 1,121.2 263.7 44.0 123.6III .. 1,895.4 1,132.0 881.0 84.2 159.7 717.9 24.4 27.1 −6.1 1,984.0 532.7 1,135.5 253.3 62.5 −88.6IV ... 1,999.6 1,238.1 1,004.1 84.6 141.6 717.6 23.5 26.6 −6.2 2,004.3 548.4 1,173.4 242.8 39.7 −4.72002: I ..... 1,844.6 1,070.4 846.9 85.1 131.4 731.3 21.3 25.4 −3.7 2,053.1 570.7 1,216.9 228.5 37.0 −208.5II .... 1,850.5 1,074.1 835.6 87.8 143.2 734.6 20.2 24.9 −3.3 2,102.1 586.3 1,243.2 236.5 36.1 −251.6III ... 1,847.9 1,066.6 824.4 88.2 146.9 734.3 19.9 24.7 2.4 2,103.1 593.4 1,246.9 226.2 36.6 −255.1IV ... 1,846.2 1,064.8 817.7 88.0 152.2 734.9 19.8 24.3 2.3 2,148.8 620.3 1,264.8 224.7 39.0 −302.72003: I ..... 1,888.6 1,089.7 809.6 90.3 183.1 747.7 19.4 25.1 6.6 2,170.2 634.3 1,280.8 213.9 42.5 −281.6II .... 1,902.5 1,094.2 811.6 89.6 183.1 754.0 22.8 25.4 6.0 2,266.9 665.7 1,327.5 217.7 54.6 −364.4III ... 1,816.4 999.3 709.2 88.0 194.3 761.6 24.3 25.8 5.5 2,249.4 663.0 1,331.1 210.1 45.3 −433.0IV ... 1,900.6 1,074.9 772.5 89.6 204.9 769.5 25.5 25.6 5.0 2,279.8 671.3 1,350.6 214.7 43.2 −379.22004: I ..... 1,915.3 1,073.9 768.3 89.0 207.9 787.9 22.9 26.1 4.6 2,306.3 691.1 1,365.9 211.1 39.7 −391.0II .... 1,949.1 1,098.5 781.5 89.3 219.5 797.6 22.2 26.2 4.5 2,329.1 700.3 1,367.9 220.7 38.7 −380.0III ... 1,956.7 1,096.7 794.3 89.2 204.9 806.2 22.9 26.6 4.3 2,340.8 713.0 1,368.8 220.0 39.0 −384.1IV p .............. .............. 809.5 91.4 ............ 815.3 23.2 26.5 3.1 2,390.7 714.7 1,409.5 227.0 39.5 ............1Includes taxes from <strong>the</strong> rest <strong>of</strong> <strong>the</strong> world, not shown separately.2Includes an item for <strong>the</strong> difference between wage accruals and disbursements, not shown separately.3Includes Federal grants-in-aid.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.
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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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garbling their transmissions. To li
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from 51.3 percent in December 1999
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for their property rights. The Admi
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C H A P T E R 7The Global HIV/AIDS
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Chart 7-1 Estimated HIV Infection L
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There is no cure for HIV/AIDS, thou
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AIDS is more damaging to a househol
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and risk reduction have helped redu
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only one price, the drug companies
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Box 7-1 — continuedfocused on the
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Box 7-2 — continuedenhancing coor
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ConclusionThe United States and cou
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Good Two. In Ricardo’s simple mod
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The Impact of Trade on Labor Market
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The U.S. Advantage in Services Trad
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U.S. firms is associated with a cor
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anked the second-best country out o
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the Chinese government agreed to el
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Trade LiberalizationTariffs and oth
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ConclusionThe United States is the
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Report to the President on theActiv
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The Council continued its efforts t
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The Staff of the Council of Economi
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John List and Ted Gayer provided co
