Economic Report of the President

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TABLE B-75.—Government receipts and expenditures, national income and product accounts, 1929-82[Billions of dollars; quarterly data at seasonally adjusted annual rates]Total governmentFederal GovernmentState and localgovernmentCalendar year or quarterReceiptsSurplus ordeficitnationalincomeandproductaccountsReceiptsSurplus ordeficitnationalincomeandproductaccountsReceiptsExpendituresExpendituresExpendituresSurplus ordeficitnationalincomeandproductaccounts192911.310.31.03.82.61.27.67.8-0.219339.310.7-1.42.74.0= 1.37.27.2=,1193915.417.6-2.26.78.9=2.29.69.6.0194019411942194319441945194619471948194917.725.032.649.251.253.251.056.958955.918.428.864.093.3103 092.745 642.550559.3=.7=3.8=31.4=44.1= 51.8= 39.55414.484=3.48.615.422.939.341.042.539.143.243,238.710.020.556.185.895.584.635.629.834.941.3= 1.3= 5.1= 33.146.6-54.54213.513.48.3=2.610.010.410.610.911.111.613.015.417.719.59.39.18.88.48.59.011.114.417.620.2.61.31.82.52.72.61.9l.C= .7195019511952195319541955195619571958195969.085 290.194 689.91011109.7116 2115.0129.461.079 293.9101697.098 0104.51152127.6131.08.061-3.8-69-7.1315.29= 12.6'••-1.650.064367.370 063.772 678.081978.789.840.857 871.177169.868171.979 688.991.09.265-3.7-7.1=6,04.46.12.3-10.3= 1.121.323425.427.429.031.735.038.542.046.422.523925.527.330.232.935.939.844.346.9= 1.2= 4= .0.11.3= 9=1.4=2.4=.4I96019611962 ,1963196419651966196719681969139.5144.8156.7168.5174.0188.3212 3228.22631296.7136.4149.1160.5167.8176.3187.8213 6242.42691286.83.1=4.3= 3.8-2.3-1*3-14.2=609.996.198.1106.2114.4114.9124.31418150.5174 4196.993.1101.9110.4114.2118.2123.8143 6163.7180.5188.43.0=3.9=4.2= 3.3= 1.8= 13.2-6.08.449.954.058.563.269.575.184.893.6107.3120,249.854.458.062.868.5.75.184.394.7107.2118.7.1.51.0=.C= 1.11.51970197119721973197419751976197719781979198019811982 p302.8322.6368 3413.1455 2470.5538.4605 46819765,1838.0957.3968.4313.4342.03716405.3460 0534.3574.9623 36811750.8871.2985.51,084.5= 10.6= 19.47.8=4 7=63.8=36.5-47 8 814.3=33.2-28.2116.1191.9198.6227 5258.6287 8287.3331.8375 24316493.6540.7628.2614.7204.3220.6244 3264.2299 3356.6384.842114610509.7602.1688.2762.6= 12.4=22.0-16.8=5.6= 11.5=69.3=53.1-45.9-29 516.1=61.4-60.0-147.9135.4153.0178.3195.0211.4237.7267.8297.7m385.9416.8437.3133.5150.4164.8181.6204.6232.2251.2269.7297.3321.5357.8385.0405.41.92.613.513.46.85.516.628.030.330.428.231.731.91980:1IllIV814.6809.2842.8885.2825.2853.4888 8917.4-=10.6=44.2=45 932 2525.7520.2542.4574.6565.4587.7615.4639.9-39.7-67.5-73.1=65.2374.5376.6389.3403.3345.3353.3362.2370.329.123.327.133.01981:||IIIIV939.8951.5974.3963.6948.1959.1998 71,036.1-8.3-7.6=24 5-72 5620.0627.0640.2625.7659.7667.5698.2727.4-39.7-40.558.0-101.7410.0415.2420.3421.5378.6382.2386.9392.431.332.933.529.11982:||IllIV951.1966.2972 21,041.81053.71095 91,146.790.7-87.5123 7609.9617.0613.7728.3736.6769.7815.9-118.4-119.6-156.0424.2434.3440.5396.5402.2408.2414.927.732.132.3Note.—Federaf grants-fn-aid to State and local governments are reflected in Federal expenditures and State and local receipts. Totalgovernment receipts and expenditures have been adjusted to eliminate this duplication.Source: Department of Commerce, Bureau of Economic Analysis.250
