Economic Report of the President

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TABLE B-25.—Gross saving and investment, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Gross savingGross investmentYear orquarterTotalGross private savingTotalPersonalsavingGrossbusinesssaving'Governrnent surplus or), national incomeand pr3duct accountsTotalFederalStateandtocalCapita)grantsreceivedby theunitedStates(net) 2TotalGrossprivatedomesticinvestmentNetforeigninvestment*Statisticaldiscrepancy19291933193919401941194219431944194519461947194819491950195119521953...1954195519561957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981...1982 p ,1980:|||IIIIV1981:(IIllIV1982:I||IllIV P15.9.98.813.518.610 7542.45.235.141.749.835.650 756.951.049.850.967.575.975.262.678.381.178.786.793.6104.0120.2127.3125 7136.0153.6148.9161.6186.6235.5227 8218.9257.9309.1374.8422.7406.2477.5413.9410.8395.8404.4414.0461.4482.4490.0476.3428.8441.5422.414.92.211.014.222.442.049 654.344.729.627.341.439.042 750.854.856.758.164.470.774.375.379.978.083.090.592.9106.3119.7128.6139 9142.0143.6158.6180.3189.2227.7234 5282.7294 4326.9374.0407.3438.3504.7529.9420.2438.8449.2445.1468.7488.9513.4547.7519.4529.0546.133-.92.23.410.327 232936.628.713.75.211.17.511916.117 418.517.016.421.322.323.621.119.723.023.321.929 633.736.044 341.940.655.860 752,679.085194.382 578.089 496.7106 2130.2141.197.9108.6113.1105.3105.9122.0134.4158.61391144 3152.0128.91163.18.810.812.114 816 717.616.015.922.130 231.530 734.837.438.241147.949.452.051758.758.360.067.271.076 786.092.795 6100.0103.0102.8119 7136.6148.71494188.42119248.9284 6310.63321374.5388.8322.3330.2336.1339.8362.8367.0379.0389.1380 3384 7394.110-1.4=2.27=3.8=314—44 1-51.8-39.55414.484-3.4806.1-38-6.9-713.152.9= 12 6-1.63.1-4.3-3.8-2 3.5-1.3— 142-6.09.9= 10.6= 19 4-3.37.8-4 7-63.8-36 5-17.8814.3-33 2=28.2= 116.1-10.6-44.2-45.9= 32.2-8.3-7.6-24.5-72.5=90 7—87 5= 123.71.2-1.3-2.2-1.3=5.1=33.1=46.6-54.5=42.13.513.48.3-2.69.26.5-3.7-7.1-6.04.46.12.3= 10.3-1.13.0= 3.9=4.2-13-l!8= 132-6.08.4"12.4-?2.0= 16.8= 5.6115-69.3-531-45.9-29.5-16.1-614=60.0= 147.9-39.7=67.5-73.1-65.2-39.7-40.5= 58.0= 101.7— 1184= 1196-156.0— 2= .1.0.61.31.8252.72.61.91.0,1-1.2= .4-.0-1.113-.9-1.4-2.4-.4.1= .4.510= .011.11.51.92613.513.4685.516 628.030 330.428231.731.929.123.327.133.031.332.933.529.121132132.3ZZZ40.9 .7.7.020.00.001.1121.1.01.21.21.21.21.11.11.11.100.0.017 01.610.314.719.298375.29.335.643.248.336.252.060.152.752.152.968.873.874.062.877.078.778.688.895.3104 2119.0128.7125 4133.9149.7147.4165 7189.9236.32315224.4263 0310.4372 3421.2410 2475.6414.0421.3399.6406.6413.0466.5477.8489.1469.04213442 3426.0366.316.21.49.313.117.99.9587.210.630.734.045.935.353.859.252.153.352.768.471.069.261.978.175.974.885.490.997.4113.5125.7122.8133.3149.3144.2166.4195.0229.8228.7206.1257.9324.1386.6423.0402.3471.5421.9424.0391.0384.1410.3455.7475.5486.0468.9414 84315443.3397.90.8.21.01.51.3=.121-2.0-1.34.99.32.4.9-1.8.9.6=1.3.42.84.8.9-1.22.83.83.44.46.85.43.02.6.6.43.2= 7516.52.918.35.1= 13.6= 14.3-1.87.84.1=7.9=2.68.622.52.810.82.33.16510 8= 17.3=31.71.1\A1.1 .6=.8182,74.1.51.5-1.6.61.33.21.72.32.01.3-2.1-1.2.2-1.3=2.4l.'l1.71 Undistributed corporate profits with inventory valuation and capital consumption adjustments, corporate and noncorporate capitalconsumption allowances with capital consumption adjustment, and private wage accruals less disbursements.2 Allocations of special drawing rights (SDRs), except as noted in footnote 4.3 Net exports of goods and services less net transfers to foreigners and interest paid by government to foreigners plus capital grantsreceived by the United States, net.4 In February 1974, the U.S. Government paid to India $2,010 million in rupees under provisions of the Agricultural TradeDevelopment and Assistance Act. This transaction is being treated as capital grants paid to foreigners, i.e., a $2.0 billion entry incapital grants received by the United States, net.Source: Department of Commerce, Bureau of Economic Analysis.121.4=2.1= 3.9-1.54.13.3.8375.55.11.4=2.6= 1.53.9-1.910.53.82.2-1.05.1=4.6 g7 275 83.6192
