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C O N T E N T

C O N T E N T SPageECONOMIC REPORT OF THE PRESIDENT..............................................ANNUAL REPORT OF THE COUNCIL OF ECONOMIC ADVISERS*....CHAPTER 1. THE YEAR IN REVIEW AND THE YEARS AHEAD............CHAPTER 2. CREDIT AND HOUSING MARKETS...................................CHAPTER 3. THE CAUSES AND CONSEQUENCES OF EXPORTGROWTH.........................................................................................................CHAPTER 4. THE IMPORTANCE OF HEALTH AND HEALTHCARE.................................................................................................................CHAPTER 5. TAX POLICY............................................................................CHAPTER 6. THE NATION’S INFRASTRUCTURE..................................CHAPTER 7. SEARCHING FOR ALTERNATIVE ENERGYSOLUTIONS....................................................................................................CHAPTER 8. IMPROVING ECONOMIC STATISTICS.............................APPENDIX A. REPORT TO THE PRESIDENT ON THE ACTIVITIESOF THE COUNCIL OF ECONOMIC ADVISERS DURING 2007.............APPENDIX B. STATISTICAL TABLES RELATING TO INCOME,EMPLOYMENT, AND PRODUCTION........................................................1725517997115137163187203217* For a detailed table of contents of the Council’s Report, see page 11Economic Report of the President | iii

ECONOMIC REPORTOF THE PRESIDENT

  • Page 1 and 2: EconomicReportof thePresidentTransm
  • Page 7 and 8: ECONOMIC REPORT OF THE PRESIDENTTo
  • Page 9: $2 billion to a new international c
  • Page 13: LETTER OF TRANSMITTALCouncil of Eco
  • Page 16 and 17: chapter 3. the causes and consequen
  • Page 18 and 19: appendixesA. Report to the Presiden
  • Page 20 and 21: 2-5. Mortgage Lending Today........
  • Page 22 and 23: Chapter 1: The Year in Reviewand th
  • Page 24 and 25: Chapter 3: The Causes and Consequen
  • Page 26 and 27: • Tax reductions in 2001 and 2003
  • Page 28 and 29: • More effective statistical use
  • Page 30 and 31: • Real GDP posted solid 2.5 perce
  • Page 32 and 33: elative to non-energy prices, while
  • Page 34 and 35: nonconforming mortgages in 2007. In
  • Page 36 and 37: In addition to incomes and mortgage
  • Page 38 and 39: Business InventoriesInventory inves
  • Page 40 and 41: Indeed, the growth in foreign econo
  • Page 42 and 43: During the 12 months of 2007, the u
  • Page 44 and 45: output measures announced in the an
  • Page 46 and 47: and government purchases. In contra
  • Page 48 and 49: Table 1-1.—Administration Economi
  • Page 50 and 51: Box 1-3 — continuedParticipation
  • Page 52 and 53: 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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    uilt, the marginal cost of transmis

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    access was in mobile wireless conne

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    Infrastructure PolicyThough the U.S

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    could shorten the wait by adding an

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    In 2005, the Federal Aviation Admin

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    C H A P T E R 7Searching for Altern

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    The first U.S. oil well was drilled

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    Most of the oil consumed in the Uni

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    Also, depending on the fuel and tec

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    Table 7-1. —Estimated Average Lev

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    Nevada. The facility is expected to

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    Wind PowerWind power supplies about

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    amounts of electricity, it could be

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    years, as corn-based ethanol produc

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    the power, range, and convenient fu

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    other petroleum products is project

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    To help meet the growing demand for

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    C H A P T E R 8Improving Economic S

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    The second largest Federal statisti

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    As shown in Chart 8-3, spending on

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    Monetary and fiscal policymakers al

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    service-sector output much more fre

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    Box 8-1: How to Reverse a Decline i

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    Information Protection and Statisti

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    forward instead of the growth rate

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    Appendix AREPORT TO THE PRESIDENT O

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    Council Members and Their Dates of

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    Report to the President on theActiv

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    The Council also prepared in-depth

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    The Staff of the Council of Economi

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    Jane Tufts, Bruce Kaplan, and Anna

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    C O N T E N T SNational Income or E

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    Prices—ContinuedPageB-63. Changes

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    General NotesDetail in these tables

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    Table B-1.—Gross domestic product

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    Table B-2.—Real gross domestic pr

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    Table B-4.—Percent changes in rea

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    Table B-5.—Contributions to perce

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    Table B-6.—Chain-type quantity in

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    Table B-7.—Chain-type price index

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    Table B-9.—Real gross domestic pr

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    Table B-11.—Real gross value adde

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    Table B-12.—Gross domestic produc

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    Table B-13.—Real gross domestic p

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    Table B-15.—Gross value added and

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    Table B-17.—Real personal consump

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    Table B-19.—Real private fixed in

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    Table B-21.—Real government consu

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    QuarterTable B-23.—Real private i

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    Table B-25.—Real exports and impo

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    Table B-27.—Relation of national

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    Table B-28.—National income by ty

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    Table B-29.—Sources of personal i

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    Table B-31.—Total and per capita

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    Table B-32.—Gross saving and inve

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    Population, Employment, Wages, and

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    Table B-35.—Civilian population a

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    Table B-37.—Civilian employment b

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    Table B-39.—Civilian labor force

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    Table B-41.—Civilian employment/p

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    Table B-43.—Civilian unemployment

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    Table B-45.—Unemployment insuranc

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    Table B-46.—Employees on nonagric

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    Table B-48.—Employment cost index

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    Table B-50.—Changes in productivi

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    Table B-52.—Industrial production

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    Table B-54.—Capacity utilization

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    Table B-56.—New private housing u

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    Table B-58.—Manufacturers’ ship

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    PricesTable B-60.—Consumer price

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    Table B-61.—Consumer price indexe

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    Table B-63.—Changes in special co

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    Year or monthTable B-65.—Producer

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    Table B-66.—Producer price indexe

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    Table B-67.—Producer price indexe

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    Year and monthMoney Stock, Credit,

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    Table B-70.—Components of money s

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    Table B-72.—Bank credit at all co

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    Table B-73.—Bond yields and inter

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    Table B-74.—Credit market borrowi

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    Table B-76.—Mortgage debt outstan

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    Government FinanceTable B-78.—Fed

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    Table B-80.—Federal receipts and

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    Table B-82.—Federal and State and

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    Table B-84.—Federal Government cu

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    Table B-86.—State and local gover

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    Table B-88.—Maturity distribution

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    Corporate Profits and FinanceTable

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    Table B-92.—Corporate profits of

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    Table B-94.—Relation of profits a

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    Year or monthTable B-96.—Common s

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    Table B-98.—Farm business balance

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    YearTotalTable B-100.—Farm input

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    Table B-102.—U.S. exports and imp

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    Table B-103.—U.S. international t

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    Table B-105.—U.S. international t

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    Table B-107.—International invest

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    Table B-109.—Civilian unemploymen

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    Table B-111.—International reserv

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