ECONOMIC REPORT OF THE PRESIDENT

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Table B–10. Changes in consumer price indexes, 1947–2015 [For all urban consumers; percent change] December to December All items All items less food and energy Food Energy 4 C-CPI-U 5 Total 1 Shelter 2 Medical care 3 Apparel New Away vehicles Total 1 At home from Total 1, 3 Gasoline home 1947 8.8 6.9 8.2 11.3 16.4 1948 3.0 5.8 5.1 11.5 –.8 –1.1 6.2 1949 –2.1 1.4 –7.4 4.0 –3.9 –3.7 1.6 1950 5.9 3.4 5.3 .2 9.8 9.5 1.6 1951 6.0 5.8 5.7 9.7 7.1 7.6 2.1 1952 .8 4.3 –2.9 4.4 –1.0 –1.3 .5 1953 .7 3.2 3.5 .7 –1.7 –1.1 –1.6 10.1 1954 –.7 1.8 2.3 –.7 1.3 –1.8 –2.3 0.9 –1.4 1955 .4 .9 3.3 .5 –2.3 –.7 –1.0 1.4 4.2 1956 3.0 2.6 3.2 2.5 7.8 2.9 2.7 2.7 3.1 1957 2.9 3.4 4.7 .9 2.0 2.8 3.0 3.9 2.2 1958 1.8 1.7 .8 4.5 .2 6.1 2.4 1.9 2.1 –0.9 –3.8 1959 1.7 2.0 2.0 3.8 1.3 –.2 –1.0 –1.3 3.3 4.7 7.0 1960 1.4 1.0 1.6 3.2 1.5 –3.0 3.1 3.2 2.4 1.3 1.2 1961 .7 1.3 .8 3.1 .4 .2 –.7 –1.6 2.3 –1.3 –3.2 1962 1.3 1.3 .8 2.2 .6 –1.0 1.3 1.3 3.0 2.2 3.8 1963 1.6 1.6 1.9 2.5 1.7 –.4 2.0 1.6 1.8 –.9 –2.4 1964 1.0 1.2 1.5 2.1 .4 –.6 1.3 1.5 1.4 .0 .0 1965 1.9 1.5 2.2 2.8 1.3 –2.9 3.5 3.6 3.2 1.8 4.1 1966 3.5 3.3 4.0 6.7 3.9 .0 4.0 3.2 5.5 1.7 3.2 1967 3.0 3.8 2.8 6.3 4.2 2.8 1.2 .3 4.6 1.7 1.5 1968 4.7 5.1 6.5 6.2 6.3 1.4 4.4 4.0 5.6 1.7 1.5 1969 6.2 6.2 8.7 6.2 5.2 2.1 7.0 7.1 7.4 2.9 3.4 1970 5.6 6.6 8.9 7.4 3.9 6.6 2.3 1.3 6.1 4.8 2.5 1971 3.3 3.1 2.7 4.6 2.1 –3.2 4.3 4.3 4.4 3.1 –.4 1972 3.4 3.0 4.0 3.3 2.6 .2 4.6 5.1 4.2 2.6 2.8 1973 8.7 4.7 7.1 5.3 4.4 1.3 20.3 22.0 12.7 17.0 19.6 1974 12.3 11.1 11.4 12.6 8.7 11.4 12.0 12.4 11.3 21.6 20.7 1975 6.9 6.7 7.2 9.8 2.4 7.3 6.6 6.2 7.4 11.4 11.0 1976 4.9 6.1 4.2 10.0 4.6 4.8 .5 –.8 6.0 7.1 2.8 1977 6.7 6.5 8.8 8.9 4.3 7.2 8.1 7.9 7.9 7.2 4.8 1978 9.0 8.5 11.4 8.8 3.1 6.2 11.8 12.5 10.4 7.9 8.6 1979 13.3 11.3 17.5 10.1 5.5 7.4 10.2 9.7 11.4 37.5 52.1 1980 12.5 12.2 15.0 9.9 6.8 7.4 10.2 10.5 9.6 18.0 18.9 1981 8.9 9.5 9.9 12.5 3.5 6.8 4.3 2.9 7.1 11.9 9.4 1982 3.8 4.5 2.4 11.0 1.6 1.4 3.1 2.3 5.1 1.3 –6.7 1983 3.8 4.8 4.7 6.4 2.9 3.3 2.7 1.8 4.1 –.5 –1.6 1984 3.9 4.7 5.2 6.1 2.0 2.5 3.8 3.6 4.2 .2 –2.5 1985 3.8 4.3 6.0 6.8 2.8 3.6 2.6 2.0 3.8 1.8 3.0 1986 1.1 3.8 4.6 7.7 .9 5.6 3.8 3.7 4.3 –19.7 –30.7 1987 4.4 4.2 4.8 5.8 4.8 1.8 3.5 3.5 3.7 8.2 18.6 1988 4.4 4.7 4.5 6.9 4.7 2.2 5.2 5.6 4.4 .5 –1.8 1989 4.6 4.4 4.9 8.5 1.0 2.4 5.6 6.2 4.6 5.1 6.5 1990 6.1 5.2 5.2 9.6 5.1 2.0 5.3 5.8 4.5 18.1 36.8 1991 3.1 4.4 3.9 7.9 3.4 3.2 1.9 1.3 2.9 –7.4 –16.2 1992 2.9 3.3 2.9 6.6 1.4 2.3 1.5 1.5 1.4 2.0 2.0 1993 2.7 3.2 3.0 5.4 .9 3.3 2.9 3.5 1.9 –1.4 –5.9 1994 2.7 2.6 3.0 4.9 –1.6 3.3 2.9 3.5 1.9 2.2 6.4 1995 2.5 3.0 3.5 3.9 .1 1.9 2.1 2.0 2.2 –1.3 –4.2 1996 3.3 2.6 2.9 3.0 –.2 1.8 4.3 4.9 3.1 8.6 12.4 1997 1.7 2.2 3.4 2.8 1.0 –.9 1.5 1.0 2.6 –3.4 –6.1 1998 1.6 2.4 3.3 3.4 –.7 .0 2.3 2.1 2.5 –8.8 –15.4 1999 2.7 1.9 2.5 3.7 –.5 –.3 1.9 1.7 2.3 13.4 30.1 2000 3.4 2.6 3.4 4.2 –1.8 .0 2.8 2.9 2.4 14.2 13.9 2.6 2001 1.6 2.7 4.2 4.7 –3.2 –.1 2.8 2.6 3.0 –13.0 –24.9 1.3 2002 2.4 1.9 3.1 5.0 –1.8 –2.0 1.5 .8 2.3 10.7 24.8 2.0 2003 1.9 1.1 2.2 3.7 –2.1 –1.8 3.6 4.5 2.3 6.9 6.8 1.7 2004 3.3 2.2 2.7 4.2 –.2 .6 2.7 2.4 3.0 16.6 26.1 3.2 2005 3.4 2.2 2.6 4.3 –1.1 –.4 2.3 