Economic Report of the President

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GOVERNMENT FINANCETABLE B-70.—Federal budget receipts, outlays, and debt, fiscal years 1971-82[Millions of dollars; fiscal years]DescriptionBUDGET RECEIPTS AND OUTLAYS:Total receiptsFederal fundsTrust fundsInterfund transactions...Total outlaysFederal fundsTrust fundsTotal Interfund surplus or transactions...deficit (-)Federal fundsTrust fundsOUTSTANDING DEBT, END OF PERIOD:Gross Federal debtHeld by Government agenciesHeld by the publicFederal Reserve SystemOtherActual1971 1972 1973 1974 1975 1976188,392133,78566,193-11,586211,425163,65159,360-11,586-23,033-29,8666,833409,467105,140304,32865,518238,810208,649. 148,84672,959-13,156232,021178,11067,067-13,156-23,373-29,2645,892437,329113,559323,77071,426252,344232,225161,35792,193-21,325247,074186,95181,448-21,325-14,849-25,59410,745468,426125,381343,04575,181267,863264,932181,219104,846-21,133269,620199,91890,835-21,133-4,688-18,69914,011486,247140,194346,05380,648265,405280,997187,505118,590-25,098326,151240,081111,168-25,098-45,154-52,5767^22544,131147,225396,90684,993311,913300,005201,099133,695-34,789366,418269,921131,286-34,789-66,413-68,8222,409631,866151,566480,30094,714385,586Transitionquarter81,77354,08532,071=4,38394,72865,08834,023-4,383»12,956-11,004= 1,952646,379148,052498,32796,702401,625BUDGET RECEIPTSIndividual income taxes,Corporation income taxesSocial insurance taxes and contributionsExcise taxesEstate and gift taxesCustoms duties..Miscellaneous receipts:Deposits of earnings by FederalSystem ....AllotherBUDGET OUTLAYSReserveNational defenseInternational affairsGeneral science, space, and technologyEnergy..Natural resources and environment.AgricultureCommerce and housing credit...TransportationCommunity and regional development.Education, training, employment, and social servicesHealthIncome securityVeterans benefits and servicesAdministration of justice. . .General government. ...General purpose fiscal assistance.InterestAllowancesUndistributed offsetting receiptsComposition of undistributed offsetting receipts:Employer share, employee retirement,Interest received by trust funds. ...Rents and royalties on the Outer ContinentalShelf188,39286,23026,78548,57816,6143,7352,5913,533325211,42575,8084,0974,1801,0313,9094,2882,3588,0502,9169,83914,71655,4269,7761,2992,02053519,602-8,427-2,611- 4,7651,051208,64994,73732,16653,91415,4775,4363,2873,252381232,02176,5504,6934,1731,2704,2355,2802,2168,3883,42212,51917,46763,91310,7301,6502,41567320,563-8,137-2,768-5,089-279232,225103,24636,15364,54216,2604,9173,1883,495426247,07474,5414,0664,0301,1794,7634,8529249,0654,59512,73518,83272,96512,0132,1312,5687,35122,782-12,318-2,927-5,436-3,956264,932118,95238,62076,78016,8445,0353,3344,845524269,62077,7815,6813,9778375,6702,2273,9259,1724,13412,34422,07384,43713,3862 4623,2436,89028,032-16,651-3,319-6,583-6,748280,997122,38640,62186,44116,5514,6113,6765,777934326,15185,5526,9223,9892,1697,3361,6595,60710,3883,73815,87027,648108,57616,5972,9423,1337,18730,911-14,075-3,980-7,667-2,428300,005131,60341,40992,71416,9635,2164,0745,4512,575366,41889,4305,5524,3703,1278,1242,5043,79213,4354,76718,73733,448127,39018,4323,3202,9487,23534,511-14,704-4,242-7,800-2,66281,77338,8018,46025,7604,4731,4551,2121,50011294,72822,3072,1931,1617942,5325811,3923,3041,3405,1628,72132,7973,9628598832,0927,216-2,567-985-270-1,311See next page for continuation of table.314
TABLE B-70.—Federal budget receipts, outlays, and debt, fiscal years 1971-82—Continued[Millions of dollars; fiscal years]BUDGET RECEIPTS AND OUTLAYS;DescriptionActual1977 1978 1979 1980Estimate1981 1982Total receiptsFederal fundsTrust fundsInterfund transactions.Total outlays..Federal fundsTrust fundsInterfund transactionsTotal surplus or deficit (-)..Federal funds...Trust fundsOUTSTANDING DEBT, END OF PERIOD:Gross Federal debtHeld by Government agenciesHeld by the publicFederal Reserve System.,Other '357,762241,312152,763-36,313402,710295,756143,267-36,313-44,948-54,4449,496709,138157,295551,843105,004446,839401,997270,484168,012-36,498450,804331,985155,318-36,498-48,807-61,80412,694780,425169,477610,948115,480495,468465,940316,351189,641-40,052493,635362,381171,305-40,052-27,694-46,03018,335833,751189,162644,589115,594528,996520,050350,849213,875-44,674579,613419,214205,074-44,674-59,563-68,3648,801914,317199,212715,105120,846594,259607,525415,239242,545-50,259662,740474,932238,068-50,259-55,215-59,6934,477992,398205,293787,105711,780484,105286,113-58,437739,296530,817266,916-58,437-27,516-46,71219,1961,057,664225,559832,105BUDGET RECEIPTS....357,762401,997465,940520,050607,525711,780Individual income taxesCorporation income taxesSocial insurance taxes and contributionsExcise taxesEstate and gift taxesCustoms dutiesMiscellaneous receipts:Deposits of earnings by Federal Reserve System..Another ..157,62654,892108,68817,5487,3275,1505,908622180,98859,952123,41018,3765,2856,5736,641772217,84165,677141,59118,7455,4117,4398,327910244,06964,600160,74724,3296,389747411,767975284,01366,009184,82444,3936,909.J.43913,069899331,67764,648214,66469,6337,6687,80014,710BUDGET OUTLAYS...402,710450,804493,635579,613662,740739,296National defenseInternational affairsGeneral science, space, and technologyEnergyNatural resources and environmentAgricultureCommerce and housing creditTransportationCommunity and regional developmentEducation, training, employment, and social services..HealthIncome securityVeterans benefits and servicesAdministration of justiceGeneral governmentGeneral purpose fiscal assistanceInterestAllowances \Undistributed offsetting receipts97,5014,8134,6774,17210,0005,5329814,6366,34820,98538,785137,90018,0383,6003,1699,49938,009-15,053105,1865,9224,7425,86110,9257,7313,32415,44511,07026,46343,676146,18118,9743,8023,7069,60143,966-15,772117,6816,0915,0416,85612,0916,2382,56517,4599,54229,68549,614160,15919,9284,1534,0938,37252,556-18,488135,85610,7335,7226,31313,8124,7627,78221,12010,06830,76758,165193,10021,1834,5704,5058,58464,504-21,933161,08811,3146,2588,73914,1101,1123,45624,05411,14431,77366,032231,65022,5914,7865,1706,85480,405-27,796184,39912,1527,59011,97314,0394,8038,05821,5519,08434,51174,636255,00624,4624,8825,2466,90289,9461,920-31,863Composition of undistributed offsetting receipts:Employer share, employee retirementInterest received by trust fundsRents and royalties on the Outer Continental Shelf..-4,548-8,131-2,374-4,983-8,530-2,259-5,271-9,950-3,267-5,787-12,045-4,101-6,561-13,435-7,800-6,798-15,165-9,900Note.—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), the fiscalyear is on an October 1-September 30 basis. The period July 1,1976 through September 30,1976 is a separate fiscal period known as thetransition quarter.Refunds of receipts are excluded from receipts and outlays.See "Budget of the United States Government, Fiscal Year 1982" for additional information.Sources: Department of the Treasury and Office of Management and Budget.315
