ECONOMIC REPORT OF THE PRESIDENT

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Year or quarter Table B–16. Productivity and related data, business and nonfarm business sectors, 1967–2016 Labor productivity (output per hour) Business sector Nonfarm business sector Business sector [Index numbers, 2009=100; quarterly data seasonally adjusted] Output 1 Nonfarm business sector Hours of all persons 2 Business sector Nonfarm business sector Compensation per hour 3 Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Business sector Unit labor costs Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector 1967 42.1 43.8 27.3 27.3 64.9 62.3 10.4 10.6 61.0 62.2 24.7 24.2 23.0 22.5 1968 43.5 45.4 28.7 28.8 65.9 63.4 11.2 11.4 63.1 64.2 25.7 25.1 23.9 23.4 1969 43.8 45.5 29.6 29.7 67.5 65.2 12.0 12.2 64.0 65.0 27.4 26.8 25.0 24.4 1970 44.6 46.1 29.5 29.6 66.2 64.2 12.9 13.0 65.1 65.8 28.9 28.3 26.1 25.5 1971 46.4 47.9 30.7 30.7 66.0 64.1 13.7 13.8 66.1 66.9 29.4 28.9 27.2 26.6 1972 48.0 49.6 32.7 32.8 68.1 66.1 14.5 14.7 68.0 69.0 30.3 29.7 28.1 27.4 1973 49.4 51.1 34.9 35.2 70.7 68.8 15.7 15.8 69.1 69.9 31.7 31.0 29.6 28.4 1974 48.5 50.2 34.4 34.6 70.8 68.9 17.1 17.3 68.1 68.9 35.3 34.5 32.5 31.4 1975 50.3 51.6 34.0 34.1 67.7 66.0 19.0 19.2 69.1 69.8 37.8 37.2 35.6 34.7 1976 51.9 53.4 36.3 36.5 70.0 68.3 20.5 20.7 70.5 71.1 39.5 38.7 37.5 36.6 1977 52.8 54.3 38.4 38.6 72.7 71.0 22.1 22.4 71.5 72.2 41.9 41.2 39.7 38.9 1978 53.4 55.0 40.8 41.1 76.4 74.7 24.0 24.3 72.4 73.3 44.9 44.1 42.5 41.5 1979 53.5 54.9 42.3 42.5 79.0 77.4 26.3 26.6 72.6 73.3 49.2 48.5 46.1 45.0 1980 53.5 54.8 41.9 42.1 78.3 76.8 29.1 29.5 72.3 73.0 54.5 53.7 50.2 49.3 1981 54.7 55.7 43.1 43.1 78.8 77.3 31.9 32.3 72.3 73.1 58.4 58.0 54.8 54.0 1982 54.2 55.1 41.8 41.7 77.1 75.6 34.2 34.6 73.1 74.0 63.1 62.8 58.0 57.4 1983 56.2 57.6 44.1 44.4 78.4 77.1 35.8 36.2 73.3 74.2 63.7 62.9 60.0 59.2 1984 57.8 58.8 48.0 48.1 83.0 81.8 37.4 37.8 73.5 74.3 64.7 64.2 61.7 60.9 1985 59.1 59.8 50.2 50.2 84.9 84.0 39.3 39.6 74.7 75.3 66.5 66.3 63.5 62.9 1986 60.8 61.6 52.0 52.1 85.6 84.6 41.5 41.9 77.5 78.3 68.3 68.0 64.3 63.8 1987 61.1 61.9 53.9 54.0 88.2 87.2 43.1 43.5 77.8 78.6 70.5 70.2 65.6 65.1 1988 62.0 62.9 56.2 56.4 90.6 89.7 45.3 45.7 79.0 79.7 73.1 72.7 67.7 67.1 1989 62.7 63.5 58.3 58.5 93.0 92.1 46.7 47.0 78.1 78.6 74.5 74.1 70.2 69.5 1990 64.1 64.7 59.3 59.4 92.4 91.8 49.7 50.0 79.2 79.6 77.6 77.2 72.5 71.8 1991 65.3 65.9 58.9 59.0 90.3 89.6 52.2 52.5 80.2 80.6 79.9 79.6 74.5 74.1 1992 68.2 68.8 61.4 61.4 90.1 89.3 55.3 55.6 82.8 83.3 81.0 80.9 75.7 75.3 1993 68.3 68.8 63.2 63.3 92.5 92.0 56.1 56.3 82.0 82.3 82.1 81.8 77.5 77.0 1994 68.8 69.5 66.2 66.3 96.2 95.4 56.6 57.0 81.1 81.6 82.2 82.0 78.9 78.5 1995 69.1 70.0 68.3 68.6 98.9 98.0 57.7 58.1 80.7 81.3 83.6 83.1 80.2 79.8 1996 71.2 71.9 71.5 71.7 100.5 99.7 60.1 60.5 81.9 