TABLE B-27.—Number and median income (in 1981 dollars) <strong>of</strong> families and persons, and poverty status,by race, selected years, 1947-81YearMedianincomeFamilies >TotalNumber(millions)NumhprDel Rate(millions)Below poverty levelFemale householderRatePersonsbelowpoverty levelNumber(millions)Number/millions)RateMedian income <strong>of</strong> persons 14 yearsold and over with income *AllpersonsMalesYearroundfull-timeworkersFerralesAllpersonsYearroundfulltimeworkersALL RACES1947195019551960196119621963196419651966 319671968196919701971197219731974 »19751976197719781979*19801981WHITE19701971197219731974 319751976197719781979*19801981BLACK19701971197219731974 •19751976197719781979*1980198137 239.942 945.546 447147.548 048.549.250.150 851652 253.354.455.155 756.256 757.257.859 660.361046 547.648 548949 449 950150 550952.252 753.34.95.25.35.45.55.65.85.85.96.26.36.4$12,34112,53915,00617,25917,43517,90718,56319,26220,05421,10821,60922,56623,40223,11123,09724,16624,66323,79523,18323,89824,02724,59124,54223,20422,38823,97523,96625,10725,77724,72824,11024,82325,12425,60625,61024,17623,51714,70714,46214,92214,87714,76514,83514,76614,35215,16614,50213,98913,2668.28.48.17.67.26.75.85.75.05.05.35.35.14.84.95.55.35.35.35.56.26.93.73.83.43.23.43.83.63.53.53.64.24.71.51.51.51.51.51.51.61.61.61.71.82.018.118.117.215.915.013.911.811.410.09.710.110.09.38.88.89.79.49.39.19.210.311.28.07.97.16.66.87.77.17.06.96.98.08.829.528.829.028.126.927.127.928.227.527.828.930.82.02.02.02.01.81.91.71.81.81.82.02.12.22.22.32.42.52.62.72.63.03.31.11.21.11.21.31.41.41.41.41.41.61.8.8.91.01.01.01.01.11.21.21.21.31.442.442.142.940.436.438.433.133.332.332.732.533.932.732.232.132.533.031.731.430.432.734.625.026.524.324.524.825.925.224.023.522.325.727.454.353.553.352.752.250.152.251.050.649.449.452.939.939.638.636.436.133.228.527.825.424.125.425.624.523.023.425.925.024.724.526.129.331.817.517.816.215.115.717.816.716.416.317.219.721.67.57.47.77.47.27.57.67.77.68.18.69.222.221.921.019.519.017.314.714.212.812.112.612.511.911.111.212.311.811.611.411.713.014.09.99.99.08.48.69.79.18.98.719.010.211.133.532.533.331.430.331.331.131.330.631.032.534.2$9,0809,71011,40512,53012,73513,14513,40013,62614,47914,87015,12615,63315,95015,62315,50216,19616,48715,58814,96015,05915,19315,24414,75913,83013,47316,42116,25216,98717,30016,32915,71515,87615,91315,96615,41814,71014,2969,7379,69210,28910,46410,1189,3959,5599,4439,5659,5448,8408,501$14,40516,68817,21717,51718,03118,42619,01919,49119,85520,42721,50421,51121,62822,90923,47022,43021,85622,14222,61722,39121,90121,16220,69222,12722,23723,73624,15022,86722,36122,80223,08022,80722,53421,76621,17815,07215,20516,02916,27616,38316,64116,33115,91217,46816,24015,31414,98454,1413,6013,8043,8733,8884,0354,0764,2494,3844,5904,9065,2785,2895,2405,4085,6505,7225,6845,7205,7135,9155,6715,4535,4305,4585,3075,4975,6875,7775,7495,7795,7616,0055,7395,5045,4605,5194,8324,8175,3135,2155,1905,2505,4295,1855,1685,0095,0554,903(9,28910,12210,15710,39410,56310,87811,00011,28311,43511,94212,59512,74212,80313,15913,27813,23113,04413,28013,22813,44013,19512,79312,45712,96712,95113,41813,50313,34313,07413,38213,31213,56713,31112,91712,6650,6241,4351,4791,4512,3142,4912,5112,4422,5742,1972,0471,4381 The term "family" refers to a group <strong>of</strong> two or more persons related by blood, marriage, or adoption and residing toge<strong>the</strong>r; all suchpersons are considered members 01 <strong>the</strong> same family. Beginning 1979 based on householder concept and restricted to primary families.3 Beginning 1979, data are for persons 15 years and over.'Based on revised methodology; comparable with succeeding years.* Based on 1980 census population controls; comparable with succeeding years.Note.