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Appendix BSTATISTICAL TABLES RELATI
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PageB-32. Gross saving and investme
- Page 202 and 203:
PageB-94. Relation of profits after
- Page 204 and 205:
NATIONAL INCOME OR EXPENDITURETABLE
- Page 206 and 207:
TABLE B-2.—Real gross domestic pr
- Page 208 and 209:
TABLE B-3.—Quantity and price ind
- Page 210 and 211:
TABLE B-5.—Contributions to perce
- Page 212 and 213:
TABLE B-6.—Chain-type quantity in
- Page 214 and 215:
TABLE B-7.—Chain-type price index
- Page 216 and 217:
TABLE B-8.—Gross domestic product
- Page 218 and 219:
TABLE B-10.—Gross value added by
- Page 220 and 221:
TABLE B-12.—Gross domestic produc
- Page 222 and 223:
TABLE B-13.—Real gross domestic p
- Page 224 and 225:
TABLE B-14.—Gross value added of
- Page 226 and 227:
TABLE B-16.—Personal consumption
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TABLE B-18.—Private fixed investm
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TABLE B-20.—Government consumptio
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TABLE B-22.—Private inventories a
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TABLE B-24.—Foreign transactions
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TABLE B-26.—Relation of gross dom
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TABLE B-28.—National income by ty
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TABLE B-29.—Sources of personal i
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TABLE B-30.—Disposition of person
- Page 244 and 245:
Year or quarterTABLE B-32.—Gross
- Page 246 and 247:
TABLE B-33.—Median money income (
- Page 248 and 249:
TABLE B-35.—Civilian population a
- Page 250 and 251:
TABLE B-36.—Civilian employment a
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TABLE B-38.—Unemployment by demog
- Page 254 and 255: TABLE B-40.—Civilian labor force
- Page 256 and 257: TABLE B-42.—Civilian unemployment
- Page 258 and 259: TABLE B-44.—Unemployment by durat
- Page 260 and 261: TABLE B-46.—Employees on nonagric
- Page 262 and 263: TABLE B-47.—Hours and earnings in
- Page 264 and 265: Year orquarterTABLE B-49.—Product
- Page 266 and 267: PRODUCTION AND BUSINESS ACTIVITYTAB
- Page 268 and 269: Year ormonthTABLE B-53.—Industria
- Page 270 and 271: Year or monthTABLE B-55.—New cons
- Page 272 and 273: TABLE B-57.—Manufacturing and tra
- Page 274 and 275: TABLE B-59.—Manufacturers’ new
- Page 276 and 277: Year ormonthTABLE B-61.—Consumer
- Page 278 and 279: TABLE B-62.—Consumer price indexe
- Page 280 and 281: TABLE B-64.—Changes in consumer p
- Page 282 and 283: TABLE B-65.—Producer price indexe
- Page 284 and 285: TABLE B-67.—Producer price indexe
- Page 286 and 287: TABLE B-68.—Changes in producer p
- Page 288 and 289: TABLE B-70.—Components of money s
- Page 290 and 291: TABLE B-71.—Aggregate reserves of
- Page 292 and 293: TABLE B-73.—Bond yields and inter
- Page 294 and 295: TABLE B-74.—Credit market borrowi
- Page 296 and 297: TABLE B-75.—Mortgage debt outstan
- Page 298 and 299: TABLE B-77.—Consumer credit outst
- Page 300 and 301: TABLE B-79.—Federal receipts, out
- Page 302 and 303: TABLE B-81.—Federal receipts, out
- Page 306 and 307: TABLE B-85.—State and local gover
- Page 308 and 309: End of yearor monthTABLE B-87.—U.
- Page 310 and 311: End of monthTABLE B-89.—Estimated
- Page 312 and 313: TABLE B-91.—Corporate profits by
- Page 314 and 315: TABLE B-93.—Sales, profits, and s
- Page 316 and 317: YearComposite(Dec. 31,2002=5,000) 3
- Page 318 and 319: YearAGRICULTURETABLE B-97.—Farm i
- Page 320 and 321: TABLE B-99.—Farm output and produ
- Page 322 and 323: Year ormonthTABLE B-101.—Agricult
- Page 324 and 325: INTERNATIONAL STATISTICSTABLE B-103
- Page 326 and 327: TABLE B-104.—U.S. international t
- Page 328 and 329: TABLE B-106.—U.S. international t
- Page 330 and 331: TABLE B-108.—Industrial productio
- Page 332 and 333: TABLE B-110.—Foreign exchange rat
- Page 334: TABLE B-112.—Growth rates in real