82.4 84.5 84.2 81.5 80.9 1997 72.5 73.0 75.3 75.4 103.9 103.2 62.3 62.6 83.1 83.5 85.9 85.7 82.7 82.3 1998 74.7 75.3 79.2 79.4 105.9 105.5 66.0 66.2 86.8 87.1 88.3 88.0 83.1 82.8 1999 77.3 77.7 83.6 83.8 108.0 107.8 68.9 69.0 88.7 88.9 89.1 88.8 83.7 83.6 2000 80.0 80.3 87.3 87.5 109.2 108.9 73.9 74.1 92.1 92.3 92.5 92.3 85.3 85.2 2001 82.2 82.5 87.9 88.1 106.9 106.8 77.3 77.4 93.7 93.7 94.1 93.8 86.8 86.6 2002 85.7 86.1 89.5 89.7 104.4 104.2 79.0 79.1 94.3 94.4 92.2 91.9 87.4 87.3 2003 89.0 89.2 92.3 92.5 103.7 103.6 82.0 82.1 95.7 95.7 92.2 92.0 88.6 88.5 2004 91.9 92.0 96.5 96.6 105.0 105.0 85.8 85.8 97.5 97.5 93.4 93.3 90.7 90.3 2005 93.8 93.9 100.1 100.2 106.8 106.8 88.9 88.9 97.7 97.7 94.8 94.7 93.5 93.4 2006 94.7 94.7 103.3 103.4 109.1 109.2 92.4 92.4 98.3 98.3 97.6 97.5 96.0 96.0 2007 96.1 96.3 105.5 105.8 109.7 109.9 96.5 96.4 99.9 99.7 100.4 100.1 98.2 97.9 2008 96.9 97.0 104.2 104.4 107.6 107.7 99.0 99.0 98.7 98.6 102.2 102.1 99.8 99.4 2009 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 2010 103.3 103.3 103.2 103.2 99.9 99.9 101.8 101.9 100.2 100.3 98.6 98.7 101.1 101.0 2011 103.3 103.4 105.3 105.5 102.0 102.0 104.0 104.1 99.2 99.4 100.7 100.7 103.3 102.8 2012 104.0 104.3 108.4 108.8 104.2 104.2 106.9 106.9 99.9 99.9 102.7 102.5 105.3 104.7 2013 104.8 104.7 110.8 110.9 105.8 106.0 108.3 108.2 99.8 99.6 103.4 103.3 106.9 106.3 2014 105.4 105.5 114.1 114.3 108.2 108.3 111.1 111.2 100.7 100.8 105.4 105.4 108.5 108.1 2015 106.2 106.5 117.6 117.8 110.7 110.6 114.3 114.5 103.4 103.6 107.5 107.5 109.3 109.2 2013: I 104.3 104.3 109.7 109.9 105.1 105.3 106.9 106.8 98.8 98.6 102.5 102.3 106.4 105.6 II 104.3 104.1 110.0 110.1 105.4 105.7 108.4 108.2 100.3 100.1 104.0 103.9 106.6 105.9 III 104.7 104.6 111.1 111.1 106.1 106.2 108.6 108.6 99.9 99.9 103.7 103.8 107.1 106.5 IV 105.7 105.6 112.6 112.6 106.5 106.6 109.1 109.1 100.0 99.9 103.3 103.3 107.5 107.1 2014: I 104.8 104.7 112.0 112.1 106.9 107.1 110.9 110.8 101.0 100.9 105.8 105.8 107.9 107.5 II 105.2 105.2 113.4 113.5 107.7 107.9 110.4 110.3 100.0 100.0 104.9 104.9 108.5 108.0 III 106.1 106.3 115.1 115.3 108.5 108.5 111.2 111.4 100.6 100.7 104.8 104.8 108.9 108.5 IV 105.6 105.9 115.9 116.1 109.7 109.7 112.1 112.4 101.5 101.7 106.1 106.1 108.9 108.5 2015: I 105.8 106.1 116.6 116.8 110.2 110.1 112.6 112.9 102.6 102.9 106.4 106.3 108.7 108.6 II 106.2 106.4 117.5 117.7 110.6 110.6 114.0 114.2 103.3 103.4 107.3 107.3 109.3 109.1 III 106.8 107.0 118.1 118.2 110.6 110.5 114.8 115.0 103.7 103.8 107.5 107.5 109.5 109.4 IV 106.1 106.3 118.3 118.5 111.5 111.4 115.6 115.9 104.2 104.4 108.9 109.0 109.6 109.5 2016: I 106.0 106.2 118.6 118.7 111.9 111.8 115.3 115.6 104.0 104.3 108.8 108.9 109.7 109.7 II 105.9 106.1 119.1 119.1 112.5 112.3 116.3 116.7 104.2 104.6 109.8 109.9 110.3 110.3 III p 106.7 106.9 120.1 120.1 112.5 112.4 117.3 117.6 104.7 105.0 109.9 110.0 110.5 110.7 1 Output refers to real gross domestic product in the sector. 