TABLE B~25.- -Number and money income {in 1975 dollars) ojfamilies and unrelated individualsby race of head, 1947-75YearFAMILIES19471948194919501951195219531954195519561957. ....1958195919601961 . .. .1962196319641965.196619671968196919701971197219731974197421975.37 238.639.339.940 640.841.242 042.943.543.744.245.145.546.447.147.548.048.549.250.150.851.652.253.354.455.155.755.756.2UNRELATEDINDIVIDUALS19478.219488.419499.019509.419519.119529.719539.519549 719559 919569.8195710 4195810.9195910.91960Ul.l1961U1.21962U1.01963111.21964 . . .. U2.11965112.21966U2.51967113.21968U3.91969114.61970U5.5197116.31972 . .16.8197318.3197418.919742..18.9197520.2TotalMedianincome$7, 3037,1267,0167,4227 6847,8888,5368 3458,8819,4669,4969,46910, 00310,21410,31810, 59710, 98411,39811,86712, 49112,78813,35413, 84913,67613, 66814,30114, 59514, 00914, 08213,719$2, 3622,2282,3702,3362 4752,8582,8092 4472 6482,8232 8562,7662,8753,1263,1553,1193,1653,4413,6723,7983,8354,3104,3034,3484,4074,5305,0074,8455,0254,882Percent withincomesTotalnumber(milions)Below$5,00029 330.531.829.427.025.523.925 322.920.921.221.320.119.719.718.417.516.615.613.613.311.811.412.011.911.210.811.511.112.0Below$3, 00058.260.057.256.854 651.851.955 954 452 151 652.551.649.349.049.348.746.343.642.542.238.237.937.436.434.330.731.229.829.7Belowpovertylevel18.518.118.117.215.915.013.911 811.410.09.710.110.09.38.89.28.89.7Belowpovertylevel46.145.245.945.444.242.739.838.338.134.034.032.931.629.025.625.524.125.134 135 338 239 039 539.740.240.941.141.942.442.743.143.544 144.845.446.046.547.648.548.949.549.449.97.27.38.38 58.58 99.29.39.69.69.59.710.410.510.711.312.012.513.414.214.515.816.316.317.5WhiteMedianincome$7 6081 4007'2967 7027 9968'3438* 8518 6879 2719 9069 8829 86610, 42010, 60410, 76011,09811,51111,90012,37012 97713,27313, 82614, 37914,18814,18214, 85815,25414, 57714,63314,268$2, 4952,3542,5592,4922 6063,0792 9642 6342 8152 8983 0552,9643,0723 3803,3923,3373,3183,6243,8303,9943,9824,5674,5194,5514,6054,7315,1725,0605,2055,099Percent withincomesTotalnumber(millions)Below$5,00026 027 428 826 523 922 221 422 820 318 118 418.517.217.217.115.914.914.513.511 811.610.29.910.310.39.59.19.69.210.2Below$3, 00056.158.355.155.253.549.350.454.052 351.249 850.649.747.246.646.947.044.742.240.640.736 636.235.734.532.6?9.029.027.827.4Belowpovertylevel15.214.914.813.912.812.211.19 39.08.07.78.07.97.16.67.06.87.7Belowpovertylevel44.143.043.242.742.040.738.136.136.532.232.130.829.627.123.723.221.822.7Black and other race s3 13 33 83 94 04 04.04.24.34.54.64.84.84.85 05.05.15.25.45.75.96.16.36.36.41.01.01.41.41.31.51.61.61.51.61.51.51.61.71.61.81.82.01.92.12.32.52.62.62.7Medianincome$3 8883'9533 7264 1784 2104 7414 9624 8395 1135' 2115 2845,0545,3825,8715,7415,9216,0906,6606,8127 7808,2128,6489,0899,0328,9239,1429,2009,0209,3619,321$1,7981,7641,8501,8261,9252,1302,3311,7491,8802,1521,9412,0101,9841,9402,0822,2282,2772,4832,7922,5112,9423,0933,1863,1093,0903,5143,8653,4373,6383,528Percent withincomesTotalnumber(millions)Below$5,00064 363 465 960 459 353 450 551 449 148 248 149 847.143.444.541.840.935.834.530 028.926.025.026.026.126.125.126.625.726.3Below$3, 00072.371.869.567.561.266.359.265.666.457.562.863.863.462.863.363.560.456.052.755.251.249.048.349.149.244.541.444.942.644.4Belowpovertylevel50.449.049.048.043.740.039.733 932.128.226.928.127.427.726.226.025.125.3Belowpovertylevel1 Revised using population controls based on the 1970 Census. Such controls not available by race.2 Based on revised methodology procedures.Note.—The poverty level is based on the poverty index adopted by a Federal interagency committee in 1969. Thatindex reflects different consumption requirements for families based on size and composition, sex and age of family head,and farm-nonfarm residence. The poverty threshold is updated every year to reflect changes in the consumer price index.For further details, see "Current Population Reports," Series P-60, No. 103, Bureau of the Census.Source: Department of Commerce, Bureau of the Census.21657.459. 362.762.158 355.050.753.148.245.745.546.744.940.937.840.038.040.9
POPULATION, EMPLOYMENT, WAGES, ANDPRODUCTIVITYTABLE B-26.—Population by age groups, 1929-76[Thousands of persons]Age (years)July 1TotalUnder 55-1516-1920-2425-4445-6465 andover1929121,76711,734x 26,8009,12710, 69435, 86221, 0766,4741933 .125, 57910,61226, 8979,30211,15237, 31922,9337,3631939130, 88010,41825,1799,82211,51939, 35425, 8238,76419401941194219431944132,122133, 402134, 860136, 739138, 39710, 57910,85011,30112,01612, 52424,81124, 51624, 23124, 09323,9499,8959,8409,7309,6079,56111,69011,80711,95512, 06412,06239, 86840, 38340,86141,42042, 01626, 24926,71827,19627, 67128,1389,0319,2889,5849,86710,147194519461947 . . . .19481949139,928141 389144,126146 631149,18812,97913, 24414,40614 91915, 60723, 90724,10324,46825 20925, 8529,3619,1199,0978 9528,78812,03612, 00411,81411,79411,70042, 52143, 02743,65744, 28844,91628, 63029, 06429,49829, 93130, 40510, 49410,82811,18511,53811,921195019511952 ..19531954152,271154 878157, 553160 184163, 02616,41017,33317,31217, 63818, 05726, 72127, 27928, 89430 22731, 4808,5428,4468,4148 4608,63711,68011,55211,35011,06210,83245, 67246,10346, 49546, 78647, 00130. 