Table B–8. New private housing units started, authorized, and completed and houses sold, 1972–2015 [Thousands; monthly data at seasonally adjusted annual rates] Year or month Total Type of structure Type of structure New housing units completed 1 unit 2 to 4 units 2 5 units or more Total 1 unit 2 to 4 units 5 units or more New houses sold 1972 2,356.6 1,309.2 141.2 906.2 2,218.9 1,033.1 148.6 1,037.2 2,003.9 718 1973 2,045.3 1,132.0 118.2 795.0 1,819.5 882.1 117.0 820.5 2,100.5 634 1974 1,337.7 888.1 68.0 381.6 1,074.4 643.8 64.4 366.2 1,728.5 519 1975 1,160.4 892.2 64.0 204.3 939.2 675.5 63.8 199.8 1,317.2 549 1976 1,537.5 1,162.4 85.8 289.2 1,296.2 893.6 93.1 309.5 1,377.2 646 1977 1,987.1 1,450.9 121.7 414.4 1,690.0 1,126.1 121.3 442.7 1,657.1 819 1978 2,020.3 1,433.3 125.1 462.0 1,800.5 1,182.6 130.6 487.3 1,867.5 817 1979 1,745.1 1,194.1 122.0 429.0 1,551.8 981.5 125.4 444.8 1,870.8 709 1980 1,292.2 852.2 109.5 330.5 1,190.6 710.4 114.5 365.7 1,501.6 545 1981 1,084.2 705.4 91.2 287.7 985.5 564.3 101.8 319.4 1,265.7 436 1982 1,062.2 662.6 80.1 319.6 1,000.5 546.4 88.3 365.8 1,005.5 412 1983 1,703.0 1,067.6 113.5 522.0 1,605.2 901.5 133.7 570.1 1,390.3 623 1984 1,749.5 1,084.2 121.4 543.9 1,681.8 922.4 142.6 616.8 1,652.2 639 1985 1,741.8 1,072.4 93.5 576.0 1,733.3 956.6 120.1 656.6 1,703.3 688 1986 1,805.4 1,179.4 84.0 542.0 1,769.4 1,077.6 108.4 583.5 1,756.4 750 1987 1,620.5 1,146.4 65.1 408.7 1,534.8 1,024.4 89.3 421.1 1,668.8 671 1988 1,488.1 1,081.3 58.7 348.0 1,455.6 993.8 75.7 386.1 1,529.8 676 1989 1,376.1 1,003.3 55.3 317.6 1,338.4 931.7 66.9 339.8 1,422.8 650 1990 1,192.7 894.8 37.6 260.4 1,110.8 793.9 54.3 262.6 1,308.0 534 1991 1,013.9 840.4 35.6 137.9 948.8 753.5 43.1 152.1 1,090.8 509 1992 1,199.7 1,029.9 30.9 139.0 1,094.9 910.7 45.8 138.4 1,157.5 610 1993 1,287.6 1,125.7 29.4 132.6 1,199.1 986.5 52.4 160.2 1,192.7 666 1994 1,457.0 1,198.4 35.2 223.5 1,371.6 1,068.5 62.2 241.0 1,346.9 670 1995 1,354.1 1,076.2 33.8 244.1 1,332.5 997.3 63.8 271.5 1,312.6 667 1996 1,476.8 1,160.9 45.3 270.8 1,425.6 1,069.5 65.8 290.3 1,412.9 757 1997 1,474.0 1,133.7 44.5 295.8 1,441.1 1,062.4 68.4 310.3 1,400.5 804 1998 1,616.9 1,271.4 42.6 302.9 1,612.3 1,187.6 69.2 355.5 1,474.2 886 1999 1,640.9 1,302.4 31.9 306.6 1,663.5 1,246.7 65.8 351.1 1,604.9 880 2000 1,568.7 1,230.9 38.7 299.1 1,592.3 1,198.1 64.9 329.3 1,573.7 877 2001 1,602.7 1,273.3 36.6 292.8 1,636.7 1,235.6 66.0 335.2 1,570.8 908 2002 1,704.9 1,358.6 38.5 307.9 1,747.7 1,332.6 73.7 341.4 1,648.4 973 2003 1,847.7 1,499.0 33.5 315.2 1,889.2 1,460.9 82.5 345.8 1,678.7 1,086 2004 1,955.8 1,610.5 42.3 303.0 2,070.1 1,613.4 90.4 366.2 1,841.9 1,203 2005 2,068.3 1,715.8 41.1 311.4 2,155.3 1,682.0 84.0 389.3 1,931.4 1,283 2006 1,800.9 1,465.4 42.7 292.8 1,838.9 