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Economic Reportof the PresidentTran
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ECONOMIC REPORTOF THE PRESIDENT
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We have heard much about American i
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at an approach that took account of
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een due to overall demand in the ec
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to $27.5 billion in the new budget
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ductions would amount to over $27 b
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10 percent inflation rate, keeping
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tutes for petroleum. The Synthetic
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esponse can be so large as to wipe
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSCHAPTER 1. INFLATION AND GR
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PageChallenges to the International
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CHAPTER 1Inflation and Growth in th
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needed to control inflation by resi
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decline in productivity growth may
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Chart 1Standard Unit Labor CostsPER
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end of 1974 the world price of oil
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price decisions cannot easily be re
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Federal budget achieved a surplus.
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As an abrupt increase in the price
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policies but are based on the wides
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tion, and can policies be designed
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duction and employment to grow only
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Moreover, their actions must indica
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Starting with its 1975 targets as a
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well after the fact whether the mon
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Reserve provides some flexibility i
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in response to circumstances in par
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Although the flexibility of TIPs ma
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ard or that thought the administrat
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given standard, as the reward and t
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large firms. Even among large firms
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cause declining productivity growth
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vanced technology and will therefor
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ather than restoring the growth of
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correct some of the distortions in
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higher than it would otherwise be b
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EXPECTED PRODUCTIVITY GAINSAlthough
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supply of adult men in the work for
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increase demand pressures, especial
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time hours also has drawbacks. For
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eintroduce the problem of changing
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CHAPTER 2Improving the Adaptability
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use less and produce more energy in
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expectation of price controls or fu
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dependence on foreign oil mean that
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While the market solution might pro
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High energy prices and excessive de
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part, the interests of these partie
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Federal regulations designed to pro
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Agency (EPA) from considering prosp
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other things, that federally assist
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ing services. Money-market mutual f
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holdings of consumer and business l
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they once had and thus cannot conti
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finding ways around outdated regula
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proportion of the existing farms pr
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prices for years in the future, reg
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derground water resources once thou
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comprehensive, actuarial crop insur
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duced a decline in the median age o
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elude government investments in loc
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some of the firms in the chosen sec
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CHAPTER 3The Economy: Review and Pr
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uild up oil inventories and maintai
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Chart 7Selected Interest Ratesand B
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had risen just 2 months earlier. By
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Chart 8Personal Saving RatePERCENT1
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chief cyclical determinant of housi
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ment were sharply diminished by the
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dropped even faster, in large part
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ployment grew more vigorously after
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terials fell for a full third of th
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1979, slowed to a 19 percent annual