1.7 3.2 17.1 16.1 2.9 2006 2.5 2.6 4.2 3.6 .9 –.9 2.1 1.4 3.2 2.9 6.4 2.3 2007 4.1 2.4 3.1 5.2 –.3 –.3 4.9 5.6 4.0 17.4 29.6 3.7 2008 .1 1.8 1.9 2.6 –1.0 –3.2 5.9 6.6 5.0 –21.3 –43.1 .2 2009 2.7 1.8 .3 3.4 1.9 4.9 –.5 –2.4 1.9 18.2 53.5 2.5 2010 1.5 .8 .4 3.3 –1.1 –.2 1.5 1.7 1.3 7.7 13.8 1.3 2011 3.0 2.2 1.9 3.5 4.6 3.2 4.7 6.0 2.9 6.6 9.9 2.9 2012 1.7 1.9 2.2 3.2 1.8 1.6 1.8 1.3 2.5 .5 1.7 1.5 2013 1.5 1.7 2.5 2.0 .6 .4 1.1 .4 2.1 .5 –1.0 1.3 2014 .8 1.6 2.9 3.0 –2.0 .5 3.4 3.7 3.0 –10.6 –21.0 .5 2015 .7 2.1 3.2 2.6 –.9 .2 .8 –.4 2.6 –12.6 –19.7 .4 1 Includes other items not shown separately. 2 Data beginning with 1983 incorporate a rental equivalence measure for homeowners’ costs. 3 Commodities and services. 4 Household energy--electricity, utility (piped) gas service, fuel oil, etc.--and motor fuel. 5 Chained consumer price index (C-CPI-U) introduced in 2002. Reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. Note: Changes from December to December are based on unadjusted indexes. Source: Department of Labor (Bureau of Labor Statistics). GDP, Income, Prices, and Selected Indicators | 575
Labor Market Indicators Table B–11. Civilian labor force, 1929–2016 [Monthly data seasonally adjusted, except as noted] Year or month Civilian noninstitutional population 1 Total Total Civilian labor force Employment Agricultural Unemployment Nonagricultural Not in labor force Civilian labor force participation rate 2 Civilian employment/ population ratio 3 Unemployment rate, civilian workers 4 Thousands of persons 14 years of age and over 1929 49,180 47,630 10,450 37,180 1,550 3.2 1930 49,820 45,480 10,340 35,140 4,340 8.7 1931 50,420 42,400 10,290 32,110 8,020 15.9 1932 51,000 38,940 10,170 28,770 12,060 23.6 1933 51,590 38,760 10,090 28,670 12,830 24.9 1934 52,230 40,890 9,900 30,990 11,340 21.7 1935 52,870 42,260 10,110 32,150 10,610 20.1 1936 53,440 44,410 10,000 34,410 9,030 16.9 1937 54,000 46,300 9,820 36,480 7,700 14.3 1938 54,610 44,220 9,690 34,530 10,390 19.0 1939 55,230 45,750 9,610 36,140 9,480 17.2 1940 99,840 55,640 47,520 9,540 37,980 8,120 44,200 55.7 47.6 14.6 1941 99,900 55,910 50,350 9,100 41,250 5,560 43,990 56.0 50.4 9.9 1942 98,640 56,410 53,750 9,250 44,500 2,660 42,230 57.2 54.5 4.7 1943 94,640 55,540 54,470 9,080 45,390 1,070 39,100 58.7 57.6 1.9 1944 93,220 54,630 53,960 8,950 45,010 670 38,590 58.6 57.9 1.2 1945 94,090 53,860 52,820 8,580 44,240 1,040 40,230 57.2 56.1 1.9 1946 103,070 57,520 55,250 8,320 46,930 2,270 45,550 55.8 53.6 3.9 1947 106,018 60,168 57,812 8,256 49,557 2,356 45,850 56.8 54.5 3.9 Thousands of persons 16 years of age and over 1947 101,827 59,350 57,038 7,890 49,148 2,311 42,477 58.3 56.0 3.9 1948 103,068 60,621 58,343 7,629 50,714 2,276 42,447 58.8 56.6 3.8 1949 103,994 61,286 57,651 7,658 49,993 3,637 42,708 58.9 55.4 5.9 1950 104,995 62,208 58,918 7,160 51,758 3,288 42,787 59.2 56.1 5.3 1951 104,621 62,017 59,961 6,726 53,235 2,055 42,604 59.2 57.3 3.3 1952 105,231 62,138 60,250 6,500 53,749 1,883 43,093 59.0 57.3 3.0 1953 107,056 63,015 61,179 6,260 54,919 1,834 44,041 58.9 57.1 2.9 1954 108,321 63,643 60,109 6,205 53,904 3,532 44,678 58.8 55.5 5.5 1955 109,683 65,023 62,170 6,450 55,722 2,852 44,660 