TABLE B-76.—Federal Government receipts and expenditures, national income and product accounts,1958-84[Billions of dollars; quarterly data at seasonally adjusted annual rates]Year or quarterTotalPersonaltax andnontaxreceiptsReceiptsCorporateprofitstaxaccrualsIndirectbusinesstax andnontaxaccrualsTotal 1ContributionsforsocialinsurancePurchasesof goodsandservicesExpendituresTransferpaymentsTopersonsToforeignersGrantsin-aidtoStateandlocalgovernmentsNetinterestpaidSubsidieslesscurrentsurplusofgovernmententerprisesSurplusordeficitnationalincomeandproductaccountsFiscal year: 219581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983 31984 3 ZCalendar year:19581959I9601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982 p ,1981:IIIIIIV1982:IIllIVP78.185494 895.0104 0110.01156120.0132 7146.0159 9189.8194 8192.4213.4240.727162834314.9365.9414 3480.85251614 7618.2627.9685.678 789.896.1981106.2114 4114 9124 31418150.5174.4196.91919198 6227.5258.6287 8287 33318375.2431.64936540.7628 2614.7620.0627 0640 2625.7609.9617.0613 736.338.242 543.647 349.650.751.457.564.471.490.294.087.9100.5107.4122.7127 5137.2166.3186.5222.625012917303.0293.1304.136 839.943.644748.651.548 653.961767.579.795.192.690 3108.2114.7131.3125 8147 3170.1194.9230.6257.52981300.1286.4297.0307.9300.92999305.8295.6299.317.921422 320.022 723.325 727.130 830.333136.832 931.934.241.243.441852.558.967 376.170070 950.150.559.418 022.521.421522.524 626128931430.036.136130 633 536.643.345143 654 661.671.374 270.367 348.176.165 668 459.146.545.249.811.612.013 213.314.215.015.616.915.515.817.118.619.220.019.920.721.422 224.324.527.229.134 755750.755.259.311512.513.413 614.615.316 216.515 616.318.019.019 320 420.021.221.723.923 425.028.129.438.958 550.057.561.557.857.248.749.850.850.712.313.916.718.119.922.123.624.528.935.538.344.248.852.658.971.584.291.9101.0116.2133.3153.1170.3196 3214.4229.1262.812 414.917.618.320.523.124 025.033136.740.746.749.354462.779.589.894.1106.5118.5137.2159.5174.1204.3216.5199.9202.8206.1208.4214.9216.2217.5217.482.891.291398.1106.2111.7117.2118.5132.7154.9172.2184.6195.5212.9232.7255.7278.2328 8370.7411.2450.4495.6577 0666 5739.7829.0877.388 991.093.11019110.4114.2118 2123.8143 6163.7180.5188.4204.3220 6244.3264.2299.3356.6384 8421.1461.0509.7602.1688.2762.6659.7667.5698.2727.4728.3736.6769.7815.951.154.852 955.861.063.765.964.672.486.095.098.097.194.9100.6101.1104.5117 9125.1139.8150.4164.1189.82181250.1279.0302.553 953.953.757 463.764.665 267.378 890.998.097.695.796 2101.7102.0111.0122.7129.2143.4153.6168.3197.2228.9257.3217.0218.2230.0250.5249.7244.3259.0276.117.819.920 623.625126.527.428.431.837.242.748.755 067.776.187.2101.81314153.8166.6178.7197.8234 62734304.8342.2350.919 620.121.625 025.627.027 930.333 540.146.050.661372 780.593.3114.5146.3158.8169.6181.8205.0246.2280.9315.7268.8271.9289.0294.0297.2307.0321.8337.01.71.8182.12.12.12.22.22.32.22.12.22.02.32.82.73.0313.03.23.54.14.8576.06.46.51.81.81.92.12.22.22.22.2232.22.12.12.22.62.72.63.23.13.23.33.84.25.25.76.15.24.86.16.66.05.85.67.04.76.2696.97.68.39.810.912.714.817.819.222.626.832.640.441.648.457.566.374.779.186.790.183.486.990.15.66.86.57.28.09.110.411.114.415.918.620.324.429.037.540.643.954.661.167.577.380.588.787.783.690.290.686.383.683.085.082.084.25.45.6686.46.47.1778.28.79.610.411.913 514.014.015.719.621725.228.440.6SO 666 282.592.4106.65.26.26.86.2688.084929.8in14.113.814 4180?0 726.835?4? 