Economic Report of the President

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End of monthTABLE B–89.—Estimated ownership of U.S. Treasury securities, 1993–2004Totalpublicdebt 1FederalReserveandGovernmentaccounts2TotalprivatelyheldDepositoryinstitutions3[Billions of dollars]U.S.savingsbonds 4Held by private investorsPension fundsPrivate5StateandlocalgovernmentsInsurancecompaniesMutualfunds 6StateandlocalgovernmentsForeignand international7Otherinvestors81993: Mar ................ 4,230.6 1,328.6 2,902.0 362.6 163.6 112.3 205.0 208.0 202.0 434.0 585.9 628.8June .............. 4,352.0 1,400.6 2,951.4 360.9 166.5 111.8 211.4 217.8 207.5 441.2 596.8 637.5Sept .............. 4,411.5 1,422.2 2,989.3 366.2 169.1 125.3 221.8 229.4 217.6 434.0 619.1 606.8Dec ................ 4,535.7 1,476.1 3,059.6 373.0 171.9 119.6 217.5 234.5 227.1 447.8 650.3 618.01994: Mar ................ 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 224.3 233.4 212.8 443.4 661.1 632.5June .............. 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 220.6 238.0 204.6 425.2 659.9 659.9Sept .............. 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 217.4 243.7 201.6 398.2 682.0 708.3Dec ................ 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 215.6 240.1 209.4 370.0 667.3 815.81995: Mar ................ 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 225.0 244.2 210.6 350.5 707.0 831.7June .............. 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 217.2 245.0 202.5 313.7 762.5 855.4Sept .............. 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 211.3 245.2 211.6 304.3 820.4 837.1Dec ................ 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 208.2 241.5 225.1 289.8 835.2 864.91996: Mar ................ 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 213.5 239.4 240.9 283.6 908.1 849.0June .............. 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 221.1 229.5 230.6 283.3 929.7 810.6Sept .............. 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 213.4 226.8 226.8 263.7 993.4 830.2Dec ................ 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 212.8 214.1 227.4 257.0 1,102.1 794.31997: Mar ................ 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 211.1 181.8 221.9 248.1 1,157.6 786.5June .............. 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 214.9 183.1 216.8 243.3 1,182.7 708.1Sept .............. 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 223.5 186.8 221.6 235.2 1,230.5 682.0Dec ................ 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.4 239.3 1,241.6 674.91998: Mar ................ 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 212.1 169.4 234.7 238.1 1,250.5 701.6June .............. 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 213.2 160.6 230.7 258.5 1,256.0 623.8Sept .............. 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 207.8 151.3 231.8 271.8 1,224.2 674.7Dec ................ 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 212.6 141.7 253.5 279.7 1,278.7 630.61999: Mar ................ 5,651.6 2,324.1 3,327.5 247.4 186.5 109.5 211.5 137.5 254.0 286.8 1,272.3 622.0June .............. 5,638.8 2,439.6 3,199.2 240.6 186.5 111.0 213.8 133.6 227.9 298.5 1,258.8 528.5Sept .............. 5,656.3 2,480.9 3,175.4 241.2 186.2 110.8 204.8 128.0 224.4 298.5 1,281.4 500.1Dec ................ 5,776.1 2,542.2 3,233.9 248.6 186.4 110.5 198.8 123.4 228.7 303.2 1,268.7 565.62000: Mar ................ 5,773.4 2,590.6 3,182.8 237.7 185.3 108.5 196.9 120.0 222.0 301.6 1,106.9 703.7June .............. 5,685.9 2,698.6 2,987.3 222.2 184.6 110.0 194.5 116.5 204.8 302.2 1,082.0 570.5Sept .............. 5,674.2 2,737.9 2,936.3 220.5 184.3 110.3 184.7 113.7 207.4 297.4 1,057.9 560.0Dec ................ 5,662.2 2,781.8 2,880.4 201.5 184.8 109.1 177.9 110.2 220.7 297.2 1,034.2 544.82001: Mar ................ 5,773.7 2,880.9 2,892.8 188.0 184.8 106.7 175.8 109.1 220.7 309.4 1,029.9 568.5June .............. 5,726.8 3,004.2 2,722.6 188.1 185.5 106.9 181.2 108.1 217.5 322.7 1,000.5 412.2Sept .............. 5,807.5 3,027.8 2,779.7 189.1 186.4 104.7 164.5 106.8 231.2 325.7 1,005.5 465.8Dec ................ 5,943.4 3,123.9 2,819.5 181.5 190.3 105.8 152.4 105.7 257.5 339.4 1,051.2 435.72002: Mar ................ 6,006.0 3,156.8 2,849.2 187.6 191.9 107.9 160.2 114.0 264.3 342.8 1,067.1 413.4June .............. 6,126.5 3,276.7 2,849.8 204.6 192.7 110.5 150.4 122.0 251.7 343.9 1,135.4 338.5Sept .............. 6,228.2 3,303.5 2,924.8 210.4 193.3 112.9 145.5 130.4 254.6 344.2 1,200.8 332.6Dec ................ 6,405.7 3,387.2 3,018.5 222.8 194.9 116.4 144.1 139.7 278.8 351.5 1,246.8 323.42003: Mar ................ 6,460.8 3,390.8 3,069.9 153.1 196.9 120.3 140.9 139.5 295.1 348.3 1,286.5 389.5June .............. 6,670.1 3,505.4 3,164.7 145.4 199.1 121.7 148.1 138.7 301.2 345.0 1,382.8 382.6Sept .............. 6,783.2 3,515.3 3,268.0 146.9 201.5 120.4 141.6 137.4 286.4 355.6 1,455.5 422.7Dec ................ 6,998.0 3,620.1 3,377.9 154.0 203.8 107.0 147.4 136.5 279.6 358.8 1,538.1 452.62004: Mar ................ 7,131.1 3,628.3 3,502.8 165.0 204.5 110.5 145.2 140.7 281.3 362.9 1,704.8 387.8June .............. 