Economic Report of the President

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TABLE B-21.—National income by type of income, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Compensationof employeesProprietors' income with inventory valuation and capital consumptionadjustmentsYear orquarterNationalincome 1TotalWagesandsalariesSupplementstowagesandsalaries2TotalTotalFarmProprietors'income3TotalCapitalconsumptionadjustmentProprietors'Income4NonfarmInventoryCapitalconsumptionvaluationadjustmentadjustment19291933193919401941.194219431944194519461947194819491950195119521953195419551956195719581959I960196119621963196419651966196719681969197019711972197319741975197619771978197984 839 971.479 7102.7135 9169.31821180 7178 6194 9219.9213.6237.6274.1287.93021301.1330.5349.4365 2366.9400.84157428.8462.0488.5524.9572.4628.1662.2722.5779.3810.7871.5963 61,086.21,160 71,239.41,379 21,550.51,76031,966751.129 548.152164.885 3109.51212123.11181129.2141.4141.3154.8181.0195.7209 6208.4224.9243.5256 5258.2279.6294 9303.6325.1342.9368.0396.5439.3471.4519.9572.9612.0652.2718 0801.3877 5931.41,036 31,152.11,30111,458.150.529 046.049962.182,1105.8116 7117.5112 0123.1135.5134.7147.0171.3185.3198.5196.82117228.3239 3240.5258.92719279.5298,0313.4336.1362.0398.4427.0469.65157548.7581.5635 2702.6765 2806.4889 9983.21106 51,237.40.652.12327323.8455.6606.15.96.67.89,710.411011.613.215.217 217.720.623 024.127129.531.834.540.944.450.357.263.270.782 8987112 3125.0146 4168.9194 6220715.05911.813 017.524.229.130431.836 735.940.936.438.743.243.441.841.242.943.945 347.747.647 248.649 950.552.556.960.561.264.067.066.269.476993.888,790.0941103.9118,5132.16.12.54.44.46.410.112.012.012.414.915.117.612.813.716.115.113.1n'i11.2n.i13.210.911712.112 312.010.813.114.112.612714.614.315.018732.826 524.619.119.126 331.96.32.64.54.56.510.312.212.212.715.215.718.213.514.416.916.013.913.312.212.112.114.111.912.612.913.012.811.513.814.913.513715.715.616.420434.629.028.022.823.331.337.80.2-.0-.1-.2-.2=.3-.3-.3=.5-.6-.7= 7-.8-.8-.8-.9-.9-.9= 1.0-.9-.8-.8-7-.7-.7-.9-1.0-1.2-1.3-1.4-1.6-1.8-2.5-3.4-3.7-4.3-5.0-5.98.9337.48.611.114.117.118.419.421.820.823.323.625.027.228.228628731.432.734.234.536735.536.537.638.541743.846.448.651.352.551.954.458.161.062.265.475.084.892.2100.28.8397.68611714.417.118.319.323.321.823.122.225.126.426.927 627.630.531.833.133.235.334.235.336.437.240.242.745.347.550.651.951754.558.162.365.867.477.186.894.9103.2015•= 2»0= .6= 4=.2= 1=.1-1.7-1.5-1.1-.3= 2=.0= 3=.1= .0.0.0= .0= .0=.1l!2-.2=.'5= .'6=2.0-37-1.2-1.2= 1.2=2.0= 2.9=01o-.0o.01.2,2.22.5.6.91.01.01.11,21.21.21.41.41.41.41.31.21.21.41.51.31.31.31.11.1.8.4.8.6,1= 8-.9-.7= .1198019811982 P1980:||IllIV1981:IIIllIV1982:1.IllIV2,117.12,352.52,436.52.079 72,067.22,122.32,199.22,293.72,324.42,387.32,404.52,396.92,425.22,455.61,598.61,767.61,855.91,555 21,571.71,604.91,662.81,718.01.750.01,789.11,813.41,830.81,850.71,868.31,873.71,356.11,494.01,560.11319 51,332.11,361.01,411.71,452.81,479.41,512.61,531.11,541.51,558.61,570.01,572.3242.5273.6295.8235 7239.6243.9251.0265.2270.6276.5282.3289.3294.1298.3301.4116.3124.7120.1122 7108.9115.5118.0123.4123.8127.5124.1116.4117.3118.4128.119.424.018.622.115.920.319.221.622.527.124.617.817.416.622.626.431.826.828.722.927.526.529.130.335.132.826.025.524730.8-7.0-7.9-8.1-6.6-7.0-7.2-7.3-7.5-7.8-8.0-8.2-8.2-8.1-8.1-8.296.91007101.4100.593.095.198.8101.8101.2100.499.598.699.9101.7105.599.9100.394.6104.995.198.2101.4103.2100.999.397.793.894.594.4957-=3.1-1.64.3=2.0-3.1=3.0-2.5-1.4-1.2-1.2.0= 1.0-A.17.3.0-.2.0.51.21.82,33.0476.47.910.31 National income is the total net income earned in production, ft differs from gross national product mainly in that it excludesdepreciation charges and other allowances for business and institutional consumption of durable capital goods and indirect businesstaxes. See Table B 19.2 Employer contributions for social insurance and to private pension, health, and welfare funds; workmen's compensation; directors'fees; and a few other minor items.See next page for continuation of table.186
