ECONOMIC REPORT OF THE PRESIDENT

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It created the FSOC to consider risks to the overall financial system and better coordinate regulatory action. And it took steps to limit the problem of financial institutions that are too-big-to-fail by imposing additional regulatory requirements on such institutions and creating an architecture that would allow these systemically significant institutions to be unwound if they were to fail. Finally, Dodd-Frank improved the transparency, accountability, and consumer protections in our financial system. These measures will help consumers and investors engage with the financial system in a way that is beneficial to them. Although implementation of Basel III and Dodd-Frank go a long way toward reforming the financial system, there are important issues that remain unresolved. These include reform of government sponsored enterprises Fannie (Federal National Mortgage Association) and Freddie (Federal Home Loan Mortgage Corporation) in a manner that ensures they do not return to a status as private entities that operate for profit but with implicit public guarantees, and ensuring that a sufficient resolution framework exists for systemically important insurance companies and systemically important financial companies with worldwide operations. And as the financial system evolves over time, the regulatory architecture will need to evolve as well to ensure that a financial crisis like the one from 2007 to 2009 does not wreak havoc on the economy in the future. Strengthening the Financial System | 421
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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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eforms in history. Banks have sharp
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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: EIGHT YE
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. THE ECONOMIC RATIONALE FOR FEDERA
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2.4. Government Purchases as Share
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4.iii. Premium for the Benchmark Pl
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6.18. Systemic Risk (SRISK) 2005-20
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C H A P T E R 1 EIGHT YEARS OF RECO
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Figure 1-1 Actual and Consensus For
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Figure 1-3 Real Hourly Wage Growth
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Figure 1-4 Real GDP per Capita: Eur
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Figure 1-6 Household Net Worth in t
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Figure 1-8 Global Trade Flows in th
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Subsequent revisions to fourth-quar
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Percent 6 Figure 1-9 Fiscal Expansi
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substantial costs to the Federal Go
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worked to promote innovation and in
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expansion, a period of low producti
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The 2017 Economic Report of the Pre
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Chapter 4: Reforming the Health Car
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to the ACA and other factors. The A
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than 98 percent of Americans should
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Figure 1-13 Borrowers in Income Dri
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success of the financial rescue and
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einforced U.S. leadership in the ru
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Partnership (OGP), a global partner
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Figure 1-16 Labor Productivity Grow
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Labor Force Participation Household
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number of steps to ensure that econ
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C H A P T E R 2 THE YEAR IN REVIEW
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Percent 11 Figure 2-1 Unemployment
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allowing for additional investments
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Percentage Point 0.6 0.4 Figure 2-3
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public, largely highway constructio
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The size of the Federal Reserve’s
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Figure 2-5 Private-Sector Payroll E
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fell 80 percent from September 2014
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Figure 2-8 Rates of Part-Time Work,
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Figure 2-v Prime-Age Male Labor For
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Output Real GDP grew 1.6 percent ov
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Figure 2-11 Compensation and Consum
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Table 2-i Optimal Weighting for Hou
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esults suggest that, to a first app
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Figure 2-viii Real GDP, Average and
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Figure 2-13 Consumer Sentiment and
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Figure 2-xi Household Debt Service,
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Ratio to Annual DPI 1.10 1.05 Figur
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Figure 2-17 National House Price In
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Index 220 Figure 2-19 Housing Affor
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Figure 2-21 Composition of Growth i
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Figure 2-23 Capital Services per Un
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Box 2-7: Explanations for the Recen
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Figure 2-xv Business Fixed Investme
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Figure 2-26 Foreign Real GDP and U.
