E C O N O M I C R E P O R T O F T H E P R E S I D E N T

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Page4-7. Ratios of Median Annual Earnings of African AmericanWorkers to Earnings of White Workers................................. 1434-8. Average Scores on the Scholastic Assessment Test (SAT) ......... 1484-9. Shares of Public Schools with Internet Access byPoverty Status........................................................................ 1525-1. Labor Force Participation of Women ...................................... 1695-2. Shares of Population Aged 35-54 Who Are Widowedor Divorced........................................................................... 1705-3. Birth Rates for Married and Unmarried Females..................... 1715-4. Composition of Families by Family Structure ......................... 1725-5. Grandchildren in Grandparents’ Homes by Presenceof Parents .............................................................................. 1745-6. Median Family Income by Family Structure............................ 1765-7. Income Distributions for Families with Children byFamily Structure, 1998.......................................................... 1775-8. Distribution of Annual Hours Worked by Familieswith Children, 1998.............................................................. 1785-9. Time Available to Custodial Parents After Paid Workand Sleep............................................................................... 1916-1. GDP and Export Growth Rates for Group of SevenCountries Since 1700............................................................ 2006-2. U.S. Trade Relative to GNP Since 1900.................................. 2036-3 U.S. Trade by Sector in 1998 .................................................. 2046-4. Capital Flows Into and Out of the United States Relativeto GNP ...................................................................................... 2066-5. Average U.S. Tariff Rates Since 1900....................................... 2116-6. GDP per Capita in the United States and SelectedMajor Economies................................................................... 2136-7. Saving, Investment, and the Current Account Balance............ 2336-8. U.S. and Foreign GDP Growth and U.S. Net Exports............ 2336-9. Real Effective Exchange Rate of the Dollar and the TradeDeficit................................................................................... 2347-1 Sulfur Dioxide and Nitrogen Oxide Emissions per Unit ofGNP Since 1900................................................................... 2427-2 Carbon Dioxide Emissions per Unit of GNP Since 1900 ....... 2427-3 South Coast Air Basin Exceedances of FederalOzone Standard .................................................................... 2587-4 Emissions from Phase I Facilities in the Sulfur DioxideTrading Program ................................................................... 2607-5 Lead Emissions........................................................................ 261Contents | 19
PageLIST OF BOXES2-1. The CPI-U-RS, a Consumer Price Index with MoreConsistent Methodology ...................................................... 602-2. Economic Impact of Y2K Preparations ................................... 642-3. What Did We Learn from the GDP Benchmark Revision?..... 813-1. Measuring the Economy in an Era of Technological Change .. 1063-2. Implementing Local Competition Provisions in the1996 Telecommunications Act.............................................. 1083-3. Holding an Online Auction .................................................... 1194-1. The Role of Government Policy in Improving theEconomic Status of African Americans.................................. 1424-2. Helping Areas Left Behind: Opening New Markets ................ 1454-3. The Administration’s Education Goals.................................... 1494-4. The Role of Community Colleges........................................... 1554-5. Using Technology to Help Workers: America’s Career Kit....... 1635-1. The Importance of Fathers...................................................... 1735-2. The Diversity of American Households................................... 1755-3. Women Professionals, the Rat Race, and the Time Crunch..... 1815-4. The National Strategy to Reduce Teen Pregnancy ................... 1886-1. Multinational Corporations and Globalization ....................... 2076-2. China’s WTO Accession: Opening Foreign Markets,Extending the Rule of Law, and Encouraging Growth andDevelopment ............................................................................. 2216-3. The New International Financial Architecture ........................ 2297-1. Structural Economic Change and Carbon DioxideEmissions .............................................................................. 2437-2. Taking Account of the Environment....................................... 2457-3. Emissions Trading: An Illustrative Example............................. 2497-4. Should Regulators Allocate or Sell Tradable Permits?............... 2517-5. Individual Quotas for Fisheries Management.......................... 2647-6. Expanding the Scope of the Market Through DevelopingCountry Participation ........................................................... 2697-7. The EU Bubble Allocation and Restrictions on KyotoProtocol Mechanisms ............................................................ 2717-8. The Renewable Portfolio Standard.......................................... 2727-9. Climate Research and Development and InformationPrograms ............................................................................... 27320 | Economic Report of the President
Page 1 and 2: E C O N O M I CR E P O R TO F T H E
Page 3 and 4: C O N T E N T SPageECONOMIC REPORT
Page 5 and 6: ECONOMIC REPORT OF THE PRESIDENTTo
Page 7 and 8: my State of the Union address, I pr
Page 9 and 10: hard-pressed families—with additi
Page 11 and 12: LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 13 and 14: PageSources of Business Cycle Moder
Page 15 and 16: PageHeterogeneity in Abatement Bene
Page 17: Page2-3. Net Worth and the Personal
Page 21 and 22: These successes notwithstanding, th
Page 23 and 24: $33,740, Americans today can acquir
Page 25 and 26: those in the highest decile rose 0.
