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LETTER OF TRANSMITTALCouncil of Economic AdvisersWashington, D.C., December 31, 2007Mr. <strong>President</strong>:The Council of Economic Advisers submits this report on its activitiesduring calendar year 2007 in accordance with the requirements of the Congress,as set forth in section 10(d) of the Employment Act of 1946 as amended by theFull Employment and Balanced Growth Act of 1978.Sincerely,Edward P. Lazear, ChairmanAppendix A | 205
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EconomicReportof thePresidentTransm
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C O N T E N T SPageECONOMIC REPORT
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ECONOMIC REPORT OF THE PRESIDENTTo
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$2 billion to a new international c
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LETTER OF TRANSMITTALCouncil of Eco
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chapter 3. the causes and consequen
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appendixesA. Report to the Presiden
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2-5. Mortgage Lending Today........
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Chapter 1: The Year in Reviewand th
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Chapter 3: The Causes and Consequen
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• Tax reductions in 2001 and 2003
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• More effective statistical use
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• Real GDP posted solid 2.5 perce
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elative to non-energy prices, while
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nonconforming mortgages in 2007. In
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In addition to incomes and mortgage
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Business InventoriesInventory inves
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Indeed, the growth in foreign econo
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During the 12 months of 2007, the u
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output measures announced in the an
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and government purchases. In contra
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Table 1-1.—Administration Economi
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Box 1-3 — continuedParticipation
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finalized), below its 1963-2006 ave
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C H A P T E R 2Credit and Housing M
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lends a debtor money today, which t
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Box 2-1 — continuedPrime loan: Lo
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Box 2-2 — continuedNRSROs. Critic
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Box 2-3 — continuedMortgage defau
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Box 2-3 — continuedmortgage defau
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Corporate bond yields also rose rel
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conduits in that SIVs have less acc
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International ImplicationsA notable
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come together to create a coordinat
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home is forgiven, that portion is t
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alternatives offered in the convent
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to such a change in wealth, which a
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lending. FHA Modernization will enc
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Economists often call attention to
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Box 3-1: Trade in ServicesDiscussio
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Box 3-2: The Current Account Defici
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Growth in Domestic ProductionA seco
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Exports and Foreign Direct Investme
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in CFIUS’s role in protecting nat
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these goods than if they were produ
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y import competition are electrical
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C H A P T E R 4The Importance of He
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Box 4-1: Health Effects on Job Prod
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health care spending growth. Rising
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While the study focused on spending
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Box 4-2 — continuedand without pr
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effective price of zero. Even if a
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deduction for health insurance to a
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To reduce the extent to which high-
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Administration supports broad adopt
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C H A P T E R 5Tax PolicySocieties
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in 2000. Tax revenues increased str
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Alternative Minimum TaxPrior to 196
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The Impact of Recent Tax Reductions
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35 percent marginal tax rate on the
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C corporations fall under the corpo
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Significance of Tax Cuts to Individ
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Box 5-1: Marriage Penalty BasicsIt
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The Structure of Business TaxesDesp
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investments are made. A more modest
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able to defer $35 of tax liability
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C H A P T E R 6The Nation’s Infra
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A monopolistic bridge owner may cho
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etween places to accommodating grow
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the same time. At hours when many d