7,274.3 3,742.8 3,531.5 161.6 204.6 110.9 152.0 144.1 258.0 368.3 1,799.8 332.2Sept .............. 7,379.1 3,772.0 3,607.0 .......... 204.2 ............ ............ .............. ............ .............. 1,861.9 ..............1Face value.2Federal Reserve holdings exclude Treasury securities held under repurchase agreements.3Includes commercial banks, savings institutions, and credit unions.4Current accrual value.5Includes Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan ‘‘G Fund.’’6Includes money market mutual funds, mutual funds, and closed-end investment companies.7Includes nonmarketable foreign series Treasury securities and Treasury deposit funds. Excludes Treasury securities held under repurchaseagreements in custody accounts at the Federal Reserve Bank of New York.Estimates reflect benchmarks to this series at differing intervals.8Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporatebusinesses, and other investors.Note.—Data shown in this table are as of December 2004.Source: Department of the Treasury.314
CORPORATE PROFITS AND FINANCETABLE B–90.—Corporate profits with inventory valuation and capital consumption adjustments,1959–2004[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterCorporateprofits withinventoryvaluationand capitalconsumptionadjustmentsTaxes oncorporateincomeCorporate profits after tax with inventory valuationand capital consumption adjustmentsTotalNetdividendsUndistributedprofits withinventoryvaluationand capitalconsumptionadjustments1959 .................................................................. 55.7 23.7 32.0 12.6 19.41960 .................................................................. 53.8 22.8 31.0 13.4 17.61961 .................................................................. 54.9 22.9 32.0 13.9 18.11962 .................................................................. 63.3 24.1 39.2 15.0 24.11963 .................................................................. 69.0 26.4 42.6 16.2 26.41964 .................................................................. 76.5 28.2 48.3 18.2 30.11965 .................................................................. 87.5 31.1 56.4 20.2 36.21966 .................................................................. 93.2 33.9 59.3 20.7 38.71967 .................................................................. 91.3 32.9 58.4 21.5 36.91968 .................................................................. 98.8 39.6 59.2 23.5 35.61969 .................................................................. 95.4 40.0 55.4 24.2 31.21970 .................................................................. 83.6 34.8 48.9 24.3 24.61971 .................................................................. 98.0 38.2 59.9 25.0 34.81972 .................................................................. 112.1 42.3 69.7 26.8 42.91973 .................................................................. 125.5 50.0 75.5 29.9 45.61974 .................................................................. 115.8 52.8 63.0 33.2 29.81975 .................................................................. 134.8 51.6 83.2 33.0 50.21976 .................................................................. 163.3 65.3 98.1 39.0 59.01977 .................................................................. 192.4 74.4 118.0 44.8 73.21978 .................................................................. 216.6 84.9 131.8 50.8 81.01979 .................................................................. 223.2 90.0 133.2 57.5 75.71980 .................................................................. 201.1 87.2 113.9 64.1 49.91981 .................................................................. 226.1 84.3 141.8 73.8 68.01982 .................................................................. 209.7 66.5 143.2 77.7 65.41983 .................................................................. 264.2 80.6 183.6 83.5 100.11984 .................................................................. 318.6 97.5 221.1 90.8 130.31985 .................................................................. 330.3 99.4 230.9 97.6 133.41986 .................................................................. 319.5 109.7 209.8 106.2 103.71987 .................................................................. 368.8 130.4 238.4 112.3 126.11988 .................................................................. 432.6 141.6 291.0 129.9 161.11989 .................................................................. 426.6 146.1 280.5 158.0 122.61990 .................................................................. 437.8 145.4 292.4 169.1 123.31991 .................................................................. 451.2 138.6 312.6 180.7 131.91992 .................................................................. 479.3 148.7 330.6 187.9 142.71993 .................................................................. 541.9 171.0 370.9 202.8 168.11994 .................................................................. 600.3 193.7 406.5 234.7 171.81995 .................................................................. 696.7 218.7 478.0 254.2 223.81996 .................................................................. 