GOVERNMENT FINANCETABLE B-72.—Federal budget receipts, outlays, and debt, fiscal years 1973-84[Millions <strong>of</strong> dollars; fiscal years]Description197319741975Actual^1976Transitionquarter19771978BUDGET RECEIPTS AND OUTLAYS:Total receiptsFederal fundsTrust fundsInterfund transactionsTotal outlaysFederal fundsTrust fundsInterf und transactionsTotal surplus or deficit (-)Federal funds230,799161,35790,76621,325245,647186,95180,021-21,325= 14,849=25,59310,745263,224181,219103,138-21,133267,912199,91889,126= 21,133-4,68814,011279,090187,505116,683-25,098324,245240,081109,261-25,098-=45,154-52,5767,422298,060201.099131,750-34,789364,473269,921129,341-=34,789= 66,413-68,8222,40981,23254,08531,530-4,38394,18865,08833,482-4,383-12,956-11,004-=1,952355,559241,312150,560= 36,313400,506295,756141,063-36,313=44,948=54,4449,496399,561270,490165,568=36,498448,368331,991152,874-36,498=48,807=61,50112,694Trust fundsOUTSTANDING DEBT, END OF PERIOD:Gross Federal debtHeld by Government agenciesHeld by <strong>the</strong> publicFederal Reserve SystemO<strong>the</strong>rBUDGET RECEIPTSIndividual income taxesCorporation income taxesSocial insurance taxes and contributionsExcise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:Deposits <strong>of</strong> earnings by FederalReserve SystemAH o<strong>the</strong>rBUDGET OUTLAYSNational defenseInternational affairsGeneral science, space, and technol-, ogyEnergyNatural resources and environmentAgricultureCommerce and housing creditTransportation...Community and regional development..Education, training, employment, andsocial servicesHealthIncome securityVeterans benefits and servicesAdministration <strong>of</strong> justiceGeneral governmentGeneral purpose fiscal assistanceNet interestAllowancesUndistributed <strong>of</strong>fsetting receiptsComposition <strong>of</strong> undistributed <strong>of</strong>fsettinereceipts:Employer share, employee retirementRents and royalties on <strong>the</strong> OuterContinental Shelf468,426125,381343,04575,181267,863230,799103,24636,15363,11516,2604,9173,1883,495425245,64774,5414,0664,0301.1794,7634,8529249,0654,59512,73517,40572,96512,0132,1312,568735117,346-6,882-2,927-3,956486,247140,194346,05380,648265,405263,224118,95238,62075,07116,8445,0353,3344,845523267,91277,7815,6813,9778375,6702,2273,9259,1724,13412,34420,36484,43713,3862,4623,2436,89021,449-10,068=3,319-6,748544,131147,225396,90684,993311,913279,090122,38640,62184,53416,5514,6113,6765,777935324,24585,5526,9223,989MS 1,6595,60710,3883,73815,87025,742108,57616,5972,9423,1337,18723,244=6,408-3,980-2.428631,866151,566480,30094,714385,586298,060131,60341,40990,76916,9635,2164,0745,4512,576364,47389,4305,5544,3703,1278,124215023,79213,4354,76718,73731,503127,39018,4323,3202,9487,23526,711^6,904-4,242=2,662646,379148,052498,32796,702401,62581,23238,8018,46025,2194,4731,4551,2121,50011194,18822,3072,1911,1617942,5325841,3923,3041,3405,1628,18132,7973,9628598832,0926,946-2,296=985-1,311709,138157,295551,843105,004446,839355,559157,62654,892106,48517,5487,3275,1505,908623400,50697,5014,8194,6774,17210,0005,5269814,6366,34820,98536,582137,90018,0383,6003,1699,49929,877-6,922-4,548-2,374780,425169,477610,948115,480495,468399,561180,98859,952120,96718,3765,2856,5736,641778448,368105,1865,9224,7425,86110,9257,7313,33115,44511,07026,46341,232146,18018,9743,8023,7069,60135,435- 7,242-4,983=2,259See next page for continuation <strong>of</strong> table.246
TABLE B-72.—Federal budget receipts, outlays, and debt, fiscal years 1973-84—Continued[Millions <strong>of</strong> dollars; fiscal years]DescriptionActual1979 1980 1981 1982Estimates1983 1984BUDGET RECEIPTS AND OUTLAYS:Total receipts463,302517,112599,272617,766597,494659,702Federal fundsTrust fundsInterfund transactions..316,366186,988-40,052350,856210,930-44,674410,422239,413-50,563409,253268,407-59,894376,945314,755-94,206404,745330,210-75,253Total outlays..490,997576,675657,204728,375805,202848,483Federal fundsTrust fundsInterf und transactions....362,396168,653-40,052419,220202,129-44,674475,171232,596-50,563526,113262,155-59,894603,047296,361-94,206610,467313,269-75,253Total surplus or deficit (-)..