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ECONOMIC REPORT OF THE

ECONOMIC REPORT OF THE PRESIDENTTo the Congress of the United States:Over the past 6 years of economic expansion, the American economyhas proven its strength and resilience. Job creation grew uninterrupted fora record period of time, inflation remains moderate, unemployment is low,and productivity continues to grow. The economy is built upon a strongfoundation, with deep and sophisticated capital markets, flexible labormarkets, low taxes, and open trade and investment policies.Americans should be confident about the long-term strength of oureconomy, but our economy is undergoing a period of uncertainty, and thereare heightened risks to our near-term economic growth. To insure againstthese risks, I called upon the Congress to enact a growth package that issimple, temporary, and effective in keeping our economy growing and ourpeople working.There is more we should do to strengthen our economy. First, we mustkeep taxes low. Unless the Congress acts, most of the tax relief that we havedelivered over the past 7 years will be taken away and 116 million Americantaxpayers will see their taxes rise by an average of $1,800. The tax relief ofthe past few years has been a key factor in promoting economic growth andjob creation and it should be made permanent. We must also work togetherto tackle unfunded obligations in entitlement programs such as SocialSecurity, Medicare, and Medicaid. I have laid out a detailed plan in myBudget to restrain spending, cut earmarks, and balance the budget by 2012without raising taxes.Second, we must trust Americans with the responsibility of homeownershipand empower them to weather turbulent times in the market. MyAdministration has acted aggressively to help credit-worthy homeownersavoid foreclosure. We launched a new initiative called FHASecure to helpfamilies refinance their homes. I signed legislation to protect families fromEconomic Report of the President | 3

  • Page 1 and 2: EconomicReportof thePresidentTransm
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  • Page 8 and 9: higher taxes when lenders forgive a
  • Page 11: THE ANNUAL REPORTOF THECOUNCIL OF E
  • Page 15 and 16: C O N T E N T SPageoverview........
  • Page 17 and 18: chapter 6. the nation’s infrastru
  • Page 19 and 20: 3-4. Growth of U.S. Goods Exports t
  • Page 21 and 22: OverviewThe U.S. economy retains a
  • Page 23 and 24: Chapter 2: Credit and Housing Marke
  • Page 25 and 26: Chapter 4: The Importance of Health
  • Page 27 and 28: Chapter 7: Searching for Alternativ
  • Page 29 and 30: C H A P T E R 1The Year in Review a
  • Page 31 and 32: Developments in 2007 and theNear-Te
  • Page 33 and 34: Unlike recent years, however, the 2
  • Page 35 and 36: Box 1-1 — continuedNonresidential
  • Page 37 and 38: for new investment (undistributed p
  • Page 39 and 40: investment in 2006 and 2007. This p
  • Page 41 and 42: Box 1-2 — continued2006 as shown
  • Page 43 and 44: line with a 2.6 percent annual rate
  • Page 45 and 46: conditions for dairy herds. The sup
  • Page 47 and 48: The Administration’s forecast of
  • Page 49 and 50: Table 1-2.—Supply-Side Components
  • Page 51 and 52: Box 1-3 — continuedcontinue. This
  • Page 53: good. Later chapters of this Report
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    The credit market disruptions appea

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    Box 2-1: Definitions of Select Mort

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    At the same time, the dollar volume

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    The current rise in defaults reflec

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    Box 2-4: Securitization and Structu

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    and Freddie Mac slowed sharply in t

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    Contraction of the Asset-Backed Com

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    sharply following the credit disrup

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    The Federal Reserve Bank of New Yor

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    Box 2-5 — continuedinvestors. The

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    The Federal Reserve is using its ru

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    Finally, the third piece of FHA mod

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    corporations have not needed to bor

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    C H A P T E R 3The Causes and Conse

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    From 2003 to 2006, the countries an

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    Box 3-1 — continuedthe United Sta

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    Second, export growth is much more

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    for five of the eight regions ident

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    Box 3-3: Open Investment and the Un

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    worth of services to their foreign

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    does show that across countries, re

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    Despite the overall benefits of tra

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    Health and the Demand for Health Ca

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    eing overweight has tripled. Obesit

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    65 showed little progress until the

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    Addressing Challenges in theHealth

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    Box 4-2 — continued(VHA) delivers

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    in 2004, and the standard deduction

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    a result, those who are currently u

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    patient, however, the services deli

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    care costs have a positive indirect

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    • In addition to contributing to

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    Several factors will contribute to

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    that, even without explicit tax inc

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    Labor SupplyTaxes effectively decre

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    An important tax policy issue conce

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    and on any capital gains they reali

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    The tax cuts increased the share of

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    in the long run. The concern about

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    These results suggest several disto

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    Box 5-2 — continuedplus interest)

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    ConclusionThe analysis in this chap

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    • The private sector plays an imp

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    When the bridge becomes congested,

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    When traffic approaches a road’s

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    pricing refers to a policy of charg

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    Ongoing inspection and maintenance

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    Container PortsOver 800 billion dol

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    political opposition from communiti

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    plane that lands or takes off at a

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    Government has taken steps to coord

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    To prevent interference, the Govern

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    How Should Infrastructure Be Paid F

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    Technological innovation has the po

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    ConclusionInfrastructure policy is

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    ecause nearly 70 percent of petrole

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    166 | Economic Report of the Presid

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    The next largest fuel types are coa

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    the increased fuel efficiency reduc

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    estimates are subject to additional

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    pumped storage facilities, is about

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    solar panels on the roof of the Wes

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    Second, the production of ethanol r

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    prices for their products, but live

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    ions are combined with oxygen to fo

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    Market-based mechanisms such as cap

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    Fortunately, some solutions exist.

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    synchronization may reduce the repo

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    on economic statistics that are pro

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    Unlike the 5- and 10-year censuses,

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    many of their statistics backward i

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    current use of services, but the da

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    confidentiality of respondents. The

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    A major goal of fully implementing

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    States. Wages and salaries and wage

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    LETTER OF TRANSMITTALCouncil of Eco

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    Council Members and Their Dates of

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    Macroeconomic PoliciesAs is its tra

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    The Council examined transportation

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    Research AssistantsMark W. Clements

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    Appendix BSTATISTICAL TABLES RELATI

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    National Income or Expenditure—Co

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    Corporate Profits and Finance—Con

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    National Income or ExpenditureTable

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    Table B-2.—Real gross domestic pr

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    Table B-3.—Quantity and price ind

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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-8.—Gross domestic product

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    Table B-10.—Gross value added by

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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-14.—Gross value added of

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    Table B-16.—Personal consumption

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    Table B-18.—Private fixed investm

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    Table B-20.—Government consumptio

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    QuarterTable B-22.—Private invent

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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

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Business Inside 02.03.2011 - Bis.md
ECONOMIC REPORT OF THE PRESIDENT