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TABLE B-69.—Federal budget receipts and outlays, fiscal years 1929-78[Millions of dollars]Fiscal yearReceiptsOutlaysSurplus ordeficit (-)19293, 8623,12773419331,9974,598-2,60219394,9798,841-3,8621940 . . ..1941194219431944194519461947194819496 3618,62114, 35023,64944, 27645,21639, 32738, 39441,77439, 4379 45613, 63435,11478, 53391,28092,69055,18334,53229, 77338, 834-3,095-5,013-20, 764-54, 884-47, 004-47,474-15,8563,86212,0016031950195119521953195439,48551,64666,20469, 57469,71942,59745, 54667,72176,10770, 890-3,1126,100-1,517-6,533-1,1701955195619571958195965 46974,54779 99079,63679, 24968 50970,46076 74182, 57592,104-3,0414,0873,249-2,939-12,855196019611962 . . ..1963196492 49294,38999,676106,560112,66292 22397, 795106,813111,311118,584269-3, 406-7,137-4,751-5,9221965 . ..196619671968196919701971197219731974116 833130,856149,552153,671187,784193,743188 392208, 649232 225264,932118 430134,652158,254178,833184, 548196,588211 425232,021247 074269,620-1,596-3,796-8, 702-25,1613,236-2,845-23,033-23, 372-14, 849-4, 68819751976Transition quarter ...1977 i._1978 i280 997300, 00581,773354, 045393, 017326 105366, 46694,746411,243 !439, 967-45,108-66, 461-12,973-57,198-46, 950i Estimate.Note.—Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government shiftedbeginning with fiscal year 1977. Through fiscal year 1976, the fiscal year runs from July 1 through June 30; starting inOctober 1976 (fiscal year 1977), the fiscal year runs from October 1 through September 30. The 3-month period fromJuly 1,1976 through September 30,1976 is a separate fiscal period known as the transition quarter.Data for 1929-39 are according to the administrative budget and those beginning 1940 according to the unified budget.Certain interfund transactions are excluded from receipts and outlays beginning 1932. For years prior to 1932 the amountsof such transactions are not significant.Refunds of receipts are excluded from receipts and outlays.Sources: Department of the Treasury and Office of Management and Budget.268
TABLE B-70.—Relation of the Federal budget to the Federal sector of the national income andproduct accounts, fiscal years, 1976-78[Billions of dollars; fiscal years]Receipts and expenditures 1976TransitionquarterEstimate1977 1978RECEIPTSTotal budget receipts..Government contribution for employee retirement (grossing)..Other netting and grossingAdjustment to accrualsOther300.06.02.36.0-.881.81.6.62.3-.2354.06.82.7-1.8-1.1393.07.53.03.2-1.0Federal sector, national income and product accounts, receipts.313.686.2360.7405.7EXPENDITURESTotal budget outlays366.594.7411.2440.0Lending and financial transactionsGovernment contribution for employee retirement (grossing)..Other netting and grossingDefense timing adjustmentBonuses on Outer Continental Shelf land leases._Other-4.86.02.32.62.1-1.7-1.31.6.6.81.1-.9-3.26.82.72.01.9-1.5-3.87.53.01.02.3-2.8Federal sector, national income and product accounts, expenditures373.096.7419.9447.1Note.-See Note, Table B-69.See Special Analysis A, "Special Analyses, Budget of the United States Government, Fiscal Year 1978" for descriptionof these categories.Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Managementand Budget.269
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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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TABLE 35—Change in aUer-tax inter
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and raise the return to capital inc
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come, social security encourages pe
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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RESPONSIBILITIES OF THE COUNCILThe
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the Administration's economic polic
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member of the senior staff, and Rob
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CONTENTSNATIONAL INCOME OR EXPENDIT
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PageB-76. Estimated ownership of pu
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TABLE B-2.—Gross national product
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TABLE B-3.—Implicit price deflato
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TABLE B-4.—Implicit price deflato
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TABLE B~6.—Gross national product
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TABLE B-ll.—Gross domestic produc
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TABLE B-13.—Personal consumption
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TABLE B-15.—Inventories and final
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TABLE B-17.—Relation of gross nat
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TABLE B-19.—National income by ty
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TABLE B-20.—Sources of personal i
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TABLE B-21.—Disposition of person
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19291933Year orquarter1939...194019
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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
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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
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 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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