—The poverty level is based on <strong>the</strong> poverty index adopted by a Federal interagency committee in 1969. That index reflecteddifferent consumption requirements for families based on size and composition, sex and age <strong>of</strong> family householder, and farm-nonfarmresidence. Minor revisions implemented in 1981 eliminated variations in <strong>the</strong> poverty thresholds based on two <strong>of</strong> <strong>the</strong>se variables, farmnonfarmresidence and sex <strong>of</strong> householder. The poverty thresholds are updated every year to reflect changes in <strong>the</strong> consumer price indexFor fur<strong>the</strong>r details see "Current Population <strong>Report</strong>s," Series P 60, No. 133.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>the</strong> Census.194
POPULATION, EMPLOYMENT, WAGES, AND PRODUCTIVITYTABLE B-28.—Population by age groups, 1929-82[Thousands <strong>of</strong> persons]July lTotalAge (years)Under 5 5-15 16-19 20-24 25-44 45-6465 andover1929193319391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982121,767125,579130,880132,122133,402134,860136,739138,397139,928141,389144,126146,631149,188152,271154,878157,553160,184163,026165,931168,903171,984174,882177,830180,671183,691186,538189,242191,889194,303196,560198,712200,706202,677205,052207,661209,896211,909213,854215,973218,035220,239222,585225,055227,658229,807231,99011,73410,61210,41816,41017,33317,31217,63818,05718,56619,00319,49419,88720,17520,34120,52220,46920,34220,16519,82419,20818,56317,91317,37617,16617,24417,10116,85116;48716,12115,61715,56415,73516,06316,44816,93926,80026,89725,17910,57910,85011,30112,01612,52412,97913,24414,40614,91915,60724,81124,51624,23124,09323,94923,90724,10324,46825,20925,85226,72127,27928,89430,22731,48032,68233,99435,27236,44537,36838,49439,76541,20541,62642,29742,93843,70244,24444,62244,84044,81644,59144,20343,58242,98942,50842,09941,29840,42839,55238,81438,0409,1279,3029,8229,8959,8409,7309,6079,5619,3619,1199,0978,9528,7888,5428,4468,4148,4608,6378,7448,9169,1959,54310,21510,68311,02511,18012,00712,73613,51614,31114,20014,45214,80015,28915,68816,03916,44616,76917,01717,19417,27617,28817,24217,13116,67910,69411,15211,51911,68011,55211,35011,06210,83210,71410,61610,60310,75610,96911,13411,48311,95912,71413,26913,74614,05015,24815,78616,48017,20218,15918,15318,52118,97519,52719,98620,49920,94621,29721,60521,93835,86237,31939,35411,69011,80711,95512,06412,06212,03612,00411,81411,79411,70039,86840,38340,86141,42042,01642,52143,02743,65744,28844,91645,67246,10346,49546,78647,00147,19447,37947,44047,33747,19247,14047,08447,01346,99446,95846,91247,00147,19447,72148,06448,47348,93650,48251,74953,05154,30255,85257,56159,40061,37963,46565,48721,07622,93325,82326,24926,71827,19627,67128,13828,63029,06429,49829,93130,40530,84931,36231,88432,39432,94233,50634,05734,59135,10935,66336,20336,72237,25537,78238,33838,91639,53440,19340,84641,43741,99942,48242,89843,23543,52243,80144,00844,15044,28644,39044,48744,4716,4747,3638,7649,0319,2889,5849,86710,14710,49410,82811,18511,53811,92112,39712,80313,20313,61714,07614,52514,93815,38815,80616,24816,67517,08917,45717,77818,12718,45118,75519,07119,36519,68020,10720,56121,02021,52522,06122,69623,27823,89224,50225,13425,70826,2531 Not available.Note.—Includes Armed Forces overseas beginning 1940. Includes Alaska and Hawaii beginning 1950.Source: Department <strong>of</strong> Commerce, Bureau <strong>of</strong> <strong>the</strong> Census.195
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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
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1982 their share had risen to over
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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