Page 27 and 28: Data on poverty also show progress.
Page 29 and 30: Over the years, government support
Page 31 and 32: asis, the current expansion also sh
Page 33 and 34: The current expansion, by contrast,
Page 35 and 36: InflationAccelerating inflation pos
Page 37 and 38: it was argued, must be shifting the
Page 39 and 40: is that the direction of technologi
Page 41 and 42: Challenges for the FutureThis chapt
Page 43 and 44: in the new labor market. The chapte
Page 45 and 46: disruptive in some cases. Finally,
Page 47 and 48: C H A P T E R 2Macroeconomic Policy
Page 49 and 50: Chapter 2 | 51
Page 51 and 52: usiness cycle has changed over the
Page 53 and 54: cent over the four quarters of 1999
Page 55 and 56: framework that continues to pay dow
Page 57 and 58: The labor force participation rate
Page 59 and 60: Box 2-1.—continuedof no substitut
Page 61 and 62: feed directly into the index. Moreo
Page 63 and 64: funds rate (the interest rate that
Page 65 and 66: nesses with below-investment-grade
Page 67 and 68: From 1989 to 1999, corporate earnin
Page 69 and 70:
ital includes the value of intellec
Page 71 and 72:
of gross personal saving to GDP has
Page 73 and 74:
The beginnings and ends of U.S. bus
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introduced in 1913 and Social Secur
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Of course, it is premature to decla
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Box 2-3.What Did We Learn from the
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TABLE 2-3.— Accounting for the Pr
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future extrapolates long-term trend
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Over the past 6 years, the CPI-U-RS
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work enables job hunters to work wh
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Chart 2-17 shows how this could hap
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of professional economic forecaster
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Administration’s forecast is used
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Innovations during the 20th century
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transformations the Internet and e-
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Another industry that saw major cha
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One example is the “lean” produ
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Box 3-1. Measuring the Economy in a
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Box 3-2. Implementing Local Competi
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of fiber optic cable deployed by te
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How Information Technology IsChangi
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total investment in information tec
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For e-retailers, the Internet repla
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suppliers for surplus quantities of
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However, the same technology that d
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value of each network to its users.
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many possible uses but that depends
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Maintaining CompetitionAnother way
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Similarly, by reducing barriers to
Page 127 and 128:
Formal education was a far less imp
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The Transformation of the Labor Mar
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Americans has risen almost 10-fold
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diploma (Chart 4-5). That same year
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ensuring equal opportunity for all
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those of men (again looking at full
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Box 4-1. The Role of Government Pol
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severe disabilities. For example, a
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Box 4-2.—continuedOther policy in
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equirements of jobs. To right this
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uild and maintain a world-class ele
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Class Size Reduction. Average class
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During this Administration, the Fed
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years ago. In 2000, 13.1 million st
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through a period of unpaid training
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The first major mandatory training
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a 30-year low, labor force particip
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ConclusionTwo key developments—th
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TABLE 5-1.—Contrasting American F
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opened up for women to work and as
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The increased prevalence of single-
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to an increasing share of the popul
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Box 5-1.—continuedAlthough most f
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For the past 50 years, the median i
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gle mothers the median rose from $1
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TABLE 5-3.— Share of Women with C
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income growth over the last 30 year
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consumption patterns have changed,
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Increases in the Minimum WageThe mi
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Box 5-4.The National Strategy to Re
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or older, and of those 85 or older,
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of single-parent families increased
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caregivers for the elderly say thei
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would allow all workers who get tim
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C H A P T E R 6Opportunity and Chal
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Meanwhile innovations in transporta
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But to look at U.S. trade only in t
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Data from the U.S. computer industr
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net indebtedness of about 18 percen
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capital flows. Coupled with other d
Page 207 and 208:
forces to play themselves out. In t
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The Benefits of a Global EconomyThe
Page 211 and 212:
Domestic production can expand when
Page 213 and 214:
In short, increased globalization b
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key sectors such as finance, teleco
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international trade is not a zero-s
Page 219 and 220:
As these data suggest, not all WTO
Page 221 and 222:
For example, preferential U.S. trad