1,378.2 76.6 384.1 1,979.4 1,051 2007 1,355.0 1,046.0 31.7 277.3 1,398.4 979.9 59.6 359.0 1,502.8 776 2008 905.5 622.0 17.5 266.0 905.4 575.6 34.4 295.4 1,119.7 485 2009 554.0 445.1 11.6 97.3 583.0 441.1 20.7 121.1 794.4 375 2010 586.9 471.2 11.4 104.3 604.6 447.3 22.0 135.3 651.7 323 2011 608.8 430.6 10.9 167.3 624.1 418.5 21.6 184.0 584.9 306 2012 780.6 535.3 11.4 233.9 829.7 518.7 25.9 285.1 649.2 368 2013 924.9 617.6 13.6 293.7 990.8 620.8 29.0 341.1 764.4 429 2014 1,003.3 647.9 13.7 341.7 1,052.1 640.3 29.9 382.0 883.8 437 2015 p 1,111.2 715.3 11.5 384.4 1,178.1 690.1 32.4 455.6 965.7 501 2014: Jan 888 577 303 1,002 621 30 351 847 446 Feb 951 604 336 1,030 613 24 393 872 417 Mar 963 649 300 1,061 622 29 410 911 410 Apr 1,039 639 391 1,074 622 27 425 826 410 May 986 637 340 1,017 626 29 362 903 457 June 927 597 307 1,033 648 38 347 797 408 July 1,095 657 422 1,041 640 30 371 861 403 Aug 966 643 306 1,040 643 35 362 905 454 Sept 1,026 661 353 1,053 653 26 374 948 459 Oct 1,079 705 357 1,120 652 32 436 917 472 Nov 1,007 670 328 1,079 663 28 388 867 449 Dec 1,080 724 336 1,077 685 24 368 939 495 2015: Jan 1,080 706 368 1,059 657 27 375 975 521 Feb 900 600 292 1,098 626 28 444 865 545 Mar 954 623 311 1,038 642 26 370 806 485 Apr 1,190 735 436 1,140 666 32 442 999 508 May 1,072 697 366 1,250 681 34 535 1,010 513 June 1,211 687 510 1,337 692 34 611 959 469 July 1,152 759 382 1,130 680 28 422 995 500 Aug 1,116 734 376 1,161 699 30 432 959 507 Sept 1,207 741 455 1,105 694 37 374 1,019 457 Oct 1,071 715 344 1,161 715 34 412 983 482 Nov p 1,179 794 378 1,282 727 29 526 959 491 Dec p 1,149 768 365 1,204 732 35 437 1,013 544 1 Authorized by issuance of local building permits in permit-issuing places: 20,100 places beginning with 2014; 19,300 for 2004–2013; 19,000 for 1994–2003; 17,000 for 1984–93; 16,000 for 1978–83; and 14,000 for 1972–77. 2 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. Note: One-unit estimates prior to 1999, for new housing units started and completed and for new houses sold, include an upward adjustment of 3.3 percent to account for structures in permit-issuing areas that did not have permit authorization. Source: Department of Commerce (Bureau of the Census). GDP, Income, Prices, and Selected Indicators | 409
Table B–9. Median money income (in 2014 dollars) and poverty status of families and people, by race, 2006-2014 Families 1 Below poverty level People below poverty level Median money income (in 2014 dollars) of people 15 years old and over with income 2 Race, Hispanic origin, and year 410 | Appendix B Number (millions) Median money income (in 2014 dollars) 2 Number (millions) Total Percent Female householder, no husband present Percent Number (millions) Percent All people Males Number (millions) Yearround full-time workers All people Females Yearround full-time workers TOTAL (all races) 3 2006 78.5 $68,582 7.7 9.8 4.1 28.3 36.5 12.3 $37,886 $52,790 $23,501 $41,084 2007 77.9 70,057 7.6 9.8 4.1 28.3 37.3 12.5 37,904 52,780 23,889 41,296 2008 78.9 67,648 8.1 10.3 4.2 28.7 39.8 13.2 36,463 52,537 22,945 40,342 2009 4 78.9 66,303 8.8 11.1 4.4 29.9 43.6 14.3 35,513 54,249 23,125 41,085 2010 5 79.6 65,408 9.4 11.8 4.8 31.7 46.3 15.1 34,970 54,457 22,559 41,739 2011 80.5 64,185 9.5 11.8 4.9 31.2 46.2 15.0 34,723 52,966 22,213 40,722 2012 80.9 64,179 9.5 11.8 4.8 30.9 46.5 15.0 34,959 52,261 22,190 41,265 2013 6 81.2 64,859 9.1 11.2 4.6 30.6 45.3 14.5 35,804 51,777 22,424 41,261 2013 7 82.3 66,542 9.6 11.7 5.2 32.2 46.3 14.8 36,213 52,259 22,488 41,365 2014 81.7 66,632 9.5 11.6 4.8 30.6 46.7 14.8 36,302 51,456 22,240 40,797 WHITE, non-Hispanic 8 2006 54.7 77,340 3.4 6.2 1.6 22.0 16.0 8.2 42,934 59,232 24,338 43,312 2007 53.9 79,856 3.2 5.9 1.5 20.7 16.0 8.2 42,673 58,764 24,763 44,164 2008 54.5 77,048 3.4 6.2 1.5 20.7 17.0 8.6 41,135 57,559 23,915 43,401 2009 4 54.5 74,306 3.8 7.0 1.7 23.3 18.5 9.4 40,590 57,896 24,208 44,429 2010 5 53.8 74,819 3.9 7.2 1.7 24.1 19.3 9.9 40,344 59,345 23,579 44,881 2011 54.2 73,506 4.0 7.3 1.8 23.4 19.2 9.8 40,157 58,700 23,396 43,552 2012 54.0 73,703 3.8 7.1 1.7 23.4 18.9 9.7 39,957 57,998 23,615 43,484 2013 6 53.8 73,812 3.7 6.9 1.6 22.6 18.8 9.6 40,779 57,380 24,169 43,484 2013 7 54.7 75,853 4.0 7.3 1.9 25.8 19.6 10.0 41,525 59,838 24,121 43,782 2014 53.8 76,658 3.9 7.3 1.7 23.7 19.7 10.1 41,072 58,712 24,005 44,236 BLACK 8 2006 9.3 44,936 2.0 21.6 1.5 36.6 9.0 24.3 29,430 41,657 22,431 36,325 2007 9.3 45,836 2.0 22.1 1.5 37.3 9.2 24.5 29,484 41,946 22,553 36,071 2008 9.4 43,851 2.1 22.0 1.5 37.2 9.4 24.7 27,769 42,457 22,208 35,391 2009 4 9.4 42,382 2.1 22.7 1.5 36.7 9.9 25.8 26,193 43,433 21,484 35,828 2010 5 9.6 41,908 2.3 24.1 1.7 38.7 10.7 27.4 25,296 40,963 21,333 36,966 2011 9.7 42,628 2.3 24.2 1.7 39.0 10.9 27.6 24,711 42,394 20,795 36,997 2012 9.8 41,778 2.3 23.7 1.6 37.8 10.9 27.2 25,699 41,055 20,644 36,182 2013 6 9.9 42,269 2.3 22.8 1.6 38.5 11.0 27.2 25,262 42,311 20,372 35,960 2013 7 9.9 42,576 2.2 22.4 1.7 36.7 10.2 25.2 25,531 41,099 21,413 35,208 2014 9.9 43,151 2.3 22.9 1.6 37.2 10.8 26.2 26,569 41,292 20,966 35,329 ASIAN 8 2006 3.3 87,610 .3 7.8 .1 15.4 1.4 10.3 43,935 61,177 26,069 47,259 2007 3.3 88,072 .3 7.9 .1 16.1 1.3 10.2 42,468 58,476 27,809 47,175 2008 3.5 80,906 .3 9.8 .1 16.7 1.6 11.8 40,253 56,942 25,410 48,611 2009 4 3.6 82,787 .3 9.4 .1 16.9 1.7 12.5 41,191 58,954 26,861 49,243 2010 5 3.9 81,675 .4 9.3 .1 21.1 1.9 12.2 38,899 57,013 25,586 45,519 2011 4.2 76,840 .4 9.7 .1 19.1 2.0 12.3 38,247 59,247 23,200 43,592 2012 4.1 80,288 .4 9.4 .1 19.2 