84931,36231,88432, 39432, 94212,39712,80313, 20313,61714, 07619551956195719581959 .165 931168 903171, 984174 882177, 83018, 56619, 00319, 49419, 88720,17532, 68233, 99435, 27236, 44537, 3688 7448,9169,1959,54310,21510,71410,61610,60310,75610, 96947,19447, 37947, 44047, 33747,19233, 50634, 05734, 59135,10935, 66314,52514,93815,38815, 80616, 2481960 .1961....19621963 _._1964180,671183,691186 538189, 242191,88920, 34120,52220, 46920, 34220,16538, 49439,76541,20541,62642,29710,68311,02511,18012,00712,73611,13411,48311,95912,71413, 26947,14047, 08447,01346, 99446, 95836,20336,72237,25537, 78238, 33816,67517,08917,45717,77818,127196519661967196819691970197119721973 ...197419751976194, 303196, 560198 712200, 706202,677204, 878207,053208 846210,410211,901213, 540215,11819,82419,20818, 56317,91317, 37617,14817,17716,99016, 69416, 28815, 88215, 33942, 93843,70244, 24444,62244, 84044,77444, 44143,94843,22742, 53841, 95641, 45413,51614,31114, 20014, 45214, 80015,27515,63515,94616,31016, 59016, 79316, 93413,74614,05015,24815, 78616,48017,18418,08918,03218, 34518, 74119, 22919, 63046, 91247,00147,19447,72148, 06448, 43548,81150, 25451,41152, 59353, 73355,12038,91639, 53440,19340, 84641,43741,97542,41342,78543,07743, 31943, 54243, 70718,45118,75519,07119,36519,68020 08720, 48820, 89221,34621,83322, 40522, 934Note.—Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.Source: Department of Commerce, Bureau of the Census.217
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ECONOMICTRANSMITTEDTO THE CONGRESSJ
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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manent tax rate reductions. My prop
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will help shield us from disruption
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executive branch must undertake a c
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lasting implications of the changes
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 2. ECONOMIC REVIEW OF 1976
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List of Tables and Charts—Continu
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CHAPTER 1Economic Policy and Outloo
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GENERAL POLICY PRINCIPLESTo assure
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3. Economic initiatives should be b
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TABLE 1.—The market value and the
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on investment would increase with i
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MONETARY POLICYThe Federal Reserve
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like the latter part of 1976. The 4
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PRIVATE CONSUMPTIONThe growth of re
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NET EXPORTSIn real terms net export
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LABOR FORGE AND UNEMPLOYMENTIt is e
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led to large first-year catchup inc
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Consumer prices of fuels during 197
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other workers. Productivity is meas
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Since the mid-1950s a dramatic chan
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women's labor force participation;
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The full-employment benchmark has b
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Chart 4Gross National Product, Actu
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groups can be a useful supplement t
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TABLE 7.—Changes in gross nationa
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Relative price movements were appar
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August was followed by a 20 percent
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main price indexes were significant
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A broader measure of labor costs, c
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TABLE 13.—Output, profits, net in
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TABLE 15.—Federal Government rece
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In the unified budget the total sho
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The permanent changes in the Tax Re
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tial output and the full-employment
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For this reason, although the rate
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quarter a year later. The actual gr
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Partly as a result of the desire of
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widespread among demographic groups
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of longer-term trends. Over the pas
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ment and earnings show little cycli
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production or real GNP, and this al
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percent from 1973. The cost of petr
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COMMODITY MARKETS AND FOOD PRICESWo
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TABLE 25.—Real income per farm an
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While circumstances have enabled a
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The policy actions taken in 1975 an
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TABLE 27.—Changes in industrial p
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States some underspending by public
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continued strong domestically gener