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somewhat generalizable (Box 2-8), b
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prices weakened and the global econ
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inadequate demand has contributed t
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Figure 2-31 Nominal Wage Inflation
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Figure 2-33 Real Hourly Wage Growth
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Index 6 Figure 2-36 Financial Condi
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Percent 4.0 Figure 2-38 Nominal Lon
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Dollars per Barrel 80 Figure 2-40 B
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Figure 2-41 IMF World Real GDP Grow
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against the Mexican peso, the Chine
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United Kingdom It has been a turbul
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for example, Japan has grown almost
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Figure 2-45 Credit to Nonfinancial
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Meanwhile, core inflation (excludin
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kept rates low across a wide range
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Investments in surface transportati
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Table 2-2 Supply-Side Components of
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Conclusion The economy continued to
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not increased from 1973 to 2013, in
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developments; individual behavior;
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action affecting income inequality
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have occurred. In doing so, these p
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Percent 24 21 18 15 12 9 6 African
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without the policy response.5 These
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Box 3-2: Income Inequality and the
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unable to obtain insurance at any p
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Figure 3-7B Percent 50 Uninsured Ra
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and have not expanded Medicaid foun
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Box 3-3: Safety Net Policies as Ins
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Millions of People 18 Figure 3-8 Im
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Figure 3-9 Effective Tax Rates for
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Box 3-4: Additional Actions to Make
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$294 million in newly appropriated
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15 10 5 0 -5 -10 -15 Figure 3-12 Pe
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Administration with those of previo
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as a share of potential GDP by Pres
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Figure 3-17 Changes in the Distribu
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30 25 20 15 10 5 0 Single Source: C
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ate on capital gains and dividends
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C H A P T E R 4 REFORMING THE HEALT
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eneficiaries have received cumulati
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form of lower premium costs and ind
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Percent 25 20 Creation of Medicare
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Figure 4-3 Health Insurance Coverag
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90 80 70 60 50 40 30 20 10 0 25 55
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Percent Uninsured 25 CHIP Created 2
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Legislative actions subsequent to C
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Percent Uninsured 40 35 Figure 4-7
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ecause of the ACA’s provision all
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Box 4-2: Dynamics in the Individual
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projected during the debate over th
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whelming majority of Marketplace en
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Figure 4-v Change in Benchmark Prem
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20 Figure 4-10 Share of Workers in
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percent during the decade preceding
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Panel A: Share with a Personal Doct
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Box 4-3: Interpreting Results from
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Fortunately, the OHIE is not the on
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Figure 4-14 Uncompensated Care as a
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Figure 4-15 Uninsured Rate by Popul
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Figure 4-17 Monthly Gain in Private
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Change in Working-Age Employment to
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this cross-sectional relationship b
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ecent discussions of macroeconomic
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Figure 4-23 Life Expectancy at Birt
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Figure 4-24 Mortality Rate vs. Medi
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more to cover Medicare patients tha
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example, through CMMI, the Administ
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orient payment around the entirety
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Percent of Payments 60 Figure 4-26
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covered under ACO contracts at the
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Additional Steps to Reform the Heal
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legislation that overrides the reco
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Figure 4-28 Health Care Price Infla
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Figure 4-30 Trends in Real Prices f
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average growth rate of real per enr
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Figure 4-34 Growth in Real Costs fo
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made a large, readily quantifiable
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in states experiencing weaker and s
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distribution, holding fixed both sp
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individuals among individuals 65 an
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Figure 4-40 Average Real Deductible
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Figure 4-41 Real Per-Enrollee Presc
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educe the growth rate of Medicare s
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improvements will strengthen ACOs
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-5 0 -2 Figure 4-42 Cumulative Perc
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Woolhandler 2015). These analysts a
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productivity on the job. These bene
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Figure 4-46 Premiums and Cost Shari
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(KFF 2016). Another fifth of tradit
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2030 2028 2026 2024 2022 2020 2018
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C H A P T E R 5 INVESTING IN HIGHER
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Gainful Employment regulations. To
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Thousands of 2015 Dollars 900 800 7
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externalities, credit constraints,
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Figure 5-4 Earnings by Age and Educ
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Figure 5-5 Variation in Earnings by
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Box 5-1: Anti-Poverty Efforts and E
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careers. Some of the effects of the
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eligibility cutoff likewise finds s
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Box 5-2: Federal Investments in K-1
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Evaluations of early local Promise
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America’s College Promise Playboo
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Dollars 45,000 40,000 35,000 30,000
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pre-payment penalty. Second, by tyi
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equirements, pushed efforts associa
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Figure 5-16 Size of Outstanding Loa
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Figure 5-17 Average Monthly Payment
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Figure 5-18 Distribution of Key Out
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Figure 5-20 Earnings by Family Inco
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to student needs and improve test s
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Box 5-5: Making Sure Students Enter
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prior, the early FAFSA reform helps
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Figure 5-ii Number of Institutions
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Figure 5-23 Gainful Employment Earn
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Additionally, Pell Grants can be be
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C H A P T E R 6 STRENGTHENING THE F
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with no easy way to get the funds f
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public has limited information, run
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value added of the sector has gradu
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managers. Thus, after fees, savers
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Too Many Resources in Finance? Beyo
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of the firm after the purchase affe
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Percent 100 Figure 6-2 Mortgage Ori
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Figure 6-4 Case-Shiller Home Price
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Figure 6-7 Global OTC Derivative Ma
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consumer and investor protections.