1.9 11.7 41,479 62,129 24,061 47,815 2013 6 4.4 77,652 .4 8.7 .1 14.9 1.8 10.5 40,810 61,138 25,246 45,814 2013 7 4.4 84,148 .4 10.2 .1 25.7 2.3 13.1 43,489 62,220 26,266 47,992 2014 4.5 82,732 .4 8.9 .1 18.9 2.1 12.0 40,901 60,299 25,391 48,546 HISPANIC (any race) 8 2006 10.2 46,968 1.9 18.9 .9 36.0 9.2 20.6 27,537 34,722 18,503 30,170 2007 10.4 46,319 2.0 19.7 1.0 38.4 9.9 21.5 27,919 34,773 19,123 31,005 2008 10.5 44,496 2.2 21.3 1.0 39.2 11.0 23.2 26,393 34,328 18,052 30,174 2009 4 10.4 43,839 2.4 22.7 1.1 38.8 12.4 25.3 24,558 34,910 17,887 30,767 2010 5 11.3 42,674 2.7 24.3 1.3 42.6 13.5 26.5 24,345 34,577 17,691 31,594 2011 11.6 42,171 2.7 22.9 1.3 41.2 13.2 25.3 24,981 33,778 17,715 31,687 2012 12.0 42,033 2.8 23.5 1.3 40.7 13.6 25.6 25,358 33,528 17,246 30,427 2013 6 12.1 42,961 2.6 21.6 1.3 40.4 12.7 23.5 25,827 33,488 18,053 31,303 2013 7 12.4 41,609 2.9 23.1 1.4 40.5 13.4 24.7 24,597 32,896 17,229 31,680 2014 12.5 45,114 2.7 21.5 1.3 37.9 13.1 23.6 26,675 35,114 17,585 30,829 1 The term “family” refers to a group of two or more persons related by birth, marriage, or adoption and residing together. Every family must include a reference person. 2 Adjusted by consumer price index research series (CPI-U-RS). 3 Data for American Indians and Alaska natives, native Hawaiians and other Pacific Islanders, and those reporting two or more races are included in the total but not shown separately. 4 Beginning with data for 2009, the upper income interval used to calculate median incomes was expanded to $250,000 or more. 5 Reflects implementation of Census 2010-based population controls comparable to succeeding years. 6 The 2014 Current Population Survey (CPS) Annual Social and Economic Supplement (ASEC) included redesigned income questions, which were implemented to a subsample of the 98,000 addresses using a probability split panel design. These 2013 data are based on the 2014 ASEC sample of 68,000 addresses that received income questions similar to those used in the 2013 ASEC and are consistent with data in earlier years. 7 These 2013 data are based on the 2014 ASEC sample of 30,000 addresses that received redesigned income questions and are consistent with data in later years. 8 The CPS allows respondents to choose more than one race. Data shown are for “white alone, non-Hispanic,” “black alone,” and “Asian alone” race categories. (“Black” is also “black or African American.”) Family race and Hispanic origin are based on the reference person. Note: Poverty thresholds are updated each year to reflect changes in the consumer price index (CPI-U). For details see publication Series P–60 on the Current Population Survey and Annual Social and Economic Supplements. Source: Department of Commerce (Bureau of the Census).
