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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challenges ahead. Opening foreign markets and continuing to lower barriersto trade will help deepen the global integration that has served us well thusfar. Harnessing market forces for the betterment of the environment will helpsustain the economy’s robust growth. The 20th century ended on a note ofgreat achievement for America, but the century just beginning promises to bebrighter still, provided we undertake prudent policies and make strategicinvestments for the future.
Appendix AREPORT TO THE PRESIDENT ON THE ACTIVITIESOF THECOUNCIL OF ECONOMIC ADVISERS DURING 1999
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E C O N O M I CR E P O R TO F T H E
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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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my State of the Union address, I pr
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hard-pressed families—with additi
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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PageSources of Business Cycle Moder
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PageHeterogeneity in Abatement Bene
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Page2-3. Net Worth and the Personal
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PageLIST OF BOXES2-1. The CPI-U-RS,
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These successes notwithstanding, th
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$33,740, Americans today can acquir
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those in the highest decile rose 0.
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Data on poverty also show progress.
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Over the years, government support
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asis, the current expansion also sh
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The current expansion, by contrast,
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InflationAccelerating inflation pos
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it was argued, must be shifting the
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is that the direction of technologi
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Challenges for the FutureThis chapt
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in the new labor market. The chapte
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disruptive in some cases. Finally,
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C H A P T E R 2Macroeconomic Policy
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Chapter 2 | 51
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usiness cycle has changed over the
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cent over the four quarters of 1999
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framework that continues to pay dow
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The labor force participation rate
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Box 2-1.—continuedof no substitut
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feed directly into the index. Moreo
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funds rate (the interest rate that
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nesses with below-investment-grade
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From 1989 to 1999, corporate earnin
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ital includes the value of intellec
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of gross personal saving to GDP has
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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
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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
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forces to play themselves out. In t
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The Benefits of a Global EconomyThe
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Domestic production can expand when
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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
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As these data suggest, not all WTO
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For example, preferential U.S. trad
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By contrast, in 1998 output fell on
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Box 6-3.The New International Finan
Page 227 and 228: The key objective of the initiative
Page 229 and 230: Chapter 6 | 233
Page 231 and 232: demand for exports. It would be a m
Page 233 and 234: integrating with the world economy
Page 235 and 236: 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
Page 241 and 242: Box 7-2.—continuedproviding usefu
Page 243 and 244: Incentive-Based Approaches to Addre
Page 245 and 246: compliance costs may fall by less t
Page 247 and 248: Box 7-4.—continuedroughly 5 to 15
Page 249 and 250: so a system of multipollutant tradi
Page 251 and 252: sulfur dioxide trading program. The
Page 253 and 254: coastal zone. Trades can occur with
Page 255 and 256: Permit Trading: Phasedown of Leaded
Page 257 and 258: To address the problems associated
Page 259 and 260: Box 7-5. Individual Quotas for Fish
Page 261 and 262: A landmark international agreement
Page 263 and 264: 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
Page 273 and 274: More than 40 percent of the work fo
Page 275 and 276: growth and are credited with helpin
Page 277: have much to gain from continuing t
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
Page 294 and 295: POPULATION, EMPLOYMENT, WAGES, AND
Page 296 and 297: AGRICULTURE:PageB-95. Farm income,
Page 298 and 299: NATIONAL INCOME OR EXPENDITURETABLE
Page 300 and 301: TABLE B-2.—Real gross domestic pr
Page 302 and 303: TABLE B-3.—Quantity and price ind
Page 304 and 305: TABLE B-5.—Contributions to perce
Page 306 and 307: TABLE B-6.—Chain-type quantity in
Page 308 and 309: TABLE B-7.—Chain-type price index
Page 310 and 311: TABLE B-8.—Gross domestic product
Page 312 and 313: Year orquarterGrossdomesticproductT
Page 314 and 315: TABLE B-12.—Gross product of nonf
Page 316 and 317: TABLE B-14.—Personal consumption
Page 318 and 319: TABLE B-16.—Private gross fixed i
Page 320 and 321: TABLE B-18.—Government consumptio
Page 322 and 323: TABLE B-20.—Private inventories a
Page 324 and 325: Year orquarterTABLE B-22.—Foreign
Page 326 and 327: 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 (
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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
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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
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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
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TABLE B-110.—Growth rates in real
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