TABLE B-23.—Disposition <strong>of</strong> personal income, 1929-82[Billions <strong>of</strong> dollars, except as noted; quarterly data at seasonally adjusted annual rates]Year or quarter192919331939194019411942194319441945 ,.,1946194719481949195019511952 ....'.'.....'.* .*1953 . ..195419551956195719581959I9601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982 p1980:IItHIIV1981:|||HIIV1982:1||III\M PPersonalincome85.047.072.477.9954122.6150 8164.5170.0177 6190.1209 0206.4227.2254.9271.8287 7289.6310 3332.6351.0361.1384.4402.3417 8443.6466 2499.2540.7588.2630.0690.6754.7811.1868.4951.41,065.21,168.61,265.01,391.21,540.41,732.71,951.22,160.42,415.82,569.72,086.82,109.62,185.32,260.02,330.02,380.62,458.22,494.62,510.52,552.72,592.52,623.2Less:Personaltax andnontaxpayments2614242.6335.917 818.920 818 721421018.520.628.934.035 532.535439.742 442.146.050 452156860 358.664.974.582197.2115.7115.8116 7141.0150.7170.2168.9196.82264258.7301.0336.3386.7397.2319.9328 6339.7357.1371.2384.23981393.2393.4401.2394.4399.7Equals:Disposablepersonalincome82.445.670.075.392 2116.6133 0145.61491158 9168.7188 0187.9206.6226.0237.7252 2257.1275 0292.9308 6319.0338.4352 0365838684059440.6475.8513.7547 9593.4638.9695.37518810.3914.5998.31,096.11,194.41,314 01,474.01,650.21,824.12,029.12,172.51,766.91,78101,845.51,902.91,958.71,996.52,060 02,101.42,117.12,151.52,198.12,223.5Total79.146.567.872.081.889.4100.1109.0120.4145 2163.51769180.4194.7210.0220.4233 7240.1258 5271.6286 4295.4317.3332.3342 7363.5384 0411.0442.1477.7503 6551.5598.3639.56911757.7835.5913.21,001.81,111.91,236 01,384.61,553.51,717.91,898.92,031.41,669.11,672 41,732.51,797.61,852.81,874.51,925.71,942.71,977.92,007.22,046.12,094.6Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>Economic</strong> Analysis.Less: Personal outlaysPersonalconsumptionexpenditures77.345.867.071.080.888.699.4108.2119.5143.8161.7174.7178.1192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8324.93350355.2374 6400.5430.4465.1490.3536.9581.8621.7672 2737.1812.0888.1976.41,084.31 204.41,346.51,507.21,667.21,843.21,972.01,618.71622 21,682.21,745.81,799.91,819.41,868.81,884.51,919.41,947.81,986.32,034.61.5.5.7.8.9ij.71.01.41.72.32.52.93.63.84.45.15.55.66.17.0737.8889.9U.I12.012.513.815.616.717.719.522.324.124.426.730.737.445.549.955.158.649.649.449.750.852.454.456.257.557.858.459.059.1Interestpaid byconsumerstobusinessPersonaltransferpaymentst<strong>of</strong>oreigners(net)Equals:Personalsaving0.3 3.3.2 -0.9.2 2.2.2 3.410.3.1 27.2.2 32.9.4 36.6.5 28.7.7 13 7J 5.2,7 11.1.5 7.5.4 11.9.4 16.1.4 17.4.5 18.5.5 17.0,4 16.4.5 21.3.5 22.3.4 23.6.4 21.1.4 19.7.4 23 0.5 23.3.6 219.6 29.6.7 33.7.7 36.0.9 44.3.8 41.9.9 40.61.1 55.81.1 60.71.1 52.61.3 79.01.0 85.1.9 94.3.9 82.5.9 78 0.8 89.4.8 96.7.8 106.2.6 130.2.9 141.1.7 97 9.7 108 6.8 113.1.9 105.3,5 105 9.8 122.0134 4.7 158.6.8 139.1.9 144.3.8 152.0.9 128.9Percent <strong>of</strong> disposablepersonal incorPersonal outlaysTotal96.0102.096.995.588.876.775.374.880.891.496.994.196.094.292.992.792.793.494.092.792.892.693.894.493.794.094.693.392.993.091.992.993.692.091.993.591.491.591.493.194.193.994194.293.693.594 593993.994.594.693.993 592.593.493.393.194.2PersonalConsumptionexpenditures93.8100.595.694.287.676.074.774.380.190.595.993.094.892.991.691.391.191.792.390.890.990.791.892.391.691.892.390.990.590.589.590.591.189.489.491.088.889.089.190.891.791.391.391.490.890.891691191.191.791991.190 789.790.790.590.491.5Personalsaving4.0=2.03.14.511.223.324.725.219.28.63.15.94.05.87.17.37.36.66.07.37.27.46.25.66.36.05.46.77.17.08.17.16.48.08.16.58.68.58.66.95.96.15.95.86.46.55.5616.15.5546.1657.56.66.76.95.8190