786.2 231.7 554.5 297.6 256.91997 .................................................................. 868.5 246.1 622.4 334.5 287.91998 .................................................................. 801.6 248.3 553.3 351.6 201.71999 .................................................................. 851.3 258.6 592.6 337.4 255.32000 .................................................................. 817.9 265.2 552.7 377.9 174.82001 .................................................................. 767.3 204.1 563.2 370.9 192.32002 .................................................................. 874.6 183.8 690.7 390.0 300.72003 .................................................................. 1,021.1 234.9 786.2 395.3 390.92004 p ................................................................ ............................ ............................ ............................ 443.9 ............................2000: I ............................................................... 832.6 280.8 551.8 360.3 191.6II .............................................................. 833.0 272.5 560.5 377.3 183.2III ............................................................. 811.8 260.3 551.5 386.6 164.9IV ............................................................. 794.3 247.1 547.2 387.6 159.62001: I ............................................................... 778.7 222.5 556.2 379.2 177.0II .............................................................. 783.1 217.9 565.2 370.1 195.1III ............................................................. 714.5 197.6 516.9 366.0 150.9IV ............................................................. 793.0 178.6 614.4 368.4 246.12002: I ............................................................... 838.2 168.9 669.3 378.7 290.6II .............................................................. 868.4 183.5 685.0 389.2 295.8III ............................................................. 876.2 188.3 687.9 395.3 292.6IV ............................................................. 915.4 194.7 720.6 396.9 323.72003: I ............................................................... 912.0 224.0 688.0 396.0 292.0II .............................................................. 986.2 224.6 761.7 394.7 367.0III ............................................................. 1,057.1 238.7 818.4 394.1 424.2IV ............................................................. 1,129.1 252.3 876.8 396.4 480.42004: I ............................................................... 1,165.6 256.5 909.1 403.4 505.7II .............................................................. 1,173.9 271.2 902.7 413.2 489.5III ............................................................. 1,118.0 253.3 864.7 424.0 440.7IV p .......................................................... ............................ ............................ ............................ 534.7 ............................Source: Department of Commerce, Bureau of Economic Analysis.315
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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
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PageB-94. Relation of profits after
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Real gross domestic pr
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TABLE B-3.—Quantity and price ind
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TABLE B-5.—Contributions to perce
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TABLE B-6.—Chain-type quantity in
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TABLE B-7.—Chain-type price index
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TABLE B-8.—Gross domestic product
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TABLE B-10.—Gross value added by
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TABLE B-12.—Gross domestic produc
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TABLE B-13.—Real gross domestic p
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TABLE B-14.—Gross value added of
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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
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Year or quarterTABLE B-32.—Gross
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TABLE B-33.—Median money income (
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TABLE B-35.—Civilian population a
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TABLE B-36.—Civilian employment a
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TABLE B-38.—Unemployment by demog
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TABLE B-40.—Civilian labor force
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TABLE B-42.—Civilian unemployment
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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 304 and 305: TABLE B-83.—Federal and State and
Page 306 and 307: TABLE B-85.—State and local gover
Page 308 and 309: End of yearor monthTABLE B-87.—U.
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
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