453.171.984.866 358374 079.079 68? 888 788.22.425243.3414.0414.3485.2414.755• 7.06.59.276606.26.99.79.910 513112.822.120.7282.12.6404.23.9454.6554.74.55.26.5637.97.85.56.95.88.29.59.211.713.115.112,2 -39.713.7 =-40.513.0 -58.013.6 -101.712.711.612.623.4-4.7-5834-3.1-22-1.7-15 1.40-8.9-12 35.2-20.5-19.2-14.9-6.6-45 4-55.8-45.3-36.1-14,8-51.9-519-121.5-201.1-191.7-103-1.13.0-3.9-4.2.3-33-18-13.2-6.08.4-12.4-22.0-16.8-5.6-11.5-69.3-53.1-45.9-29.5-61.4-60.0-147.9-118.4-119.6-156.01 Includes an item for the difference between wage accruals and disbursements, not shown separately.2 Under provisions of the Congressional Budget Act of 1974, the fiscal year for the Federal Government shifted beginning with -fiscalyear 1977. Through fiscal year 1976, the fiscal year was on a July 1-June 30 basis; beginning October 1976 (fiscal year 1977), thefiscal year is on an October 1-September 30 basis. The 3-month period from July 1, 1976 through September 30, 1976 is a separatefiscal period known as the transition quarter.3 Estimates.Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and Budget.251
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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-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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POPULATION, EMPLOYMENT, WAGES, AND
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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
Page 249 and 250: TABLE B-69.—Consumer installment
Page 251 and 252: TABLE B-71-—Mortgage debt outstan
Page 253 and 254: TABLE B-72.—Federal budget receip
Page 255: TABLE B-74.—Relation of Federal G
Page 259 and 260: TABLE B-78.—State and local gover
Page 261 and 262: TABLE B-80.—Estimated ownership o
Page 263 and 264: CORPORATE PROFITS AND FINANCETABLE
Page 265 and 266: Year or quarterTABLE B-84.—Corpor
Page 267 and 268: TABLE B-86.—Relation of profits a
Page 269 and 270: TABLE B-88.—Determinants of busin
Page 271 and 272: TABLE B-9Q.~Current assets and liab
Page 273 and 274: TABLE B-92.—Common stock prices a
Page 275 and 276: AGRICULTURETABLE B-94.—Farm incom
Page 277 and 278: TABLE B-96.—Farm input use, selec
Page 279 and 280: TABLE B-98.—U.S. exports and impo
Page 281 and 282: INTERNATIONAL STATISTICSTABLE B-100
Page 283 and 284: TABLE B-101.—U.S. international t
Page 285 and 286: TABLE B-103.—U.S. merchandise exp
Page 287 and 288: TABLE B-105.—International invest
Page 289 and 290: TABLE B-107.— World trade balance
Page 291 and 292: TABLE B-109.—Growth rates in real
Page 293: TABLE B-lll.—Unemployment rate, a
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