Economic Report of the President

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TABLE B-19.—Relation of gross national product, net national product, and national income, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterGrossnationalproductLess:CapitalconsumptionallowanceswithcapitalconsumptionadjustmentEquals:NetnationalproductIndirectbusinesstax andnontaxliabilityLess:BusinesstransferpaymentsStatisticaldiscrepancyPIUS:SubsidieslesscurrentsurplusofgovernmententerprisesEquals:Nationalincome1929103.49.793.77.10.61.1-0.284.8193355.87.448.47.1.7.7--.039.9193990.98.782.29.4.51.4.471.4194019411942194319441945 . . . . .19461947 ,19481949100.0125.0158.5192.1210.6212.4209.8233.1259 5258.39.110.011.211.511.712.214.017.320.221.891.0115.0147.3180.7198.9200.2195.8215.7239.3236.510.111.311.812.814.215.517.118.420.121.3.4.5.55.5.5.5.6.7.81.1.6=.8-=1.82.74.1.51.5=1.6.6.4.1.1.6.7.9-.2-.1= .379.7102.7135.9169.3182.1180.7178.6194.9219.9213.619501951195219531954 „„1955195S ...195719581959286.53308348.0366.8366.8400.0421.7444.0449.7487.923.527.229.331.032.734.838.741.743.544.9263.0303.6318.7335.8334.1365.3383.0402.3406.2443.023.425.311129.729.632.235.137.538.741.8.8.91.01.21.11.2141.51.61.81.33.21.72.32.01.3= 2.1= 1.2.2= 1.3.1= .1-.3-.5-,0.71.1237.6274.1287.9302.1301.1330.5349.4365.2366.9400.81960196119621963196419651966196719681969506 5524.6565 0596.7637.7691.1756 0799.6873 4944.046 347.549 050.652.956.060 765.972.180.0460 2477.05161546.1584.8635.06953733.7801.3864.045 448.051654.658.862.665 370.278986.6202.0212.42.72.8303.1343.9-2.4• = . 12.11.7.1= 1.21.4= .3-2.1=3.9.41.71.81.11.71.62.51.61.41.9415.7428.8462.0488.5524.9572.4628.1662.2722.5779.3197019711972197319741975 . .1976197719781979992 71,077.61185.91,326.41,434.21 549.21,718.01,918.32,163.92,417.888196.5106.4116.5136.0159.3175.0195.2222.5256.0904 7981.11 079.51,209.91,298.21 389.91,543.01,723.21,941.42,161.794 3103.7111.5120.9129.1140.1151.7165.7178.2189.6414.44.95.55.87.47.98.69.310.3•-1.54.13.3.83.75.55.11.4= 2.6-1.52.92.63.83.41.12.41.03.13.73.4810.7871.5963.61,086.21,160.71,239.41,379.21,550.51,760.31,966.7198019811982 p2 633.12,937.73,057.5293.2330.1356.82 339 92,607.62,700.8213.0251.3258.811412.413.73.9-1.9.15.56.68.32,117.12,352.52,436.51980:IIIllIV2,575.92 573 42*643 72J39.4278.4289,2298 6306.62,297.52 284 32 345 02,432.9200.1206.7216 3228.911.011311511.810.53.82.2-1.03.84.77.46.02,079.72,067.22,122.32,199.21981:ItIIIIV2 864.92 901.82,980.93,003.2315.4325 0335.2344.82 549.52 576 82,645.82,658.4244.6252 0253.3255.312 012 212.512.85.14.6-.8=7.25.87.26.57.02,293.72 324.42[387.32,404.51982:IIIIllIV "2,995.53,045.23 088.23J01.3348.7353.9359.4365.02,646.72,691.22,728.92,736.3250.2256.7261.7266.513.113.513.814.3-7.5.83.66.04.95.816.52,396.92,425.22,455.6Source: Department of Commerce, Bureau of Economic Analysis.184
TABLE B-20.—Relation of national income and personal income, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterNationalincomeLess:CorporateprofitswithinventoryvaluationandcapitalconsumptionadjustmentsNetinterestContributionsforsocialinsuranceWageaccrualslessdisbursementsPlus:GovernmenttransferpaymentstopersonsPersonalinterestincomePersonaldividendincomeBusinesstransferpaymentsEquals:Personalincome1929193319391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982 P1980:\\ZZIIIIV1981:IIIIV1982:IIIIllIV "...84.839.971.479.7102.7135.9169.3182.1180.7178.6194.9219.9213.6237.6274.1287.9302.1301.1330.5349.4365.2366.9400.8415.7428.8462.0488.5524.9572.4628.1662.2722.5779.3810.7871.5963.61,086.21,160.71,239.41,379.21,550.51,760.31,966.72,117.12,352.52,436.52,079.72,067.22,122.32,199.22,293.72,324.42,387.32,404.52,396.92,425.22,455.69.0-1.75.38.614.119.323.523.619.016.622.329.427.133.938.736.136.335.245.543.743.338.549.647.648.656.662.169.280.085.182.489.185.171.483.296.6108.394.9110.5138.1167.3192.4194.8181.6190.6161.1195.3172.2177.8181.2200.3185.1193.1183.9157.1155.4166.24.74.13.63.33.33.12.72.42.21.82.32.42.73.03.54.04.45.35.96.67.99.610.311.413.014.716.418.321.024.427.630.034.841.446.551.260.276.184.587.2102.5121.7153.8187.7235.7265.3175.7181.6190.4203.0217.6231.6244.0249.5258.7267.5268.1267.00.22.12.32.83.54.55.26.16.15.85.45.97.18.59.09.110.111.512.914.915.218.021.121.924.327.328.730.038.843.447.955.058.664.674.292.4104.3110.9126.0140.6161.8186.9204.0238.1253.7199.4200.5204.6211.3232.5236.2240.3243.5250.8253.0255.2255.80.0 