2 Hours at work of all persons engaged in sector, including hours of employees, proprietors, and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by consumer price series. The trend for 1978-2015 is based on the consumer price index research series (CPI-U-RS). The change for prior years and recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar output divided by the output index. Source: Department of Labor (Bureau of Labor Statistics). Labor Market Indicators | 583
Government Finance, Interest Rates, and Money Stock Table B–17. Federal receipts, outlays, surplus or deficit, and debt, fiscal years 1952–2017 [Billions of dollars; fiscal years] Fiscal year or period Receipts Total On-budget Off-budget Outlays Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Federal debt (end of period) Gross Federal Addendum: Gross domestic product 1952 66.2 67.7 –1.5 62.6 66.0 –3.4 3.6 1.7 1.9 259.1 214.8 357.5 1953 69.6 76.1 –6.5 65.5 73.8 –8.3 4.1 2.3 1.8 266.0 218.4 382.5 1954 69.7 70.9 –1.2 65.1 67.9 –2.8 4.6 2.9 1.7 270.8 224.5 387.7 1955 65.5 68.4 –3.0 60.4 64.5 –4.1 5.1 4.0 1.1 274.4 226.6 407.0 1956 74.6 70.6 3.9 68.2 65.7 2.5 6.4 5.0 1.5 272.7 222.2 439.0 1957 80.0 76.6 3.4 73.2 70.6 2.6 6.8 6.0 .8 272.3 219.3 464.2 1958 79.6 82.4 –2.8 71.6 74.9 –3.3 8.0 7.5 .5 279.7 226.3 474.3 1959 79.2 92.1 –12.8 71.0 83.1 –12.1 8.3 9.0 –.7 287.5 234.7 505.6 1960 92.5 92.2 .3 81.9 81.3 .5 10.6 10.9 –.2 290.5 236.8 535.1 1961 94.4 97.7 –3.3 82.3 86.0 –3.8 12.1 11.7 .4 292.6 238.4 547.6 1962 99.7 106.8 –7.1 87.4 93.3 –5.9 12.3 13.5 –1.3 302.9 248.0 586.9 1963 106.6 111.3 –4.8 92.4 96.4 –4.0 14.2 15.0 –.8 310.3 254.0 619.3 1964 112.6 118.5 –5.9 96.2 102.8 –6.5 16.4 15.7 .6 316.1 256.8 662.9 1965 116.8 118.2 –1.4 100.1 101.7 –1.6 16.7 16.5 .2 322.3 260.8 710.7 1966 130.8 134.5 –3.7 111.7 114.8 –3.1 19.1 19.7 –.6 328.5 263.7 781.9 1967 148.8 157.5 –8.6 124.4 137.0 –12.6 24.4 20.4 4.0 340.4 266.6 838.2 1968 153.0 178.1 –25.2 128.1 155.8 –27.7 24.9 22.3 2.6 368.7 289.5 899.3 1969 186.9 183.6 3.2 157.9 158.4 –.5 29.0 25.2 3.7 365.8 278.1 982.3 1970 192.8 195.6 –2.8 159.3 168.0 –8.7 33.5 27.6 5.9 380.9 283.2 1,049.1 1971 187.1 210.2 –23.0 151.3 177.3 –26.1 35.8 32.8 3.0 408.2 303.0 1,119.3 1972 207.3 230.7 –23.4 167.4 193.5 –26.1 39.9 37.2 2.7 435.9 322.4 1,219.5 1973 230.8 245.7 –14.9 184.7 200.0 –15.2 46.1 45.7 .3 466.3 340.9 1,356.0 1974 263.2 269.4 –6.1 209.3 216.5 –7.2 53.9 52.9 1.1 483.9 343.7 1,486.2 1975 279.1 332.3 –53.2 216.6 270.8 –54.1 62.5 61.6 .9 541.9 394.7 1,610.6 1976 298.1 371.8 –73.7 231.7 301.1 –69.4 66.4 70.7 –4.3 629.0 477.4 1,790.3 Transition quarter 81.2 96.0 –14.7 63.2 77.3 –14.1 18.0 18.7 –.7 643.6 495.5 472.6 1977 355.6 409.2 –53.7 278.7 328.7 –49.9 76.8 80.5 –3.7 706.4 549.1 2,028.4 1978 399.6 