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costs of production. The evidence s
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sharp decline in output in the seco
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ecord high interest rates during th
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automatic transfer services (ATS) n
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plunged in March, although the only
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(FHLB) System increased their borro
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THE PROSPECTS FOR 1981 AND 1982In 1
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expectations. Of course, if the eco
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The uncertainty of developments in
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produce a slight decline in the sav
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more rapid growth thereafter. Durin
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eemergence of modest but sustained
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hike would depend on many factors,
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major revision of the NIPA occurred
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per year. This modest acceleration
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THE INDUSTRIAL ECONOMIES: TRENDS AN
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Chart 10Labor Costs, Value-Added De
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Rather, the German current account
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TABLE 30.—Inflation in major indu
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THE GLOBAL OIL MARKETTable 31 summa
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may be preserved. Stocks are in fac
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straint on growth. Finally, policie
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outside government, both at home an
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ates are high, differences in polic
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Japanese trade performance in volum
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No "Say's Law" operates in internat
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the cost of the loans, and they may
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At the same time, access to the IMF
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to closer cooperation is to risk a
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While all countries, in attempting
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threats of disruption, market-shari
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Past Council Members and their date
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1977 to review selected analyses of
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The Chairman and the Council Member
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University). Kate Stith Pressman, s
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CONTENTSNATIONAL INCOME OR EXPENDIT
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GOVERNMENT FINANCE'—ContinuedB-72
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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TABLE B-3.—Implicit price deflato
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TABLE B-5.—Implicit price deflato
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TABLE B-10.—Gross national produc
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TABLE B-12.—Output, costs, and pr
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TABLE B-14.—Gross private domesti
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TABLE B-16.—Inventories and final
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TABLE B-18.—Relation of national
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TABLE B-19-—National income by ty
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Year orquarter192919331939194019411
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TABLE B-22.—Total and per capita
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Year orquarterTotalTotalCurrencyand
Page 269 and 270: TABLE B-26.—Population by age gro
Page 271 and 272: TABLE B-27.—Noninstitutional popu
Page 273 and 274: Year or monthTABLE B-29.—Selected
Page 275 and 276: TABLE B-31.—Unemployment rate by
Page 277 and 278: TABLE B-33.—Unemployment by reaso
Page 279 and 280: TABLE B-35.—Wage and salary worke
Page 281 and 282: TABLE B-37.—Average weekly earnin
Page 283 and 284: TABLE B-39.—Changes in productivi
Page 286 and 287: TABLE B-42.—Industrial production
Page 288 and 289: TABLE B-44;—New construction acti
Page 290 and 291: TABLE B-45.—New housing units sta
Page 292 and 293: TABLE B-47.—Sales and inventories
Page 294 and 295: TABLE B-49.—Manufacturers' new an
Page 296 and 297: TABLE B-51.—Consumer price indexe
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Page 300 and 301: TABLE B-54.—Changes in special co
Page 302 and 303: TABLE B-55.—Producer price indexe
Page 304 and 305: TABLE B-57.—Producer price indexe
Page 306 and 307: TABLE B-58.—Changes in producer p
Page 308 and 309: TABLE B-60.—Components of money s
Page 310 and 311: TABLE B-62.— Total funds raised i
Page 312 and 313: TABLE B-63.—Federal Reserve Bank
Page 314 and 315: TABLE B-65.—Bond yields and inter
Page 316 and 317: TABLE B-66—Consumer credit outsta
Page 318 and 319: TABLE B-68.—Mortgage debt outstan
Page 322 and 323: TABLE B-l\.—Federal budget receip
Page 324 and 325: TABLE B-73.—Government receipts a
Page 326 and 327: TABLE B-75.—State and local gover
Page 328 and 329: TABLE B-77,—Interest-bearing publ
Page 330 and 331: TABLE B-79-—Maturity distribution
Page 332 and 333: TABLE B-81.—Corporate profits by
Page 334 and 335: TABLE B-83.—Sales, profits, and s
Page 336 and 337: TABLE B-85.—Relation of profits a
Page 338 and 339: TABLE B-87.—Sources and uses of f
Page 340 and 341: TABLE B-89-—State and municipal a
Page 342 and 343: TABLE B-91.—Business formation an
Page 344 and 345: TABLE B-93.—Farm output ami produ
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Page 348 and 349: TABLE B-97.—Balance sheet of the
Page 350 and 351: TABLE B-99— U.S. international tr
Page 352 and 353: TABLE B-100.—U.S. merchandise exp
Page 354 and 355: TABLE B-102.—U.S. merchandise exp
Page 356 and 357: TABLE B-104.— World trade: Export
Page 358 and 359: TABLE B-106.—International reserv
Page 360 and 361: • • ' •TABLE B-108.—Industr
Page 362 and 363: TABLE B-110.—Summary of major U.S
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