Year or quarterTotalTotalTABLE B-26.—Saving by individuals, 1946-82 1[Billions of dollars; quarterly data at seasonally adjusted annual rates]CheckabledepositsandcurrencyTimeandsavingsdepositsIncrease in financial assetsMoneymarketfundsharesGovernmentsecurities2SecuritiesCorporateequities3Othersecurities*Insuranceandpensionreserves5Otherfinancialassets6Net investment 7OwneroccupiedhomesConsumerdurablesNoncor-poratebusinessassets8Less: tJet increase indebtMortgagedebt ConsumeronOthernonfarmcreditdebt 8 8homes1946194719481949195019511952195319541955 .195619571958195919601961196219631964196519661967196819691970197119721973.197419751976197719781979198019811980:IIllIV1981:1 II..IllIV1982:II..Ill24.620.124.320.930 634.731.332.528.234.137.236.534.138.036 735 942.046.756.865 072.877.080.571.586.495 6109.3132 0128.3153 0165.1167 2200.6208.1250.5283.1242.9237.0263 62584256 0257.0320 4299.1300.5290.2335.918.813.29.19.913 719.123.222.822.228 030.228,631.637.432 135 440.146.655.758 857.969.875.665.281.51021131.5148 5147.3174 3210.5233 8274 4296.1337.5355.2347.9 8.1 96.8 61.3270 5 -11.1 81.83614 41 1 120 0 5.13701 -119 203 7 -11.9328 7365 4387 6339.0333 7357 7393.35.6-2.9-2.0264.61.61.02.21.21.8-.43.81.010_9-1.24.25.3762.49.911.1-2.58.912 213.914.17.469 83 415.7 107.5201 107 522.6 100 322,4 78.56.525.855 05942.732.8-3.91.76.33.42.22.6244.77.88.19.1869.411.913.911.012 018 326.126.226.127 819.035.331.19.143.667 774.463 655.7125.665.625 2 148 492 8 59.984 3 137.360.1 84.3131.4102 494.72.413-.0 26934.429.2107.541?86.5-1.51.61.31.8_ 1-.62.52.51.05.83.92.3-2.510.12.21.41.3.64.83.711.3-1.25.225.9-5.4= 12 22.724.228.325 011.718 233.655.540.557.365.7-6.640.162.751103.283.737.042.6105.268.91.11.11.0.7.71.81.61.0.81.02.01.51.5-.6.3-2.1-2.6—2-2.17-4.775-2.8-1.7-5.5-5.1-.6-3.8-4.63.5-15.92.1-31.6.6R91.515 529.0-55.0-26.8n n44-12.5-0.9-.8.0-.4-.7.3.0.3— 9.81.21.01.1— 32.4 ,1.11.4.41.32.45.27.910.06.9654.911.16.8448.64712.518.47.0-6.4.42.413.312.1-113-7.4-21.914.9-19.9-30.73.05.35.45.35.66.96.37.77.97.88.59.59.510.411.911.512.112.713.916.116.919.218.619.821.523.927.429.433.036.243 552.467.473.868.289.698.780.795.8100.181.984.6103.5113.393.690.6112.0104.42.82.42.21.6191.92.02.12.1212.52.83.53.33.6433.22.93.23.74.46.78.14.05.45811.48311.113 619.219229.834.636.938.334.342.2V\37 24?fi40133.2?9fi46.63.66.79.18.411.811.711.312.312.716.715.613.212.316.314.812.713.514.315.014.513.511.715.716.313.620.728.031.025.223 536.152.363.967.948.743.859.849.340.845.649.048.442.435.727.129.629.56.19.09.810.614 811.38.610.17.112 28.57.73.67.37.0438.511.815.020 223.121.127.026.320.026 634.640.428.426 540.049 652.532.438.246.4185VO45 74? 829.035 737 735.22.31.86.91.8684.52.31.01.9291.22.72.65.03.64.77.59.89.213.310.810.210.012.711.517.520.626.610.65.83.315.226.38.727.914.76013925.33? 9?9fi5,9783.64.74.64.4676.66.27.68.712 211.28.99.512.811.712 214.116.217.517 013.812.516.918.614.126 241.446.538.040661.4911111 ^121.31 Saving by households, personal trust funds, nonprofit institutions, farms, and other noncorporate business.2 Consists of U.S. savings bonds, other U.S. Treasury securities, U.S. Government agency securities and sponsored agency securities,mortgage pool securities, and State and local obligations.3 Includes mutual fund shares.4 Corporate and foreign bonds and open market paper.s Private life insurance reserves, private insured and noninsured pension reserves, and government insurance and pension reserves.6 Consists of security credit, mortgages, accident and health insurance reserves, and nonlife insurance claims for households and ofconsumer credit, equity in sponsored agencies, and nonlife insurance claims for noncorporate business.7 Purchases of physical assets less depreciation.8 Includes data for corporate farms.9 Other debt consists of security credit, policy loans, and noncorporate business debt.Source: Board of Governors of the Federal Reserve System.98.381.4123.783 794 491491.699 577 866 8SIR51.13.13.73.23.2481.65.34.21.5723.92.9.58.04.42.56.38.99.810 66.55.711.510.85.414.719.89.99.625.440.248 845.44.925.321.814126.53??34?8.3fi.68.2-0.42.22.82.2503.72.71.95.5643.23.86.07.24.9657.210.710.814 312.217.619.219.420.730 344.243 835.426 937.952 459.368.073.775.280.445.763.9104.774.793.270.162.828.565.462.8193
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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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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 and 192: TABLE B-20.—Relation of national
Page 193 and 194: TABLE B-21.—National income by ty
Page 195 and 196: TABLE B-22.—Sources of personal i
Page 197: TABLE B-24.—Total and per capita
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
Page 245 and 246: TABLE B-66.—Aggregate reserves of
Page 247 and 248: 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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