ECONOMIC

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TABLE C-62.—Mortgage debt outstanding by lender, 1939-73[Billions of dollars]Selected financial institutionsOther lendersEnd of yearor quarterTotalTotalMutualsavingsbanksSavingsandloanassociationsCommercialbanks iU.S.agencies 2LifeinsurancecompaniesIndividualsandothers193935.518.63.84.84.35.75.011.919401941194219431944194519461947194819491950195119521953195419551956195719581959 .36.537.636.735.334.735.541.848.956.262.772.882.391.4101.3113.7129.9144.5156.5171.8190.819.520.720.720.220.221.026.031.837.842.951.759.566 975 185.799 3111.2119.7131 5145.54.14.64 64.64.85.47.18 910.311.613.715.618 422 026.131 435.740.045 653.14.94.84 64.44.34.24.44 95.86.78.39.911 412 915.017 519.721.223 325.04.64.94 74.54.44.87.29 410.911.613.714.715 916 818.621 022.723.325 528.16.06.46 76.76.76.67.28 710.812.916.119.321 323 326.029 433.035.237 139.24.94.74.33.63.02.42.01 81.92.42.73.44 04 44.65 26.07.57 810.012.012.211 711.511.512.113.815 316.517.418.419.420 521.823.425.427.329.332.535.41960196119621963196419651966196719681969197019711972*1973 »206.8226.3248.6274.3300.1325.8347.4370.2397.5425.3451.7499.9565.4633.7157.6172 6192.5217.1241.0264.6280.8298 8319 9339.1355 9394.4450.6504.560.168 878.890.9101.3110.3114.4121 8130 8140.2150 3174.4206.4232.626.929 132.336.240.644.647.350 553.556.157 962.067.673.228.830 434.539.444.049.754.459 065 770.773 382.599.3118.141.844 246.950.555.260.064.667 570.072.074.475.577.380.611.211.812.211.211.412.415.818.421.726.833.039.445.855.338.041.944.045.947.748.750.953.055.859.462.866.269.073.91971: 1 IIIIIIV1972: 1 vII vIll vIV v459.0471.1485.6499.9511.7529.1547.3565.4361.8372 0383.5394.4404.2418.9434.6450.6154.2161 2168.2174.4180 1188.9197.9206.458.759 660.662.063 064.465.967.674.476 679.982.585 690.195.099.374.574 574.875.575 475.575.877.333.635.237.439.441.242.744.345.863.563.964.666.266.467.568.369.01973:1 P.II pIII pIV*>_580.1600.4619.9633.7463.3480.5494.9504.5213.3222.8229.4232.668.970.672.073.2103.5109.1114.4118.177.677.979.080.647.349.053.055.369.571.071.973.91 Includes loans held by nondeposit trust companies, but not by bank trust departments.2 Includes former Federal National Mortgage Association and new Government National Mortgage Association, as well asFederal Housing Administration, Veterans Administration, Public Housing Administration, Farmers Home Administration,and in earlier years Reconstruction Finance Corporation, Homeowners Loan Corporation, and Federal Farm MortgageCorporation. Also includes U.S.-sponsored agencies such as new FNMA, Federal Land Banks, GNMA (Pools), and FederalHome Loan Mortgage Corporation. Other U.S. agencies (amounts small or current separate data not readily available)included with "individuals and others."Source: Board of Governors of the Federal Reserve System, based on data from various Government and private organizations.322
TABLE C-63.—Net public and private debt, 1929-72 *[Billions of dollars]PublicPrivateIndividual and noncorporateEnd of year192919331939194019411942_19431944194519461947.19481949 -19501951 __195219531954195519561957._.1958195919601961 _cv to a19631964 -1965 ..1966196719681969197019711972Total191.9168.5183.3189.8211.4258.6313.2370 6405.9396 6415.7431.3445.8486.2519.2550.2581.6605.9665.8698.4728.3769.6833.01, 243.61 338.7111 438.7582.5735.01 854.12 018.32 227.3FederalGovernment216. 524.342.644.856.101. 7154. 4211. q252. 5229.221. 7215.36?17 49m' 5226 8229. 16224. 30n4231241874.2 ?^q 8930.3 246. 7996.0 ?53 61, 070.9 257. 51, 151.6 264.0266.4271.8286.5291.9289.3301.1325.9341.2Federalfinancialagencies30.7.6.7.71.31.31.41.32.92.42.42.53.73.54.05.37.27.58.911.29.021.430.638.839.842.613.616.316.416.416.115.414.513.913.413.715.017.019.121.724.227.030.735.541.144.548.653.759.664.970.577.083.990.498.3104.8113.4123.9132.6144.8163.0176.5161.8127.9124.3128.6139.0141.5144.3144.8140.0153.4178.3198.4208.4246.4276.8300.4322.7340.0392.2427.2454.3482.4528.3566.1609.1660.1722.3789.7870.0950.81, 029.91, 145.41 ,282.61, 369. 4,489.6,667.011Total88.976.973.575.683.491.695.594.185.393.5108.9117.8118.0142.1162.5171.0179.5182.8212.1231.7246.7259.5283.3302.8324.3348.2376.4409.6454.3506.6553.7631.5734.2793.5858.6952.3Total72.951.050.853.055.649.948.850.754.759.969.480.690.4104.3114.3129.4143.2157.2180.1195.5207.6222.9245.0263.3284.8311.9345.8380.1415.7444.2476.2513.9548.4575.9631.0714.7Farrrl *Total?1? 60.79. 1 41.98. 8 42.0q 1 43.9q 46.39. 0 40.98 40.57. 7 42.97 3 47.478. 6 52.36 60.7in 8 69.71? 0 78.412. 92.013.7 100.615.2 114.216. 8 126.417.5 139.718.7 161.419.4 176.120.2 187.4?3 199.7?3 8 221.21 238.227 5 257.330 281.7312.636 0 344.139 3 376.442 4385 401.848 427.951 462.155 492.9728586367517.2567.8646.9Nonfarm31.226.325.026.127.126.826.126.027.031.837.242.447.154.861.768.976.786.498.7109.4118.1128.1141.0151.3164.5180.3198 6218.9236.8251.6266.9284.9303.9320.9352.6397.8StateandlocalgovernmentsCorporateMortgageCommercialandfinancial*49. 7 89.953. 92 96.260. 100.866. 4 110.867. 9 121.1195Consumer22. 411.79.87.13.97.29.5 8 3in 8.n 9.2l 6.09 4.911. 8 5.114. 712 15.78 411 q 11.61? q 14.4nq 17.48 21.516. 22.717 8 27.518 4 31.420. 8 32.524. n24.424.3?6 5?8 7838.842.345.045.151.556.134. 8 58.0V4?6 63.871.745. 0 80.369.76.91.127.2138.4157.61 Net public and private debt is a comprehensive aggregate of the indebtedness of borrowers after eliminating certaintypes of duplicating governmental and corporate debt.2 Net Federal Government and agency debt is the outstanding debt held by the public, as defined in the "Budget of theUnited States Government, for the Fiscal Year ending June 30,1975."3 This comprises the debt of federally sponsored agencies, in which there is no longer any Federal proprietary interest.The obligations of the Federal Land Banks are included beginning with 1947, the debt of the Federal Home Loan Banksis included beginning with 1951, and the debts of the Federal National Mortgage Association, Federal Intermediate CreditBanks, and Banks for Cooperatives are included beginning with 1968.* Farm mortgages and farm production loans. Farmers' financial and consumer debt is included in the nonfarm categories,s Financial debt is debt owed to banks for purchasing or carrying securities, customers' debt to brokers, and debt owedto life insurance companies by policyholders.Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, Department of Agriculture,Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Federal Land Banks, andFederal National Mortgage Association.323
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ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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of the inflation rate of 1973, and