0.91.52.52.72.62.72.53.15.610.811.210.611.714.411.612.112.915.116.217.320.124.325.227.030.831.633.434.837.641.649.556.462.876.190.099.8114.0135.4170.9186.4199.3214.6240.0285.8323.9360.8263.2271.9301.8306.5310.8314.8332.3337.9341.4351.7367.2382.96.95.55.45.35.35.25.15.25.96.67.68.18.79.710.511.212.513.714.916.718.820.322.525.026.429.032.235.639.744.448.353.461.169.474.880.993.9112.4123.2132.5152.8179.4218.7263.4329.0371.8249.1258.0266.4280.2304.7320.6339.6351.0359.7372.0378.2377.25.82.03.84.04.44.34.44.64.65.66.37.07.28.88.58.58.89.110.311.111.511.312.212.913.314.415.517.319.119.420.221.922.422.222.624.126.529.129.936.539.645.350.855.962.567.054.155.756.557.459.261.564.165.265.866.167.268.8.8.91.01.21.11.21.41.51.61.82.02.02.12.42.72.83.03.13.43.94.14.44.95.55.87.47.98.69.310.311.412.413.711.011.311.511.812.012.212.512.813.113.513.814.385.047.072.477.995.4122.6150.8164.5170.0177.6190.1209.0206.4227.2254.9271.8287.7289.6310.3332.6351.0361.1384,4402.3417.8443.6466.2499.25407588.2630.0690.6754.7811.1868.4951.41,065.21,168.61,265.01,391.21,540.41,732.71,951.22,160.42,415.82,569.72,086.82,109.62,185.32,260.02,330.02,380.62,458.22,494.62,510.52,55272,592.52.623.2Source: Department of Commerce, Bureau of Economic Analysis.185
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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Monetary policy will play a critica
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Interest Rates and the U.S. Trade D
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSPageCHAPTER 1. FROM RECESSI
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PageConclusions 122CHAPTER 6. REVIE
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CHAPTER 1From Recession to Recovery
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slowed somewhat in the 1970s regard
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nal GNP growth is reflected in a sl
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inflation. More specifically, the A
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inflation rate, or with a 12 percen
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1988, an increase of about one-four
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CHAPTER 2The Dual Problems of Struc
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frequently associated with poor hea
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Chart 2-2Distribution of Unemployme
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Chart 2-4Distribution of Unemployme
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These findings suggest several conc
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Wage RigidityA number of studies sh
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that these measures may have caused
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Most young people find jobs or leav
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to employers who hire youths. Tax c
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defined broadly to include individu
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ship between incomplete experience
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CHAPTER 3The United States in the W
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with 2.6 percent in the other Organ
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TABLE 3-1 .—Structure ofthe U.S.