59.3 56.7 4.4 1956 110,954 66,552 63,799 6,283 57,514 2,750 44,402 60.0 57.5 4.1 1957 112,265 66,929 64,071 5,947 58,123 2,859 45,336 59.6 57.1 4.3 1958 113,727 67,639 63,036 5,586 57,450 4,602 46,088 59.5 55.4 6.8 1959 115,329 68,369 64,630 5,565 59,065 3,740 46,960 59.3 56.0 5.5 1960 117,245 69,628 65,778 5,458 60,318 3,852 47,617 59.4 56.1 5.5 1961 118,771 70,459 65,746 5,200 60,546 4,714 48,312 59.3 55.4 6.7 1962 120,153 70,614 66,702 4,944 61,759 3,911 49,539 58.8 55.5 5.5 1963 122,416 71,833 67,762 4,687 63,076 4,070 50,583 58.7 55.4 5.7 1964 124,485 73,091 69,305 4,523 64,782 3,786 51,394 58.7 55.7 5.2 1965 126,513 74,455 71,088 4,361 66,726 3,366 52,058 58.9 56.2 4.5 1966 128,058 75,770 72,895 3,979 68,915 2,875 52,288 59.2 56.9 3.8 1967 129,874 77,347 74,372 3,844 70,527 2,975 52,527 59.6 57.3 3.8 1968 132,028 78,737 75,920 3,817 72,103 2,817 53,291 59.6 57.5 3.6 1969 134,335 80,734 77,902 3,606 74,296 2,832 53,602 60.1 58.0 3.5 1970 137,085 82,771 78,678 3,463 75,215 4,093 54,315 60.4 57.4 4.9 1971 140,216 84,382 79,367 3,394 75,972 5,016 55,834 60.2 56.6 5.9 1972 144,126 87,034 82,153 3,484 78,669 4,882 57,091 60.4 57.0 5.6 1973 147,096 89,429 85,064 3,470 81,594 4,365 57,667 60.8 57.8 4.9 1974 150,120 91,949 86,794 3,515 83,279 5,156 58,171 61.3 57.8 5.6 1975 153,153 93,775 85,846 3,408 82,438 7,929 59,377 61.2 56.1 8.5 1976 156,150 96,158 88,752 3,331 85,421 7,406 59,991 61.6 56.8 7.7 1977 159,033 99,009 92,017 3,283 88,734 6,991 60,025 62.3 57.9 7.1 1978 161,910 102,251 96,048 3,387 92,661 6,202 59,659 63.2 59.3 6.1 1979 164,863 104,962 98,824 3,347 95,477 6,137 59,900 63.7 59.9 5.8 1980 167,745 106,940 99,303 3,364 95,938 7,637 60,806 63.8 59.2 7.1 1981 170,130 108,670 100,397 3,368 97,030 8,273 61,460 63.9 59.0 7.6 1982 172,271 110,204 99,526 3,401 96,125 10,678 62,067 64.0 57.8 9.7 1983 174,215 111,550 100,834 3,383 97,450 10,717 62,665 64.0 57.9 9.6 1984 176,383 113,544 105,005 3,321 101,685 8,539 62,839 64.4 59.5 7.5 1985 178,206 115,461 107,150 3,179 103,971 8,312 62,744 64.8 60.1 7.2 1986 180,587 117,834 109,597 3,163 106,434 8,237 62,752 65.3 60.7 7.0 1987 182,753 119,865 112,440 3,208 109,232 7,425 62,888 65.6 61.5 6.2 1988 184,613 121,669 114,968 3,169 111,800 6,701 62,944 65.9 62.3 5.5 1989 186,393 123,869 117,342 3,199 114,142 6,528 62,523 66.5 63.0 5.3 1 Not seasonally adjusted. 2 Civilian labor force as percent of civilian noninstitutional population. 3 Civilian employment as percent of civilian noninstitutional population. 4 Unemployed as percent of civilian labor force. See next page for continuation of table. Percent 576 | Appendix B
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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.
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Figure 6-iv Top 5 Banks as Share of
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cult to replace with services from
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Are U.S. Banks Too Big? The questio
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The three federal banking agencies
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Risk Taking The Dodd-Frank Act took