TABLE B-21.—National income by type of income, 1929-82—Continued[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterRental income of personswith capital consumptionadjustmentTotalRentalincomeofpersonsCorporate profits with inventory valuation and capital consumption adjustmentsTotalProfits with inventory valuation adjustment and withoutcapital consumption adjustmentTotalProfitsbeforetaxesProfitstaxliabilityProfitsTotalProfits after taxCapitalconsumptionadjustmentDividendsUndistributedprofitsInventoryvaluationadjustmentCapitalconsumptionadjustmentNetinterest1929193319394.92.22.65.72.33.1-0.8-.1-.69.0175.310.5-1.26.510.01.07.21.4U8.6575.82.03.82.8-1.62.00.5-2.1-.7-1.4-.6-1.1474.13.619401941194219431944194519461947194819492.73.1404.4454.65.55.35.76.1333.9505.6596.2737.7858.9-.6-.8-1.0-1.2-1.4-1.6-1.8-2.5-2.8-2.88614.119 323.523 619.016 622.329427.19.815.420.524.524.019.319.625.933.431.110 017.921725.324.219.824.831.835 629.22.87.611.414.112.910.79.111.312.410.27.210.310.311.211.39.115.720.523 219.04.04.44.34.44.64.65.66.37.07.2325.8606.7674.510 214.216211.8-.2-2.5-12-.8-.6-5.3-5.9-2.21.9-12-1.312-1.0- 3-.2-30-3.640-3.9333.3312.7242.2182.3242.71950195119521953195419551956195719581959..7.17.78.810.011.011.311.612.212.913.610.011012.213414.414 815.215916.717.4-2.9-3 3-3.4-3 4-3.3-3 5-3.6-3.6-3.8-3.833.938 736.136 335.245 543.743 338.549.637.943.340.640.238.447.546.946.641.652.342.944 539.641238.749.249.648.141.952.617.922.619.420.317.622.022.021.419.023.625.021.920.220 921.127.227.626.722.928.98.88.58.58.89.110.311.111.511.312.216.213.411.812.111.916.916.615.211.616.7-5.0-1.21.0-1.0-17-2.7-1.5-.340-4 6-4.5-39-3.2-20-3.2-3.4-3.2-2.73.03.54.04.45.35.96.67.99.610.3I9601961196219631964196519661967 *.'.'."1968196914.515.015.816.517.118.018.719.719 519.618.018.419119.720.221.222.323.624 025.2-3.5-3.4-3 4-3.2-3.2-3.3-3.6-3.9-4 5-5.647.648 656 662.169.280.085.182.489185.149.750.055159.766.076.080.978.184 980.849.849.755 059.666.577.283.079.788 586.722.722.824 026.228.030.933.732.539.239.527.126.931133.438.546.349.447.249447.212.913.314.415.517.319.119.420.222.022.514.313.616 617.921.227.229.927.027.324.7-.2.0.1~\2-2.1-1.6-3.7-5.9-2.0-1.41.52.53.14.04.24.34.34.311.413.014.716.418.321.024.427.630.034.819701971197219731974 ..v1975197619771978197919.720.221022.623.523.023.524.826.627.925.827129 032.135.336 839.244.050.056 2-6.1-6.9-8 0-9.5-11.8-13 8-15.6-19.1-23.4-28 371.483 296 6108.394.9110 5138.1167.3192.4194 868.982.094 0105.696.7120.6151.6178.5205.1209.675.486.6100 6125.6136.71321166.3194.7229.1252.734.237.541.649.051.650.663.872.783.287.641.349.058 976.685.181.5102.5122.0145.9165.122.522.924.427.029.930.837.440.847.052.718.826.134.549.655.250.765.181.298.9112.4-6.6-4.6-6.6-20.0-40.0-11.6-147-16.2-24.0-43.12.51.32.72.7-1.8-10.1-13.5-11.3-12.7-14.841.446.551.260.276.184.587.2102.51217153.8198019811982"32.933.934.165.369.470.8-32.4-35.5-36.7181.6190.6161.1199.4207.5166.0242.4232.1175.484.781.258.8157.8150.9116.658.165.170.399.785.846.3-43.0-24.6-9.4-17.8-16.8-4.9187.72357265.31980:||IIIIV30.832.733.834.261.864.866.967.5-31.0-32.1-33.1-33.3195.3172.2177.8181.2211.0189.4197.0200.4268.2217.6238.1245.995.373.382.287.8172.9144.3155.9158.156757.858,759.6116.786.497.398.5-57.2-28.2-41.1-45.5-15.7-17.2-19.3-19.2175.7181.6190.4203.01981:IIIll(V34 434.033.633.668 768.969.570 5-34.3-34.9-35.9-36.9200 3185.1193.1183.9217.6202.6210.3199.4253.1225.4233.3216.591.579.282.471.6161.6146.2150.8144.961.564.066.868.1100.182.284.076.9-35.5-22.8-23.0-17.1-17.3-17.5-17.1-15.5217.6231.6244.C249.51982:I||IllIV*33.934.234.633.971.070.770.970.9-37.1-36.4-36.3-37.0157.1155.4166.2167.2162.2170.0171.6171.7180.356.755.360.9115.0116.3119.468.869.370.572.446.147.048.8-4.4-9.4-10.3-13.4-10.1-6.9-3.81.22587267.5268.1267.03 With inventory valuation adjustment and without capital consumption adjustment.4 Without inventory valuation and capital consumption adjustments.Source: Department of Commerce, Bureau of Economic Analysis.187
Page 5:
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
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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 and 190: TABLE B-18.—Inventories and final
Page 191: TABLE B-20.—Relation of national
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
Page 241 and 242: TABLE B-63.—Commercial bank loans
Page 243 and 244:
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
Page 269 and 270:
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
Page 293:
TABLE B-lll.—Unemployment rate, a
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