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ECONOMIC REPORT OF THE PRESIDENT To
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C O N T E N T S ECONOMIC REPORT OF
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economic report of the president To
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when a hardworking American loses h
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the annual report of the council of
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C O N T E N T S CHAPTER 1 INCLUSIVE
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CHAPTER 5 TECHNOLOGY AND INNOVATION
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APPENDIXES A. Report to the Preside
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3.4. Percent Gap Between Actual and
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6.6. Relationship between Output Gr
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C H A P T E R 1 INCLUSIVE GROWTH IN
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To promote inclusive growth, both c
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Percent 20 15 Figure 1-1 Share of I
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Table 1-1 Increase in Income Share
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Figure 1-3 Distribution of Househol
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narrows the pool of human capital t
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over the past several decades has b
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Figure 1-6a The "Great Gatsby Curve
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Figure 1-7 Change in Employment by
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and sellers—consumer and producer
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Percent 15 10 Figure 1-9 Corporate
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Percent 30 Figure 1-11 Share of Wor
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Figure 1-12 Real Construction Costs
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promoting equality of opportunity;
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the division of rents, they can red
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C H A P T E R 2 THE YEAR IN REVIEW
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cold weather.1 The economy rebounde
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Box 2-1: Impact of Oil Price Declin
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Roughly speaking, the decline in th
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Percent of GDP 10 Figure 2-3 Federa
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Figure 2-5 Government Purchases as
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13 percent of GDP. Until 1990, Stat
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of new purchases.2 The increase in
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Figure 2-8 Actual and Consensus For
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Figure 2-10 Rates of Part-Time Work
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less than a tenth of the overall de
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Business fixed investment grew 3.1
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Percent 10 Figure 2-14 Personal Sav
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BEA revises the official statistics
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Index* 100 Figure 2-16 Real Income
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Box 2-5: Are Official Estimates of
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of consumer surplus, which should,
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Figure 2-19 National House Price In
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Box 2-6: Constraints on Housing Sup
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and also was estimated in recent re
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market. Nevertheless, the construct
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Figure 2-23 Net Investment as a Sha
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Percent 80 Figure 2-25 Total Payout
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Figure 2-28 Foreign Real GDP and U.
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Figure 2-30 Sources of Productivity
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Figure 2-32 Nominal Wage Growth Ove
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Figure 2-35 Long-Term Inflation Exp
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Percent 18 Figure 2-36 Nominal 10-Y
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Table 2-1 Selected Interest Rates,
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are close to those projected by the
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International Economics (Petri and
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History Forecast 1953:Q2 to 2015:Q3
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inflation up to 2007 and then expec
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Upside and Downside Forecast Risks.
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earlier forecasts. Figure 3-1 shows
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Real GDP/WAP Growth 2011-2014 Figur
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economists would expect capital dee
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Figure 3-i Actual and Forecasted Wo
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affected the demographic trajectory
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over the first three quarters of 20
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Percentage Points 35 30 Figure 3-7
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the President for a discussion of t
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Box 3-2: Market Volatility in the S
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potential for rapid spillovers betw
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absorb unexpectedly high losses. In
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Box 3-3: Commodity Prices and Infla
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In November 2015, the IMF voted to
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Billions of U.S. Dollars 250 200 15
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U.S. exports are 12.5 percent of th
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Box 3-4: The Importance of the Tran
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The challenging environment for U.S
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child’s environment. Despite the
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and Rossin-Slater 2015).5 These adv
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Figure 4-2 Official Poverty Rate fo
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Figure 4-3 Likelihood of Scoring Ve
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Percent 100 90 80 70 60 50 40 30 20
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Figure 4-7 Achievement Gap is Large
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Hours per Week 24 22 20 Figure 4-9
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Percent 65 Figure 4-11 Preschool En
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Box 4-1: Gender Differences in Earl
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Card and Rothstein 2007; Dickerson
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depend on how parents choose to inv
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y many factors, which makes it diff
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Box 4-3: Federal Early Childhood Pr
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program served over 45 million Amer
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Reauthorization Act of 2015, signed
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document that desegregation of hosp
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to alleviate hunger by supplementin
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adulthood (Hoynes, Schanzenbach, an
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of preschoolers support their child
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program and up to 15 years after co
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a longer period than is true of mos
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to be higher today than in the past