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TABLE 3-2.—Trade balances by comm
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concentrate on doing what it does r
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the United States will depress pric
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Chart 3-3Real Exchange Rates Of Maj
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AN UNDERVALUED YEN?The explanations
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arily reduced the international com
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nancial markets. These transactions
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TABLE 3-6.—Economic performance b
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were undoubtedly a highly favorable
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of lenders that some debtors will n
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CHAPTER 4Increasing Capital Formati
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ate of net investment was required,
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able share in Japan and 56 percent
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During the 1970s, productivity grow
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MEASURING NATIONAL SAVINGDomestic s
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TAX RULES AND PERSONAL SAVINGMany e
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on consumption taxation might also
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Nevertheless, a number of economic
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tion permitted businesses to deprec
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A final problem under current tax l
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fleeted efforts to deal with proble
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egulation was probably not applicab
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Aeronautics Board, for example, the
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system resulted. Price controls, wh
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NGPA, both controlled and decontrol
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Price and allocation controls only
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nications industries through the re
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Several major pieces of legislation
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tempt to set cartel rates would be
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computer information and advertisin
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of computer technology to the payme
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trend by widening the sources and u
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changes. That is, members can arbit
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ceived to be a consequence of exces
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lowest point in the post-World War
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ing. Partly in response to the drop
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Chart 6-3Ratio of Consumer Installm
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Chart 6-4RATIO1.85Real Inventory/Sa
Page 139 and 140: percent increase in real defense pu
Page 141 and 142: 8.8 percent in 1981. These declines
Page 143 and 144: housing. Borrowing by the nonfinanc
Page 145 and 146: orous competitor for credit as usur
Page 147 and 148: 1982 their share had risen to over
Page 149 and 150: TABLE 6-9.—Economic outlook for 1
Page 151: A critical element in achieving hea
Page 155 and 156: LETTER OF TRANSMITTALCOUNCIL OF ECO
Page 157 and 158: Report to the President on the Acti
Page 159 and 160: ety of interagency and internationa
Page 161: ence J. Kotlikoff (Yale University)
Page 165 and 166: CONTENTSNATIONAL INCOME OR EXPENDIT
Page 167 and 168: B-70. Mortgage debt outstanding by
Page 169 and 170: NATIONAL INCOME OR EXPENDITURETABLE
Page 171 and 172: TABLE B-2.—Gross national product
Page 173 and 174: 19291933193919401941194219431944194
Page 175 and 176: TABLE B-5.—Changes in GNP and GNP
Page 181 and 182: TABLE B-ll.—Gross national produc
Page 183 and 184: TABLE B-13.—Output, costs, and pr
Page 185 and 186: TABLE B-14.—Personal consumption
Page 187 and 188: TABLE B-16.—Gross and net private
Page 189: TABLE B-18.—Inventories and final
Page 193 and 194: TABLE B-21.—National income by ty
Page 195 and 196: TABLE B-22.—Sources of personal i
Page 197 and 198: TABLE B-24.—Total and per capita
Page 199 and 200: Year or quarterTotalTotalTABLE B-26
Page 201 and 202: POPULATION, EMPLOYMENT, WAGES, AND
Page 203 and 204: TABLE B-29.—Noninstitutional popu
Page 205 and 206: TABLE B-31.—Selected employment a
Page 207 and 208: TABLE B-33.—Civilian unemployment
Page 209 and 210: TABLE B-35.—Unemployment by reaso
Page 211 and 212: TABLE B-37.— Wage and salary work
Page 213 and 214: TABLE B-39.—Average weekly earnin
Page 215 and 216: TABLE B-41.—Changes in productivi
Page 217 and 218: TABLE B-43-—Industrial production
Page 219 and 220: TABLE B-45.—Capacity utilization
Page 221 and 222: TABLE B-46.—New construction acti
Page 223 and 224: TABLE B-48.—Nonfarm business expe
Page 225 and 226: TABLE B-50.—Manufacturers' shipme
Page 227 and 228: Year or monthAllitemsPRICESTABLE B-
Page 229 and 230: TABLE B-53.—Consumer price indexe
Page 231 and 232: TABLE B-55.—Changes in consumer p
Page 233 and 234: TABLE B-57.—Producer price indexe
Page 239 and 240: MONEY STOCK, CREDIT, AND FINANCETAB
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TABLE B-63.—Commercial bank loans
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TABLE B-64.—Total funds raised in
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TABLE B-66.—Aggregate reserves of
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TABLE B-67 .—Bond yields and inte
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TABLE B-69.—Consumer installment
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TABLE B-71-—Mortgage debt outstan
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TABLE B-72.—Federal budget receip
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TABLE B-74.—Relation of Federal G
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TABLE B-76.—Federal Government re
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TABLE B-78.—State and local gover
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TABLE B-80.—Estimated ownership o
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CORPORATE PROFITS AND FINANCETABLE
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Year or quarterTABLE B-84.—Corpor
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TABLE B-86.—Relation of profits a
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TABLE B-88.—Determinants of busin
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TABLE B-9Q.~Current assets and liab
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TABLE B-92.—Common stock prices a
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AGRICULTURETABLE B-94.—Farm incom
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TABLE B-96.—Farm input use, selec
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TABLE B-98.—U.S. exports and impo
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INTERNATIONAL STATISTICSTABLE B-100
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TABLE B-101.—U.S. international t
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TABLE B-103.—U.S. merchandise exp
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TABLE B-105.—International invest
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TABLE B-107.— World trade balance
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TABLE B-109.—Growth rates in real
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TABLE B-lll.—Unemployment rate, a
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