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or permit incentives—including hi
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people of an easy time. Like our pa
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 3. INFLATION CONTROL UNDER
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Page7. Unemployment Rates by Sex an
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Page53. Maximum Percent Change in E
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We have specific problems, too, asi
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This curtailment of supply does, of
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consumption we would not have chose
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outside the food and fuel sectors a
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about $14 billion from deficit to s
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8 percent, at annual rates. Continu
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A third method, which seems to have
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DEVELOPMENT OF LOW-COST ENERGY FOR
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would otherwise have been invested
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TRANSPORTATION REFORMLast year the
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constraints. Restrictions on entry
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In early 1974 the Commerce Departme
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Consumer SpendingConsumer expenditu
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Chart 1Changes in GNP, Real GNP, GN
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During the fourth quarter the downt
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A number of points may be noted abo
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income do not appear to have played
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Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
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The unemployment rate for adult mal
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from job losers, the remainder of t
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to maintain a somewhat larger work
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Chart 3Changes in Selected Price Me
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TABLE 12.—Changes in selected pri
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production workers, and it is sensi
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the profits that companies report a
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Two measures of changes in income t
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About $8 billion of the growth in e
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effect of covered wage and employme
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Since these apparent stabilization
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MONETARY POLICY AND FINANCIAL MARKE
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lation requiring ceilings on all CD
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TABLE 19.—Offerings of new securi
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CHAPTER 3Inflation Control Under th
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(A more detailed presentation of th
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ate of advance in grocery store foo
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to the economy but also in the sens
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were imposed, limiting prices to th
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spurring of domestic inflation by e
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was more than twice as high in 1973
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wage increases in many cases, const
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TABLE 26.—Behavior of items in co
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Chart 6Changes in RelatedWholesale
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and natural gas. A complex set of f
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CHAPTER 4Energy and AgricultureFOR
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al gas have contributed to the low
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TABLE 30*—Wholesale prices, all i
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tion sector, which in 1972 accounte
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United States on oil imports, OPEC
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of old oil and prices of imported a
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LONG-TERM PROSPECTSThe price of imp
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important that the higher costs be
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improving the environment. The fund
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pollutants into the atmosphere will
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of research and rapid mechanization
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lion in fiscal 1972. Actually the a
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a minimum income. Unless prices fal
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The Administration supports the exa
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and estimates of some of these effe
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Since families typically pool their
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ability were not perfectly correlat
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Farm wages and farm income received
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TABLE 37.—Average usual weekly ea
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Chart 9Real Incomes for Men in Diff
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ecause they have acquired more expe
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whose owners or white workers have
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Several factors can be mentioned to
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y social pressures, however, which
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TABLE 42.—Relation of wage and sa
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ferences in their mix of occupation
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for public housing may be valued by
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8 to 20 percent for black females.