Page 376 and 377: Figure 6-iv Top 5 Banks as Share of
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Page 380 and 381: Are U.S. Banks Too Big? The questio
Page 382 and 383: The three federal banking agencies
Page 384 and 385: Risk Taking The Dodd-Frank Act took
Page 386 and 387: Box 6-3: The Performance of Communi
Page 388 and 389: Figure 6-ix Return on Assets of Ban
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Page 392 and 393: Figure 6-13 Repo and Reverse Repo,
Page 394 and 395: Figure 6-15 Private Funds Reporting
Page 396 and 397: Days 60 Figure 6-16 Weighted-Averag
Page 398 and 399: Figure 6-18 Systemic Risk (SRISK),
Page 400 and 401: In the absence of another financial
Page 402 and 403: lower funding costs in 2007-09, “
Page 404 and 405: through the Dodd-Frank Act and othe
Page 406 and 407: Prior to the financial crisis, one
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Page 410 and 411: findings from the NRSRO examination
Page 412 and 413: Prior to the crisis, enforcement of
Page 414 and 415: Box 6-5: Addressing the Problem of
Page 416 and 417: Table 6-i Sources of Investment Adv
Page 418 and 419: financial system and the systems of
Page 420 and 421: Box 6-6: The JOBS Act While it was
Page 422 and 423: Figure 6-23 S&P 500, 2003-2016 Inde
Page 424 and 425: Figure 6-27 Mortgage Delinquency an
Page 428 and 429: C H A P T E R 7 ADDRESSING CLIMATE
Page 430 and 431: generation from natural gas and ren
Page 432 and 433: Figure 7-1 Billion-Dollar Event Typ
Page 434 and 435: will strain Federal fire suppressio
Page 436 and 437: climate sensitivity.6 With the poss
Page 438 and 439: Figure 7-2 Greenhouse Gas Emissions
Page 440 and 441: modernization, advanced vehicles an
Page 442 and 443: 2,200 Figure 7-3 Clean Power Plan P
Page 444 and 445: Box 7-1: Quantifying the Benefits o
Page 446 and 447: uilding use, and 30 percent of indu
Page 448 and 449: Box 7-2: Investing in Clean Energy
Page 450 and 451: advanced vehicle technologies (CEA
Page 452 and 453: adaptation plans, establishing a st
Page 454 and 455: of climate change—a critical comp
Page 456 and 457: Index, 2000=1 1.3 1.2 Figure 7-5 GD
Page 458 and 459: Figure 7-9 Energy Intensity Project
Page 460 and 461: Petroleum consumption was 2 percent
Page 462 and 463: Index, 2003=1 1.1 Figure 7-14a Ener
Page 464 and 465: Figure 7-15a Carbon Intensity Proje
Page 466 and 467: Figure 7-18 Monthly Share of Non-Hy
Page 468 and 469: Figure 7-20 U.S. Non-Hydro Renewabl
Page 470 and 471: in the United States where new wind
Page 472 and 473: Figure 7-24 Growth Rates of GDP, En
Page 474 and 475: Figure 7-25 Decomposition of Total
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Lower carbon intensity also played
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Figure 7-27 U.S. Net Emissions base
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Obama and President Xi made a surpr
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years, accelerate cost reductions f
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to increase transparency from Burea
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As penetration of variable energy r
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accomplishments in the clean energy
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REFERENCES Chapter 1 Blinder, Alan
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IMF Country Report 16/220. Washingt
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of Governors of the Federal Reserve
Page 496 and 497:
Chapter 3 Aguiar, Mark, and Mark Bi
Page 498 and 499:
Dahl, Gordon B., and Lance Lochner.
Page 500 and 501:
Care Act Implementation; Problems R
Page 502 and 503:
Baicker, Katherine, et al. 2013.
Page 504 and 505:
Claxton, Gary, Larry Levitt, and Mi
Page 506 and 507:
Cutler, David M., Mark McClellan, a
Page 508 and 509:
NBER Working Paper 21352. Cambridge
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Health Care Payment Learning & Acti
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Lee, David, and Frank Levy. 2012.
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accountable-care-organizations-in-2
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Shekelle, Paul G. 2015. “Electron
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White, Chapin, and Vivian Yaling Wu
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Baum, Sandy, Jennifer Ma, and Kathl
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______. 2014b. “Measuring the Imp
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Darolia, Rajeev, et al. 2015. “Do
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Fain, Paul. 2014. “Benefits of Fr
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Horn, Laura, Xianlei Chen, and Chri
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Lavecchia, Adam, Heidi Liu, and Phi
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Nord, Mark, and Mark Prell. 2011.
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Sun, Stephen, and Constantine Yanne
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Berk, Jonathan B., and Richard C. G
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Statistics and Monetary Affairs. (h
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Bodnar, Paul, and Dave Turk. 2015.
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______. 2016f. “Workplace Chargin
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Farmer, E.D., V.G. Newman, and Pete
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Lenton, Timothy M., et al. 2008.
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Walsh, Bryan. 2010. “Why the Clim
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letter of transmittal Council of Ec
Page 554:
Council Members and Their Dates of
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University of California, Berkeley
Page 559 and 560:
that some criminal justice policies
Page 561 and 562:
The Staff of the Council of Economi
Page 563 and 564:
Interns Student interns provide inv
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C O N T E N T S GDP, INCOME, PRICES
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General Notes Detail in these table
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Table B-1. Percent changes in real
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Table B-2. Gross domestic product,
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Table B-4. Growth rates in real gro
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Year or quarter Total Table B-6. Co
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Table B-8. New private housing unit
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Table B-10. Changes in consumer pri
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Table B-11. Civilian labor force, 1
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Year or month Table B-13. Unemploym
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Table B-14. Employees on nonagricul
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Year or quarter Table B-16. Product
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Table B-18. Federal receipts, outla
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Table B-20. Federal receipts, outla
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Table B-22. State and local governm
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End of month Table B-24. Estimated
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Table B-25. Bond yields and interes
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ECONOMIC REPORT OF THE PRESIDENT

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