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BridgesOn August 1, 2007, the I-35W
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where shippers have an alternative
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Freight shipments into and out of t
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Box 6-2: Delays at New York City Ai
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Page 161 and 162: Infrastructure PolicyThough the U.S
Page 163 and 164: could shorten the wait by adding an
Page 165 and 166: In 2005, the Federal Aviation Admin
Page 167 and 168: C H A P T E R 7Searching for Altern
Page 169 and 170: The first U.S. oil well was drilled
Page 171 and 172: Most of the oil consumed in the Uni
Page 173 and 174: Also, depending on the fuel and tec
Page 175 and 176: Table 7-1. —Estimated Average Lev
Page 177 and 178: Nevada. The facility is expected to
Page 179 and 180: Wind PowerWind power supplies about
Page 181 and 182: amounts of electricity, it could be
Page 183 and 184: years, as corn-based ethanol produc
Page 185 and 186: the power, range, and convenient fu
Page 187 and 188: other petroleum products is project
Page 189 and 190: To help meet the growing demand for
Page 191 and 192: C H A P T E R 8Improving Economic S
Page 193 and 194: The second largest Federal statisti
Page 195 and 196: As shown in Chart 8-3, spending on
Page 197 and 198: Monetary and fiscal policymakers al
Page 199 and 200: service-sector output much more fre
Page 201 and 202: Box 8-1: How to Reverse a Decline i
Page 203 and 204: Information Protection and Statisti
Page 205 and 206: forward instead of the growth rate
Page 207: Appendix AREPORT TO THE PRESIDENT O
Page 211: Council Members and Their Dates of
Page 214 and 215: Macroeconomic PoliciesAs is its tra
Page 216 and 217: The Council examined transportation
Page 218 and 219: Research AssistantsMark W. Clements
Page 221: Appendix BSTATISTICAL TABLES RELATI
Page 224 and 225: National Income or Expenditure—Co
Page 226 and 227: Corporate Profits and Finance—Con
Page 228 and 229: National Income or ExpenditureTable
Page 230 and 231: Table B-2.—Real gross domestic pr
Page 232 and 233: Table B-3.—Quantity and price ind
Page 234 and 235: Table B-5.—Contributions to perce
Page 236 and 237: Table B-6.—Chain-type quantity in
Page 238 and 239: Table B-7.—Chain-type price index
Page 240 and 241: Table B-8.—Gross domestic product
Page 242 and 243: Table B-10.—Gross value added by
Page 244 and 245: Table B-12.—Gross domestic produc
Page 246 and 247: Table B-13.—Real gross domestic p
Page 248 and 249: Table B-14.—Gross value added of
Page 250 and 251: Table B-16.—Personal consumption
Page 252 and 253: Table B-18.—Private fixed investm
Page 254 and 255: Table B-20.—Government consumptio
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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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Year or quarterPersonalincomeTable
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Table B-30.—Disposition of person
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Table B-32.—Gross saving and inve
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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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Year or monthTable B-44.—Unemploy
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Table B-46.—Employees on nonagric
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Year or monthTable B-47.—Hours an
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Table B-49.—Productivity and rela
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Production and Business ActivityTab
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Table B-53.—Industrial production
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Table B-55.—New construction acti
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Table B-57.—Manufacturing and tra
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Table B-59.—Manufacturers’ new
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Table B-61.—Consumer price indexe
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Table B-62.—Consumer price indexe
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Table B-64.—Changes in consumer p
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Table B-65.—Producer price indexe
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Table B-67.—Producer price indexe
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Year ormonthTable B-68.—Changes i
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Table B-70.—Components of money s
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Table B-71.—Aggregate reserves of
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Year andmonthBills(new issues) 1Tab
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Table B-74.—Credit market borrowi
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Table B-75.—Mortgage debt outstan
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Table B-77.—Consumer credit outst
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Table B-79.—Federal receipts, out
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Table B-81.—Federal receipts, out
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Table B-83.—Federal and State and
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Table B-85.—State and local gover
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End of year ormonthTable B-87.—U.
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Table B-89.—Estimated ownership o
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Table B-91.—Corporate profits by
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Table B-93.—Sales, profits, and s
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Table B-95.—Historical stock pric
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YearTotal 1338 | Economic Report of
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Table B-99.—Farm output and produ
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Table B-101.—Agricultural price i
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Year or quarterExportsInternational
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Table B-104.—U.S. international t
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Table B-106.—U.S. international t
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Table B-108.—Industrial productio
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Period352 | Economic Report of the
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Table B-112.—Growth rates in real
show all

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