ECONOMIC

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TABLI. B-93.—Selected measures of farm resources and inputs, 1929-761929Year1933 ... .193919401941194219431944 ..19451946 . . .194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976 vCropsharvested(millionsofacres) i365340331341344348357362354352355356360345344349348346340324324324324324302295298298298294306300290293305293321330336336Totalhoursoffarmwork(billions)23.222.620.720.520.020.620.320.218.818.117.216.816.215.115.214.514.013.312.812.011.110.510.39.89.49.08.78.27.36.96.76.46.26.05.95.75.65.55.35.3Total999397989810110310410110010010110310210510510410310310299991009998989898969810010110010010110110110199101Farmlabor329320294292288295291289271260246239231217217207200192185174162155151145139133128122109103100979390898585838181Index numbers of inputs (1967=100)Mechanicalpowerandmachinery103 3997 32102 40104 42102 44100 5299 5598 5899 59103 58103 64104 73105 80105 85106 91105 95105 97105 97105 98103 99102 98101 98102 99100 98100 95101 95100 94101 94100 95100 97100 10099 10198 10197 10096 10094 9994 10394 10294 10494 103FarmrealestateAgriculturalchemicals210612131415172020212426283033363738404141445050545966727786100106110110119125130136126136Feed,seed,andlivestockpurchases33027404145 47515153525455606266686770717473788282868889919297100101103108108109106105101104TaxesandinterestMiscellaneous71 6773 6470 7670 7771 7871 7575 7877 8178 7979 8079 8177 8680 9080 8680 9282 9184 9183 8885 9285 8884 9285 9790 10191 10392 10393 10695 10797 11197 10799 103100 100102 106102 105102 108100 107102 114100 11097 10195 9295 96* Acreage harvested (excluding duplication) plus acreages in fruits, tree nuts,and farm gardens.2 Fertilizer, lime, and pesticides.3 Feed, seed, and livestock purchases from nonfarm sources.Source: Department of Agriculture.294
TABLE B-94.—Comparative balance sheet of the farming sector, 1929-77(Billions of dollars]AssetsClaimsOther physical assetsFinancial assetsBeginning ofyearTotalRealestateLivestockJCrops 2MachineryandmotorvehiclesHouseholdequipmentandfurnishingsDepositsandcurrencyU.S.savingsbondsTotalRealestatedebtOtherdebt1 nvestmentin cooperativesProprietors'equities192948.06.63.29.8193330.83.02.58.51939.34.15.13.26.819401941.1942.. .19431944.1945.1946.194719481949.19501951.1952....19531954.19551956.1957_ ....19581959.52.955.062.973.784.694.2103.5116.4127.9134.9132.5151.5167.0164.3161.2165.1169.6177.9185.8202.133.634.437.541.648.253.961.068.573.776.675.386.695.196.595.098.2102.9110.4115.9124.45.15.37.19.69.79.09.711.913.314.412.917.119.514.811.711.210.611.013.917.73.13.34.04.95.46.55.45.37.410.112.214.116.717.418.418.619.320.220.221.82.73.03.85.16.16.76.37.19.08.67.67.98.89.09.29.68.48.37.69.34.24.24.95.05.35.66.17.78.59.18.69.710.39.99.910.010.510.09.99.83.23.54.25.46.67.99.410.29.99.69.19.19.49.49.49.49.59.49.510.00.2.4.51.12.23.44.24.24.44.64.74.74.74.64.75 25.15.15.20.8.9.91.01.11.21.41.51.71.92.12.32.52.72.93.13.23.53.73.952.955.062.973.784.694.2103.5116.4127.9134.9132.5151.5167.0164.3161.2165.1169.6177.9185.8202.16.66.56.46.05.44.94.84.95.15.35.66.16.77.27.78.29.09.810.411.13.43.94.14.03.53.43.23.64.26.16.87.08.08.99.29.49.89.510.012.542 944 652.463 775.785 995.5107.9118 6123.5120.1138.4152.3148.2144.3147.5150.8158.6165.4178.519601961.1962.19631964204.0204.8213.3222.0229.8130.6132.2138.4144.3152.615.315.616.417.315.922.722.222.523.523.97.78.08.89.39.89.68.99.19.08.89.28.78.89.29.24.74.64.54.44.24.24.54.85.05.4204.0204.8213.3222.0229.812.012.813.815.116.812.813.414.716.317.6179 2178.6184.8190.6195.419651966. .196719681969238.0254.7267.6281.0295.3161.5172.8182.3192.5201.414.517.619.018.820.224.826.027.429.831.39.29.710.09.610.68.68.68.59.19.79.610.010.310.911.54.24.13.93.83.85.65.96.26.56.8238.0254.7267.6281.0295.318.921.223.125.127.417.919.521.022.323.1201.2214.0223.5233.6244.81970.19711972.1973.1974197519761977*306.2317.7343.3387.8476.3520.6585.4634.0206.9215.0231.5260.6325.3371.1422.3460.323.523.727.334.142.424.629.532.334.436.639.344.356.565.9140.310.910.711.814.522.123.319.89.810.311.212.713.615.316.211.912.413.214.014.915.015.63.73.63.74.04.24.34.433.47.27.68.08.69.510.511.7306.2317.7343.3387.8476.3520.6585.4634.029.230.332.235.841.346.350.956.723.824.126.929.632.835.539.744.9253.2?63. 3284.2322.4402.2438.8494.8532.41 Beginning with 1961, horses and mules are excluded.2 Includes all crops held on farms and crops held off farms by farmers as security for Commodity Credit Corporationloans. The latter on January 1,1977 totaled approximately $0.5 billion.Note.—Beginning 1960, data include Alaska and Hawaii.Source: Department of Agriculture.295
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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
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TABLE B-27.—Noninstitutional popu
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TABLE B-28.—Civilian employment a
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TABLE B-30.— Unemployment by dura
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TABLE B-32.—Wage and salary worke
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TABLE B-33.—Average weekly hours
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TABLE B-35.—Productivity and rela
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PRODUCTION AND BUSINESS ACTIVITYTAB
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TABLE B-39.—Industrial production
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TABLE B-41.—New construction acti
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TABLE B-42.—New housing units sta
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TABLE B-44.—Sales and inventories
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TABLE B-46.'—Manufacturers 1 new
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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 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 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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ECONOMIC

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