Page 223 and 224:
By contrast, in 1998 output fell on
Page 225 and 226:
Box 6-3.The New International Finan
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The key objective of the initiative
Page 229 and 230:
Chapter 6 | 233
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demand for exports. It would be a m
Page 233 and 234:
integrating with the world economy
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The past century of experience in a
Page 237 and 238:
242 | Economic Report of the Presid
Page 239 and 240:
Box 7-1.—continuedand energy pric
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Box 7-2.—continuedproviding usefu
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Incentive-Based Approaches to Addre
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compliance costs may fall by less t
Page 247 and 248:
Box 7-4.—continuedroughly 5 to 15
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so a system of multipollutant tradi
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sulfur dioxide trading program. The
Page 253 and 254:
coastal zone. Trades can occur with
Page 255 and 256:
Permit Trading: Phasedown of Leaded
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To address the problems associated
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Box 7-5. Individual Quotas for Fish
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A landmark international agreement
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However, the country could cut ener
Page 265 and 266:
Quantitative Restrictions on Tradin
Page 267 and 268:
comprehensive domestic trading syst
Page 269 and 270:
Box 7-9.—continuedthe use of ener
Page 271 and 272:
C O N C L U S I O NA Century of Cha
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More than 40 percent of the work fo
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growth and are credited with helpin
Page 277 and 278:
have much to gain from continuing t
Page 279 and 280:
Appendix AREPORT TO THE PRESIDENT O
Page 281 and 282:
Council Members and Their Dates of
Page 283 and 284:
previously served as the New Centur
Page 285 and 286:
(antidumping, countervailing duties
Page 287 and 288:
with a number of developing countri
Page 289 and 290:
Michael Treadway provided editorial
Page 291:
Appendix BSTATISTICAL TABLES RELATI
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POPULATION, EMPLOYMENT, WAGES, AND
Page 296 and 297:
AGRICULTURE:PageB-95. Farm income,
Page 298 and 299:
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
Page 308 and 309:
TABLE B-7.—Chain-type price index
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TABLE B-8.—Gross domestic product
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Year orquarterGrossdomesticproductT
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TABLE B-12.—Gross product of nonf
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TABLE B-14.—Personal consumption
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TABLE B-16.—Private gross fixed i
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TABLE B-18.—Government consumptio
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TABLE B-20.—Private inventories a
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Year orquarterTABLE B-22.—Foreign
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TABLE B-24.—Relation of gross dom
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Year orquarterTABLE B-26.—Nationa
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TABLE B-27.—Sources of personal i
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TABLE B-28.—Disposition of person
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TABLE B-30.—Gross saving and inve
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TABLE B-31.—Median money income (
Page 338 and 339:
TABLE B-33.—Civilian population a
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TABLE B-34.—Civilian employment a
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TABLE B-36.—Unemployment by demog
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TABLE B-38.—Civilian labor force
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TABLE B-40.—Civilian unemployment
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TABLE B-42.—Unemployment by durat
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TABLE B-44.—Employees on nonagric
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TABLE B-45.—Hours and earnings in
Page 354 and 355:
Year orquarterOutput per hourof all
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PRODUCTION AND BUSINESS ACTIVITYTAB
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TABLE B-51.—Industrial production
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Year or monthTABLE B-53.—New cons
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TABLE B-55.—Manufacturing and tra
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Year or monthTotalTABLE B-57.—Man
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Year ormonthTABLE B-59.—Consumer
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TABLE B-60.—Consumer price indexe
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TABLE B-62.—Changes in consumer p
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TABLE B-63.—Producer price indexe
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TABLE B-65.—Producer price indexe
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TABLE B-66.—Changes in producer p
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TABLE B-68.—Components of money s
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TABLE B-69.—Aggregate reserves of
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Year andmonthBills(new issues) 13-m
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TABLE B-72.—Credit market borrowi
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TABLE B-73.—Mortgage debt outstan
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TABLE B-75.—Consumer credit outst
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TABLE B-77.—Federal budget receip
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TABLE B-79.—Federal receipts, out
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TABLE B-81.—Federal and State and
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TABLE B-83.—State and local gover
Page 398 and 399:
TABLE B-85.—Interest-bearing publ
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End of monthTABLE B-87.—Estimated
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TABLE B-89.—Corporate profits by
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TABLE B-91.—Sales, profits, and s
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Year or monthTABLE B-93.—Common s
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AGRICULTURETABLE B-95.—Farm incom
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TABLE B-97.—Farm output and produ
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Year ormonthTABLE B-99.—Indexes o
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Year orquarterExportsINTERNATIONAL
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TABLE B-102.—U.S. international t
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TABLE B-104.—U.S. international t
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TABLE B-106.—Industrial productio
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PeriodTABLE B-108.—Foreign exchan
Page 424:
TABLE B-110.—Growth rates in real
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