TABLE B-24.—Total and per capita disposable personal income and personal consumption expenditures incurrent and 1972 dollars, 1929-82[Quarterly data at seasonally adjusted annual rates, except as noted]Disposable personal incomePersonal consumption expendituresYear or quarterTotal (billions <strong>of</strong>dollars)Currentdollars1972dollarsCurrentdollarsPer capita(dollars)1972dollarsTotal (billions <strong>of</strong>dollars)Currentdollars1972dollarsCurrentdollarsPer capita(dollars)1972dollarsPopulation(thousands)l1929...,1933...,1939....1940....1941...,1942....1943...1944....1945....1946....1947....1948....1949...,1950...,1951...,1952...,1953....1954...,1955...,1956...,1957...,1958....1959...,I960...,1961...,1962...,1963....1964....1965...,1966....1967...,1968...1969....1970...1971...1972...1973...1974...1975...,1976...1977...1978...1979...82.445.670.075.392.2116.6133.0145.6149.1158.9168.7188.0187.9206.6226.0237.7252.2257.1275.0292.9308.6319.0338.4352.0365.8386.8405.9440.6475.8513.7547.9593.4638.9695.3751.8810.3914.5998.31,096.11,194.41,314.01,474.01,650.2229.5169.6229.8244.0277.9317.5332.1343.6338.1332.7318.8335.8336.8362.8372.6383.2399.1403.2426.8446.2455.5460.7479.7489.7503.8524.9542.3580.8616.3646.8673.5701.3722.5751.6779.2810.3864.7857.5874.9906.8942.9988.81,015.76763635345706918659731,0521,0661,1241,1701,2821,2591,3621,4651,5151,5811,5831,6641,7411,8021,8321,9111,9471,9912,0732,1442,2962,4482,6132,7572,9563,1523,3903,6203,8604,3154,6675,0755,4775,9656,6217,3311,8831,3491,7541,8472,0832,3542,4292,4832,4162,3532,2122,2902,2572,3922,4152,4412,5012,4832,5822,6532,6602,6452,7092,7092,7422,8132,8653,0263,1713,2903,3893,4933,5643,6653,7523,8604,0804,0094,0514,1584,2804,4414,51277.345.867.071.080.888.699.4108.2119.5143.8161.7174.7178.1192.0207.1217.1229.7235.8253.7266.0280.4289.5310.8324.9335.0355.2374.6400.5430.4465.1490.3536.9581.8621.7672.2737.1812.0888.1976.41,084.31,204.41,346.51,507.2215.1170.5219.8229.9243.6241.1248.2255.2270.9301.0305.8312.2319.3337.3341.6350.1363.4370.0394.1405.4413.8418.0440.4452.0461.4482.0500.5528.0557.5585.7602.7634.4657.9672.1696.8737.1767.9762.8779.4823.1864.3903.2927.66343645115376056577277818541,0171,1221,1921,1941,2661,3421,3831,4391,4521,5351,5811,6371,6621,7551,7971,8231,9041,9792,0872,2142,3662,4672,6742,8703,0313,2373,5113,8314,1524,5214,9725,4686,0486,6951,7651,3561,6781,7401,8261,7881,8151,8441,9362,1292,1222,1292,1402,2242,2142,2302,2772,2782,3842,4102,4162,4002,4872,5012,5112,5832,6442,7512,8682,9793,0323,1603,2453,2773,3553,5113,6233,5663,6093,7743,9244,0574,121121,878125,690131,028132,122133,402134,860136,739138,397139,928141,389144,126146,631149,188151,684154,287156,954159,565162,391165,275168,221171,274174,141177,073180,760183,742186,590189,300191,927194,347196,599198,752200,745202,736205,089207,692209,924211,939213,898215,981218,086220,289222,629225,1061980...,1981...,1982 ",1,824.12,029.12,172.51,018.01,043.11,054.58,0128,8279,3624,4724,5384,5441,667.21,843.21,972.0930.5947.6957.17,3238,0188,4984,0874,1234,125227,654229,872232,0501980:IIIIII ....IV1981:IIIIll...,IV1982:Ii!Z1,766.91,781.01,845.51,902.91,958.71,996.52,060.02,101.42,117.12,151.52,198.12,223.51,022.81,005.51,018.21,025.71,035.01,036.61,048.81,051.91,046.91,054.81,058.31,057.97,7937,8348,0958,3258,5518,6988,9519,1079,1559,2859,4619,5464,5114,4234,4664,4874,5194,5164,5574,5594,5274,5524,5554,5421,618.71,622.21,682.01,745.81,799.91,819.41,868.81,884.51,919.41,947.81,986.32,034.6937.0915.8928.0941.0951.1944.6951.4943.4949.1955.0956.3968.07,1407,1367,3787,6387,8587,9268,1208,1678,3008,4068,5508,7354,1334,0294,0714,1174,1524,1154,1344,0884,1044,1214,1164,156226,727227,332227,978228,579229,053229,539230,145230,751231,246231,724232,320232,9101 Population <strong>of</strong> <strong>the</strong> United States including Armed Forces overseas; includes Alaska and Hawaii beginning 1960. Annual data are forJuly 1 through 1958 and are averages <strong>of</strong> quarterly data beginning 1960. Quarterly data are average for <strong>the</strong> period. Data beginning 1970reflect results <strong>of</strong> <strong>the</strong> 1980 census <strong>of</strong> population.Source: Department <strong>of</strong> Commerce (Bureau <strong>of</strong> <strong>Economic</strong> Analysis and Bureau <strong>of</strong> <strong>the</strong> Census).191
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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
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percent increase in real defense pu
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8.8 percent in 1981. These declines
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housing. Borrowing by the nonfinanc
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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