-27,694-59,563-57,932-110,609-207,708-188,781Federal funds...Trust fundsOUTSTANDING DEBT, END OF PERIOD:-46,03018,335-68,3648,801-64,7496,817-116,8606,252-226,10218,393-205,72116,941Gross Federal debt833,751914,3171,003,9411,146,9871,383,7441,606,339Held by Government agencies..Held by <strong>the</strong> publicFederal Reserve System..O<strong>the</strong>r189,162644,589115,594528,996199,212715,105120,846594,259209,507794,434124,466669,968217,560929,427134,497794,929239,3171,144,427258,9121,347,427BUDGET RECEIPTS...463,302517,112599,272617,766597,494659,702Individual income taxesCorporation income taxesSocial insurance taxes and contributionsExcise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:Deposits <strong>of</strong> earnings by FederalSystemAllo<strong>the</strong>rBUDGET OUTLAYS..Reserve217,84165,677138,93918,7455,41174398,327925490,997244,06964,600157,80324,3296,3897,17411,767981576,675285,91761,137182,72040,8396,7878,08312,834956657,204297,74449,207201,49836,3117,9918,85415,186975728,375285,19435,286210,31337,2576,1148,81913,4061,105805,202295,58951,770242,93740,3535,9029,13712,8191,195848,483National defenseInternational affairsGeneral science, space, and technologyEnergy .\Natural resources and environmentAgricultureCommerce and housing creditTransportationCommunity and regional developmentEducation, training, employment, and social services,HealthIncome securityVeterans benefits and servicesAdministration <strong>of</strong> justiceGeneral governmentGeneral purpose fiscal assistanceNet interestAllowancesUndistributed <strong>of</strong>fsetting receipts117,6816,0915,0416,85612,0916,2382,57917,4599,54229,68546,962160,15919,9284,1534,0938,37242,606-8,538135,85610,7335,7226,31313,8124,7627,78821,12010,06830,76755,220193,10021,1834,5704,5058,58452,458-9,887159,76511,1306,35910,27713,5255,5723,94623,3819,39431,40265,982225,10122,9884,6964,6146,85668,726-16,509187,4189,9827,0704,67412,93414,8753,86520,5607,16526,30074,017248,34323,9554,6714,7266,39384,697-13,270214,76911,9397,7594,50612,08721,0751,92821,8767,37326,67682,362282,47224,4115,2735,7946,38288,936-20,414245,30513,2508,2503,3069,83212,15041325,1456,95125,25690,647282,42225,7245,4915,9936,968103,180949-22,750Composition <strong>of</strong> undistributed <strong>of</strong>fsetting receipts:Employer share, employee retirementRents and royalties on <strong>the</strong> Outer ContinentalShelf-5,271-3,267-5,787-4,101-6,371-10,138-7,020-6,250-8,214-11,793-9,853-11,895Note.—Under provisions <strong>of</strong> <strong>the</strong> Congressional Budget Act <strong>of</strong> 1974,1... , ........fiscal year 1977. Through fiscal year 1976, <strong>the</strong> fiscal year was on a July 1-June 30 basis. Beginning October 1976 (fiscal year 1977).<strong>the</strong> fiscal year is on an October 1-September 30 basis. The period July 1,1976 through September 30, 1976 is a separate fiscal periodknown as <strong>the</strong> transition quarter.Refunds <strong>of</strong> receipts are excluded from receipts and outlays.See "Budget <strong>of</strong> <strong>the</strong> United States Government, Fiscal Year 1984" for additional information.Sources: Department <strong>of</strong> <strong>the</strong> Treasury and Office <strong>of</strong> Management and Budget.247
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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 6-9.—Economic outlook for 1
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A critical element in achieving hea
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Report to the President on the Acti
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ety of interagency and internationa
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ence J. Kotlikoff (Yale University)
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CONTENTSNATIONAL INCOME OR EXPENDIT
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B-70. Mortgage debt outstanding by
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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19291933193919401941194219431944194
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TABLE B-5.—Changes in GNP and GNP
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TABLE B-7.—Gross national product
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TABLE B-9.—Gross national product
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TABLE B-ll.—Gross national produc
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TABLE B-13.—Output, costs, and pr
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TABLE B-14.—Personal consumption
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TABLE B-16.—Gross and net private
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TABLE B-18.—Inventories and final
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TABLE B-20.—Relation of national
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TABLE B-21.—National income by ty
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TABLE B-22.—Sources of personal i
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TABLE B-24.—Total and per capita
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Year or quarterTotalTotalTABLE B-26
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