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Box 6-3: The Performance of Communi
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Figure 6-ix Return on Assets of Ban
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egulators can take a more holistic
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Figure 6-13 Repo and Reverse Repo,
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Figure 6-15 Private Funds Reporting
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Days 60 Figure 6-16 Weighted-Averag
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Figure 6-18 Systemic Risk (SRISK),
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In the absence of another financial
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lower funding costs in 2007-09, “
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through the Dodd-Frank Act and othe
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Prior to the financial crisis, one
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asis.24 One of the advantages of ce
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findings from the NRSRO examination
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Prior to the crisis, enforcement of
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Box 6-5: Addressing the Problem of
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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 426:
It created the FSOC to consider ris
Page 429 and 430:
energy efficient and lower greenhou
Page 431 and 432:
of domestic actions to reduce green
Page 433 and 434:
people and vegetation (U.S. Global
Page 435 and 436:
investment are much higher than the
Page 437 and 438:
Delaying Action on Climate Change I
Page 439 and 440:
uses and land management activities
Page 441 and 442:
Carbon Pollution Standards for Powe
Page 443 and 444:
a projected range of $16 billion to
Page 445 and 446:
these resulted in insignificant cha
Page 447 and 448:
Figure 7-4 Corporate Average Fuel E
Page 449 and 450:
diesel fuel and jet fuel. The Vehic
Page 451 and 452:
Box 7-3: Building Resilience to Cur
Page 453 and 454:
sources in the oil and gas sector,
Page 455 and 456:
emissions and total greenhouse gas
Page 457 and 458:
Figure 7-7 Energy Intensity of Real
Page 459 and 460:
Figure 7-10 U.S. Petroleum Consumpt
Page 461 and 462:
Figure 7-12 Energy Intensity Transp
Page 463 and 464:
Figure 7-14c Energy Intensity Comme
Page 465 and 466:
Figure 7-16 U.S. Energy Consumption
Page 467 and 468:
2008 to 7 percent in 2015. Figure 7
Page 469 and 470:
Index, 2008 =0 0.1 0.0 -0.1 Figure
Page 471 and 472:
Figure 7-23 Decomposition of Emissi
Page 473 and 474:
three determinants of emissions? If
Page 475 and 476:
Percent 100 80 Figure 7-26 Sectoral
Page 477 and 478:
characteristics, and management tre
Page 479 and 480:
oil and gas sector) were subsequent
Page 481 and 482:
while creating new jobs and raising
Page 483 and 484:
such as using similar methodologies
Page 485 and 486:
Box 7-4: Supporting Increased Penet
Page 487 and 488:
sector, the fee would incentivize p
Page 489 and 490:
to be used to decompose emissions i
Page 491 and 492:
Reinvestment Act.” NBER Working P
Page 493 and 494:
D’Amico, Stefania, et al. 2012.