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GENERAL DEMAND TRENDSEconomic devel
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PUBLIC SECTOR DEFICITSThe economic
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insurance funds. The requirement th
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TABLE 29.—Export shares in trade
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Chart 7—ContinuedINDEX, 1973=100
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widened and the possibility of borr
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Chart 8—ContinuedInterest Rates i
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Where stabilization policies are pe
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Germany grew more in line with outp
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TABLE 32.—Estimated disposition o
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ates, and tax changes that facilita
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facility is designed to help countr
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is necessary that the strongest eco
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A freezing of relative prices, eith
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implicit and explicit subsidies bui
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qualitative conclusions. For exampl
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For some youths unemployment is inv
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may be as low as 10 percent. Thus t
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large subsidies through the tax cre
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in the transportation and public ut
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trust exemption permits motor carri
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purchase less expensive air travel.
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produced with higher-cost energy so
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of establishing efficient methods o
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in the future. Consequently current
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demand and supply at support prices
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with stringent controls on peanut a
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aspects of the tax system which imp
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- Page 179: LETTER OF TRANSMITTALCOUNCIL OF ECO
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- Page 186 and 187: member of the senior staff, and Rob
- Page 189 and 190: CONTENTSNATIONAL INCOME OR EXPENDIT
- Page 191: PageB-76. Estimated ownership of pu
- Page 194 and 195: TABLE B-2.—Gross national product
- Page 196 and 197: TABLE B-3.—Implicit price deflato
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- Page 200 and 201: TABLE B~6.—Gross national product
- Page 202 and 203: TABLE B-8.—Gross national product
- Page 204 and 205: TABLE B-9.—Gross national product
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- Page 216 and 217: TABLE B-20.—Sources of personal i
- Page 218 and 219: TABLE B-21.—Disposition of person
- Page 220 and 221: 19291933Year orquarter1939...194019
- Page 224 and 225: TABLE B-27.—Noninstitutional popu
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- Page 232 and 233: TABLE B-33.—Average weekly hours
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- Page 236 and 237: PRODUCTION AND BUSINESS ACTIVITYTAB
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- Page 256 and 257: TABLE B-54.—Wholesale price index
- Page 258 and 259: TABLE B-56.—Percent changes in wh
- Page 260 and 261: TABLE B-58.—Commercial bank loans
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GOVERNMENT FINANCETABLE B-68.—Fed
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TABLE B-69.—Federal budget receip
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TABLE B-71.—Receipts and expendit
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TABLE B-73.—Receipts and expendit
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TABLE B-75.—Interest-bearing publ
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TABLE B-77.—Average length and ma
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TABLE B-79.—Corporate profits by
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TABLE B—80.—-Corporate profits
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TABLE B1-81.—Sales, profits, and
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TABLE B-83.—Relation of profits a
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TABLE B-85.—Current assets and li
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TABLE B-87.—Common stock prices a
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192919331939Year orquarter19401941
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TABLE B-91.—Farm population, empl
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TABLI. B-93.—Selected measures of
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INTERNATIONAL STATISTICSTABLE B-95.
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TABLE B-96.—U.S. merchandise expo
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TABLE B-98.—U.S. overseas loans a
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TABLE B-100.—U.S. reserve assets,
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TABLE B-102.—Price changes in int