ECONOMIC

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List of Tables and Charts—ContinuedTables—ContinuedPage14. Comparison of Projected and Actual Federal Expenditures,National Income and Product Accounts, Fiscal Years1970-76 7015. Federal Government Receipts and Expenditures, NationalIncome and Product Accounts, Calendai Years 1975-76 7116. Federal Expenditure Shortfall, National Income and ProductAccounts, Calendar Year 1976 7217. Reconciliation of Estimates of Federal Expenditure Shortfall,Unified Budget and National Income and Product Accounts,Fiscal Year 1976 and Transition Quarter 7318. Actual and Full-Employment Federal and State and LocalGovernment Receipts and Expenditures, National Incomeand Product Accounts Basis, Calendar Years 1970-76 7619. Projected and Actual Growth Rates of Monetary Aggregates,1975-76 8120. Funds Raised in Credit Markets by Nonfinancial Sectors,1971-76 8321. Labor Market Indicators, 1974-76 8422. Income Transfer Programs, 1974-76 8823. Changes in Energy Consumption and Relevant EconomicIndicators by Final Consumption Sector, 1950-76 9124. Changes in Consumer Prices of Energy Items, 1966-76 9425. Real Income Per Farm and Per Capita Disposable PersonalFarm Income as Percent of Nonfarm Income, 1961-75. ... 9726. Personal or Household Saving Rates in Selected IndustrialCountries, 1965-76 10227. Changes in Industrial Production in Selected IndustrialCountries, 1975-76 10328. Private and Public Employment in Selected Industrial Countries,1960-75 11229. Export Shares in Trade in Manufactures of 11 IndustrialCountries, 1966-76 11530. Current Account Balances for OECD, OPEC, and OtherCountries, 1973-77 12431. Current Account Balances for OECD Countries, 1974-76 12532. Estimated Disposition of OPEC Investible Surplus, 1974-76.. . 12733. Borrowing in International Capital Markets, 1974-76 12934. Civilian Unemployment Rates Under Alternative Definitionsby Age and Sex, 1973 14035. Change in After-Tax Internal Rate of Return Under Present 10Percent Investment Tax Credit, All Businesses 16520
List of Tables and Charts—ContinuedChartsPage1. Relation of Real Business Fixed Investment to Real GNP 272. Ratio of Market Value of Nonfinancial Corporations to ReplacementCost of Net Assets 303. Productivity in the Private Business Economy 464. Gross National Product, Actual and Potential 555. Growth in Money Stock 796. Interest Rates 827. Exchange Rates for Selected Industrial Countries 1168. Interest Rates in Selected Industrial Countries 12021
Page 1: ECONOMICTRANSMITTEDTO THE CONGRESSJ
Page 5: CONTENTSPageECONOMIC REPORT OF THE
Page 9 and 10: ECONOMIC REPORT OF THE PRESIDENTTo
Page 11 and 12: manent tax rate reductions. My prop
Page 13 and 14: will help shield us from disruption
Page 15 and 16: executive branch must undertake a c
Page 17: lasting implications of the changes
Page 21: THE PRESIDENT:LETTER OF TRANSMITTAL
Page 24 and 25: CHAPTER 2. ECONOMIC REVIEW OF 1976
Page 29 and 30: CHAPTER 1Economic Policy and Outloo
Page 31 and 32: GENERAL POLICY PRINCIPLESTo assure
Page 33 and 34: 3. Economic initiatives should be b
Page 35 and 36: TABLE 1.—The market value and the
Page 37 and 38: on investment would increase with i
Page 39 and 40: MONETARY POLICYThe Federal Reserve
Page 41 and 42: like the latter part of 1976. The 4
Page 43 and 44: PRIVATE CONSUMPTIONThe growth of re
Page 45 and 46: NET EXPORTSIn real terms net export
Page 47 and 48: LABOR FORGE AND UNEMPLOYMENTIt is e
Page 49 and 50: led to large first-year catchup inc
Page 51 and 52: Consumer prices of fuels during 197
Page 53 and 54: other workers. Productivity is meas
Page 55 and 56: Since the mid-1950s a dramatic chan
Page 57 and 58: women's labor force participation;
Page 59 and 60: The full-employment benchmark has b
Page 61 and 62: Chart 4Gross National Product, Actu
Page 63 and 64: groups can be a useful supplement t
Page 65 and 66: TABLE 7.—Changes in gross nationa
Page 67 and 68: Relative price movements were appar
Page 69 and 70: August was followed by a 20 percent
Page 71 and 72: main price indexes were significant
Page 73 and 74: A broader measure of labor costs, c
Page 75 and 76: TABLE 13.—Output, profits, net in
Page 77 and 78:
TABLE 15.—Federal Government rece
Page 79 and 80:
In the unified budget the total sho
Page 81 and 82:
The permanent changes in the Tax Re
Page 83 and 84:
tial output and the full-employment
Page 85 and 86:
For this reason, although the rate
Page 87 and 88:
quarter a year later. The actual gr
Page 89 and 90:
Partly as a result of the desire of
Page 91 and 92:
widespread among demographic groups
Page 93 and 94:
of longer-term trends. Over the pas
Page 95 and 96:
ment and earnings show little cycli
Page 97 and 98:
production or real GNP, and this al
Page 99 and 100:
percent from 1973. The cost of petr
Page 101 and 102:
COMMODITY MARKETS AND FOOD PRICESWo
Page 103 and 104:
TABLE 25.—Real income per farm an
Page 105 and 106:
While circumstances have enabled a
Page 107 and 108:
The policy actions taken in 1975 an
Page 109 and 110:
TABLE 27.—Changes in industrial p
Page 111 and 112:
States some underspending by public
Page 113 and 114:
continued strong domestically gener
Page 115 and 116:
GENERAL DEMAND TRENDSEconomic devel
Page 117 and 118:
PUBLIC SECTOR DEFICITSThe economic
Page 119 and 120:
insurance funds. The requirement th
Page 121 and 122:
TABLE 29.—Export shares in trade
Page 123 and 124:
Chart 7—ContinuedINDEX, 1973=100
Page 125 and 126:
widened and the possibility of borr
Page 127 and 128:
Chart 8—ContinuedInterest Rates i
Page 129 and 130:
Where stabilization policies are pe
Page 131 and 132:
Germany grew more in line with outp
Page 133 and 134:
TABLE 32.—Estimated disposition o
Page 135 and 136:
ates, and tax changes that facilita
Page 137 and 138:
facility is designed to help countr
Page 139 and 140:
is necessary that the strongest eco
Page 141 and 142:
A freezing of relative prices, eith
Page 143 and 144:
implicit and explicit subsidies bui
Page 145 and 146:
qualitative conclusions. For exampl
Page 147 and 148:
For some youths unemployment is inv
Page 149 and 150:
may be as low as 10 percent. Thus t
Page 151 and 152:
large subsidies through the tax cre
Page 153 and 154:
in the transportation and public ut
Page 155 and 156:
trust exemption permits motor carri
Page 157 and 158:
purchase less expensive air travel.