Page 495 and 496:
______. 2016. “Chapter 3: Develop
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Chetty, Raj, et al. 2014. “Where
Page 499 and 500:
NBER Working Paper 22170. Cambridge
Page 501 and 502:
American Hospital Association and H
Page 503 and 504:
Cantor, Joel C., et al. 2012. “Ea
Page 505 and 506:
______. 2012a. “Direct Spending a
Page 507 and 508:
Dranove, David, Craig Garthwaite, a
Page 509 and 510:
Wars: Global Solutions for Developi
Page 511 and 512:
Huang, Jidong, and Frank J. Chaloup
Page 513 and 514:
McWilliams, J. Michael. 2016. “Ch
Page 515 and 516:
Pinkovskiy, Maxim. 2014. “The Imp
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______. 2016. “Certification of M
Page 519 and 520:
Arcidiacono, Peter, V. Joseph Hotz,
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Bulman, George, and Caroline Hoxby.
Page 523 and 524:
______. 2015a. “Economic Costs of
Page 525 and 526:
Dobbie, Will, and Roland G. Fryer J
Page 527 and 528:
Committee on Health, Education, Lab
Page 529 and 530: Jepsen, Christopher, Kenneth Troske
Page 531 and 532: Marcotte, Dave E., et al. 2005. “
Page 533 and 534: Reynolds, Arthur J., et al. 2011.
Page 535 and 536: Chapter 6 Acharya, Viral. V., Deniz
Page 537 and 538: Fama, Eugene F., and Kenneth R. Fre
Page 539 and 540: Wheelock, David C., and Paul W. Wil
Page 541 and 542: ______. 2016a. “The Economics of
Page 543 and 544: ______. 2016c. Short Term Energy Ou
Page 545 and 546: Interagency Working Group on the So
Page 547 and 548: Office of Management and Budget (OM
Page 550: A P P E N D I X A REPORT TO THE PRE
Page 553 and 554: Council Members and Their Dates of
Page 556 and 557: Report to the President on the Acti
Page 558 and 559: consulting with a wide variety of o
Page 560 and 561: In October, the Council released a
Page 562 and 563: Research Economists David Boddy . .
Page 564: A P P E N D I X B STATISTICAL TABLE
Page 567 and 568: GOVERNMENT FINANCE, INTEREST RATES,
Page 569 and 570: Year or quarter Table B-1. Percent
Page 571 and 572: Table B-2. Gross domestic product,
Page 573 and 574: Table B-3. Quantity and price index
Page 575 and 576: Table B-5. Real exports and imports
Page 577 and 578: Year Total Table B-7. Real farm inc
Page 579: Table B-9. Median money income (in
Page 583 and 584: Year or month Table B-12. Civilian
Page 585 and 586: Table B-14. Employees on nonagricul
Page 587 and 588: Year or month Table B-15. Hours and
Page 589 and 590: Government Finance, Interest Rates,
Page 591 and 592: Table B-19. Federal receipts and ou
Page 593 and 594: Table B-21. Federal and State and l
Page 595 and 596: Table B-23. U.S. Treasury securitie
Page 597 and 598: Year and month Bills (at auction) 1
Page 599: Year and month Table B-26. Money st
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