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Figure 4-18 Most Early Childhood Pr
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the preschool programs in Georgia a
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test scores by 6 to 9 percent of a
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Figure 4-20 Increase in Probability
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increased earnings by 31 percent (F
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Figure 5-1 Labor Productivity Growt
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Competition and Dynamism Play a Cri
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adopts pre-existing technology or k
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Figure 5-2 Quantity and Volume of V
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Box 5-2: Occupational Licensing One
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in consumer welfare as they erode t
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Finally, some workers may acquire s
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Box 5-3: Major Research Initiatives
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Figure 5-5 Federal and Nonfederal R
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Figure 5-7 Federal Research and Dev
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Figure 5-10 Percent of Patent Appli
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percent of all cases in 2009 to ove
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(Bloom, Sadun, and Van Reenen 2012)
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Figure 5-12 Estimated Annual Shipme
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was relatively flat through the 200
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In contrast, recent papers by Autor
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services, such as 4G LTE. At the sa
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Box 5-5: The On-Demand Economy “O
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vision of services that may not hav
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Figure 5-17 Household Income and Ho
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about half since ConnectED was laun
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C H A P T E R 6 THE ECONOMIC BENEFI
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enefits to a wide set of consumers
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Figure 6-1 Composition of Public Sp
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Age, Years 29 27 Figure 6-3 Average
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Type CAN FRA DEU ITA JPN GBR USA 20
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Box 6-1: Clean Energy and Transport
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Industry Government Investment Dire
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infrastructure investment is crucia
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Box 6-2: Elasticity of Output to Pu
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and output ignore potential inter-t
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Thus, ideas are exchanged, workers
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kilometers of road) in 1983 resulte
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Prospects for Increased Infrastruct
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Figure 6-6 Relationship between Out
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there is a clear demand for an infr
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user fees or shadow tolls.11 Throug
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to transportation facilities caused
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Tax-Exempt Bonds Transportation inf
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Recent Legislation In December 2015
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enefit freight movements. The Act a
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C H A P T E R 7 THE 70 TH ANNIVERSA
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and composition of the labor force,
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it, “[t]he CEA and its chairman h
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jected reductions in the deficit. I
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example, the Environmental Protecti
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Keyserling and the Council particip
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Countercyclical Policy in Other Adm
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In designing the Recovery Act, one
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incorporating risk and discounting
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and Freddie had lots of friends in
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(USEC). USEC was responsible for pr
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can be reported to him as the perce
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By contrast, Keyserling had activel
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goals of the government in their ar
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Gather, Analyze, and Interpret Info
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the unemployment insurance system w
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an informational basis for appropri
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had experience working in governmen
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emained. I joined forces with Budge
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Of course, relying on short-term ac
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Carson, Ann. 2015. “Prisoners in
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Kleiner, Morris M. and Alan B. Krue
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Congressional Budget Office (CBO).
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Kocin, Paul J. and Louis Uccellini.
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Fajgelbaum, Pablo and Amit Khandelw
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World Bank. 2016. “Global Economi
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Belfield, Clive R., Milagros Nores,
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Campbell, Jennifer A., Rebekah J. W
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Council of Economic Advisers. 2014.
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Eissa, Nada and Jeffrey B. Liebman.
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Hastings, Justine S. and Ebonya Was
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Kalil, Ariel, Rebecca Ryan, and Mic
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Maxfield, Michelle. 2013. “The Ef
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- Page 371 and 372: Graham, Stuart JH, Cheryl Grim, Tar
- Page 373 and 374: Melitz, Marc J. 2003. “The Impact
- Page 375 and 376: ______. 2015. “Patent Assertions:
- Page 377 and 378: Congressional Budget Office. 2009.
- Page 379 and 380: Peshkin, David G., Todd E. Hoerner,
- Page 381 and 382: ______. 2001. Designing U.S. Econom
- Page 383 and 384: Krueger, Alan B. 2000. “Honest Br
- Page 385 and 386: Weidenbaum, Murray L. 1983. “An E
- Page 388 and 389: letter of transmittal Council of Ec
- Page 390: Council Members and Their Dates of
- Page 393 and 394: The Members of the Council Sandra E
- Page 395 and 396: In May, the Council issued a report
- Page 397 and 398: Nirupama S. Rao . . . . . . . . . .
- Page 399 and 400: Jessica Schumer resigned from her p
- Page 402 and 403: C O N T E N T S GDP, INCOME, PRICES
- Page 404 and 405: General Notes Detail in these table
- Page 406 and 407: Table B-1. Percent changes in real
- Page 408 and 409: Table B-2. Gross domestic product,
- Page 410 and 411: Table B-4. Growth rates in real gro
- Page 412 and 413: Year or quarter Total Table B-6. Co
- Page 416 and 417: Table B-10. Changes in consumer pri
- Page 418 and 419: Table B-11. Civilian labor force, 1
- Page 420 and 421: Year or month Table B-13. Unemploym
- Page 422 and 423: Table B-14. Employees on nonagricul
- Page 424 and 425: Year or quarter Table B-16. Product
- Page 426 and 427: Table B-18. Federal receipts, outla
- Page 428 and 429: Table B-20. Federal receipts, outla
- Page 430 and 431: Table B-22. State and local governm
- Page 432 and 433: End of month Table B-24. Estimated
- Page 434 and 435: Table B-25. Bond yields and interes