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sufficiently high to cover the addi
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TABLE 45.—Federal Government tran
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given to the problems of poverty du
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TABLE 47.—Trends in the employmen
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enefit increases greater than the i
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(Table 45). Medicare is chiefly des
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Public assistance is specifically d
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Then, subtracting equation (4) from
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policies, and the tensions among co
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In the fourth quarter the dollar ro
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which include trade, grants and oth
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tarily by foreign central banks, ev
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ply of oil, and by domestic price c
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in the United States. In view of th
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TABLE 52.—U.S. balances on intern
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esult from changes in market value
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TABLE 54.—Major changes in capita
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attempt was made to agree on a code
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The official price of gold was rais
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system, these demand changes were a
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What Pressures Should Be Exerted on
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The composition of reserves among d
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prices of approximately the same or
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tained, they would probably be felt
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Reducing Nontariff BarriersIn order
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Structural problems. Agreements on
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arrangements which are designed to
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capital and the means of putting th
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Canada and four smaller countries u
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currencies have appreciated relativ
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Effective Changes in Other Currenci
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Activities of the Advisory Committe
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Appendix BREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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govern the exploitation of the reso
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Manpower and Social Affairs Committ
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Junior Staff EconomistsJames S. Fac
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Appendix CSTATISTICAL TABLES RELATI
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PRODUCTION AND BUSINESS ACTIVITY:Pa
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE C-2.—Gross national product
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TABLE C-3.—Implicit price deflato
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TABLE C—8.—Gross national produ
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TABLE C-10.—Gross national produc
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TABLE C-12.—Personal consumption
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TABLE C-14.—Relation of gross nat
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TABLE C—16.—Relation of nationa
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TABLE C-18.— Total and per capita
Page 277 and 278: TABLE C-19.—Sources of personal i
Page 279 and 280: TABLE C-21.—Saving by individuals
Page 281 and 282: POPULATION, EMPLOYMENT, WAGES, ANDP
Page 283 and 284: TABLE C-24.—Noninstitutional popu
Page 285 and 286: TABLE C-26.— Selected unemploymen
Page 287 and 288: TABLE C—28.—Unemployment insura
Page 289 and 290: TABLE C-29.—Wage and salary worke
Page 291 and 292: TABLE C-31.—.•Average weekly ea
Page 293 and 294: TABLE C-33.—Changes in output per
Page 295 and 296: TABLE C—35.—Industrial producti
Page 297 and 298: TABLE C-37.—Capacity utilization
Page 299 and 300: TABLE C—38.—New construction ac
Page 301 and 302: TABLE C-39.—New housing starts an
Page 303 and 304: TABLE C-41.—Sales and inventories
Page 305 and 306: TABLE C-43.—Manvjacturers* new an
Page 307 and 308: TABLE O45.—Consumer price indexes
Page 309 and 310: TABLE C—47.—Consumer price inde
Page 311 and 312: TABLE C~49.—Wholesale price index
Page 313 and 314: TABLE C-50.—Wholesale price index
Page 315 and 316: 194819491950.,1951195219531954Yearo
Page 317 and 318: TABLE C-53.—Commercial bank loans
Page 319 and 320: TABLE G-54.—Total funds raised in
Page 321 and 322: TABLE C-56.—Federal Reserve Bank
Page 323 and 324: TABLE C-58.—Bond yields and inter
Page 325 and 326: TABLE C-59.—Short- and intermedia
Page 327: TABLE C-61.—Mortgage debt outstan
Page 331 and 332: TABLE C-65.—Federal budget receip
Page 333 and 334: TABLE C-66.—Relation of the Feder
Page 335 and 336: TABLE C-68.—Receipts and expendit
Page 337 and 338: TABLE C-10.—State and local gover
Page 339 and 340: TABLE C-72.—Estimated ownership o
Page 341 and 342: CORPORATE PROFITS AND FINANCETABLE
Page 343 and 344: TABLE C-76.—Relation of profits a
Page 345 and 346: TABLE C-77.—Sources and uses of f
Page 347 and 348: TABLE C-79.—State and municipal a
Page 349 and 350: TABLE C-81.—Business formation an
Page 351 and 352: Year1929...1933...1939...1940...194
Page 353 and 354: TABLE C-85.—Indexes of prices rec
Page 355 and 356: TABLE G-87.—Comparative balance s
Page 357 and 358: TABLE G-88.— U.S. balance of paym
Page 359 and 360: TABLE C-90.— U.S. merchandise exp
Page 361 and 362: TABLE C-92.—International reserve
Page 363 and 364: TABLE G-94.—International investm
Page 365: TABLE C-96.—Consumer price indexe
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