Page 159 and 160:
produced with higher-cost energy so
Page 161 and 162:
of establishing efficient methods o
Page 163 and 164:
in the future. Consequently current
Page 165 and 166:
demand and supply at support prices
Page 167 and 168:
with stringent controls on peanut a
Page 169 and 170:
aspects of the tax system which imp
Page 171 and 172:
TABLE 35—Change in aUer-tax inter
Page 173 and 174:
and raise the return to capital inc
Page 175:
come, social security encourages pe
Page 179:
LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 182 and 183:
RESPONSIBILITIES OF THE COUNCILThe
Page 184 and 185:
the Administration's economic polic
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
Page 198 and 199:
TABLE B-4.—Implicit price deflato
Page 200 and 201:
TABLE B~6.—Gross national product
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
TABLE B-ll.—Gross domestic produc
Page 208 and 209:
TABLE B-13.—Personal consumption
Page 210 and 211:
TABLE B-15.—Inventories and final
Page 212 and 213:
TABLE B-17.—Relation of gross nat
Page 214 and 215:
TABLE B-19.—National income by ty
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 222 and 223:
TABLE B~25.- -Number and money inco
Page 224 and 225:
TABLE B-27.—Noninstitutional popu
Page 226 and 227:
TABLE B-28.—Civilian employment a
Page 228 and 229:
TABLE B-30.— Unemployment by dura
Page 230 and 231:
TABLE B-32.—Wage and salary worke
Page 232 and 233:
TABLE B-33.—Average weekly hours
Page 234 and 235:
TABLE B-35.—Productivity and rela
Page 236 and 237:
PRODUCTION AND BUSINESS ACTIVITYTAB
Page 238 and 239:
TABLE B-39.—Industrial production
Page 240 and 241:
TABLE B-41.—New construction acti
Page 242 and 243:
TABLE B-42.—New housing units sta
Page 244 and 245:
TABLE B-44.—Sales and inventories
Page 246 and 247:
TABLE B-46.'—Manufacturers 1 new
Page 248 and 249:
TABLE B-48.—Consumer price indexe
Page 250 and 251:
TABLE B—50.—Consumer price inde
Page 252 and 253:
TABLE B-52.—Percent changes in co
Page 254 and 255:
19291933193919401941194219431944194
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
Page 262 and 263:
TABLE B-60.—Total funds raised in
Page 264 and 265:
TABLE B-61.—Federal Reserve Bank
Page 266 and 267:
TABLE B-63.—Bond yields and inter
Page 268 and 269:
TABLE B-64,—Instalment credit ext
Page 270 and 271:
TABLE B-66.— Mortgage debt outsta
Page 272 and 273:
GOVERNMENT FINANCETABLE B-68.—Fed
Page 274 and 275:
TABLE B-69.—Federal budget receip
Page 276 and 277:
TABLE B-71.—Receipts and expendit
Page 278 and 279:
TABLE B-73.—Receipts and expendit
Page 280 and 281:
TABLE B-75.—Interest-bearing publ
Page 282 and 283:
TABLE B-77.—Average length and ma
Page 284 and 285:
TABLE B-79.—Corporate profits by
Page 286 and 287:
TABLE B—80.—-Corporate profits
Page 288 and 289:
TABLE B1-81.—Sales, profits, and
Page 290 and 291:
TABLE B-83.—Relation of profits a
Page 292 and 293:
TABLE B-85.—Current assets and li
Page 294 and 295:
TABLE B-87.—Common stock prices a
Page 296 and 297:
192919331939Year orquarter19401941
Page 298 and 299:
TABLE B-91.—Farm population, empl
Page 300 and 301:
TABLI. B-93.—Selected measures of
Page 302 and 303:
INTERNATIONAL STATISTICSTABLE B-95.
Page 304 and 305:
TABLE B-96.—U.S. merchandise expo
Page 306 and 307:
TABLE B-98.—U.S. overseas loans a
Page 308 and 309:
TABLE B-100.—U.S. reserve assets,
Page 310 and 311:
TABLE B-102.—Price changes in int
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