458.7 –59.2 314.2 369.6 –55.4 85.4 89.2 –3.8 776.6 607.1 2,278.2 1979 463.3 504.0 –40.7 365.3 404.9 –39.6 98.0 99.1 –1.1 829.5 640.3 2,570.0 1980 517.1 590.9 –73.8 403.9 477.0 –73.1 113.2 113.9 –.7 909.0 711.9 2,796.8 1981 599.3 678.2 –79.0 469.1 543.0 –73.9 130.2 135.3 –5.1 994.8 789.4 3,138.4 1982 617.8 745.7 –128.0 474.3 594.9 –120.6 143.5 150.9 –7.4 1,137.3 924.6 3,313.9 1983 600.6 808.4 –207.8 453.2 660.9 –207.7 147.3 147.4 –.1 1,371.7 1,137.3 3,541.1 1984 666.4 851.8 –185.4 500.4 685.6 –185.3 166.1 166.2 –.1 1,564.6 1,307.0 3,952.8 1985 734.0 946.3 –212.3 547.9 769.4 –221.5 186.2 176.9 9.2 1,817.4 1,507.3 4,270.4 1986 769.2 990.4 –221.2 568.9 806.8 –237.9 200.2 183.5 16.7 2,120.5 1,740.6 4,536.1 1987 854.3 1,004.0 –149.7 640.9 809.2 –168.4 213.4 194.8 18.6 2,346.0 1,889.8 4,781.9 1988 909.2 1,064.4 –155.2 667.7 860.0 –192.3 241.5 204.4 37.1 2,601.1 2,051.6 5,155.1 1989 991.1 1,143.7 –152.6 727.4 932.8 –205.4 263.7 210.9 52.8 2,867.8 2,190.7 5,570.0 1990 1,032.0 1,253.0 –221.0 750.3 1,027.9 –277.6 281.7 225.1 56.6 3,206.3 2,411.6 5,914.6 1991 1,055.0 1,324.2 –269.2 761.1 1,082.5 –321.4 293.9 241.7 52.2 3,598.2 2,689.0 6,110.1 1992 1,091.2 1,381.5 –290.3 788.8 1,129.2 –340.4 302.4 252.3 50.1 4,001.8 2,999.7 6,434.7 1993 1,154.3 1,409.4 –255.1 842.4 1,142.8 –300.4 311.9 266.6 45.3 4,351.0 3,248.4 6,794.9 1994 1,258.6 1,461.8 –203.2 923.5 1,182.4 –258.8 335.0 279.4 55.7 4,643.3 3,433.1 7,197.8 1995 1,351.8 1,515.7 –164.0 1,000.7 1,227.1 –226.4 351.1 288.7 62.4 4,920.6 3,604.4 7,583.4 1996 1,453.1 1,560.5 –107.4 1,085.6 1,259.6 –174.0 367.5 300.9 66.6 5,181.5 3,734.1 7,978.3 1997 1,579.2 1,601.1 –21.9 1,187.2 1,290.5 –103.2 392.0 310.6 81.4 5,369.2 3,772.3 8,483.2 1998 1,721.7 1,652.5 69.3 1,305.9 1,335.9 –29.9 415.8 316.6 99.2 5,478.2 3,721.1 8,954.8 1999 1,827.5 1,701.8 125.6 1,383.0 1,381.1 1.9 444.5 320.8 123.7 5,605.5 3,632.4 9,510.5 2000 2,025.2 1,789.0 236.2 1,544.6 1,458.2 86.4 480.6 330.8 149.8 5,628.7 3,409.8 10,148.2 2001 1,991.1 1,862.8 128.2 1,483.6 1,516.0 –32.4 507.5 346.8 160.7 5,769.9 3,319.6 10,564.6 2002 1,853.1 2,010.9 –157.8 1,337.8 1,655.2 –317.4 515.3 355.7 159.7 6,198.4 3,540.4 10,876.9 2003 1,782.3 2,159.9 –377.6 1,258.5 1,796.9 –538.4 523.8 363.0 160.8 6,760.0 3,913.4 11,332.4 2004 1,880.1 2,292.8 –412.7 1,345.4 1,913.3 –568.0 534.7 379.5 155.2 7,354.7 4,295.5 12,088.6 2005 2,153.6 2,472.0 –318.3 1,576.1 2,069.7 –493.6 577.5 402.2 175.3 7,905.3 4,592.2 12,888.9 2006 2,406.9 2,655.1 –248.2 1,798.5 2,233.0 –434.5 608.4 422.1 186.3 8,451.4 4,829.0 13,684.7 2007 2,568.0 2,728.7 –160.7 1,932.9 2,275.0 –342.2 635.1 453.6 181.5 8,950.7 5,035.1 14,322.9 2008 2,524.0 2,982.5 –458.6 1,865.9 2,507.8 –641.8 658.0 474.8 183.3 9,986.1 5,803.1 14,752.4 2009 2,105.0 3,517.7 –1,412.7 1,451.0 3,000.7 –1,549.7 654.0 517.0 137.0 11,875.9 7,544.7 14,414.6 2010 2,162.7 3,457.1 –1,294.4 1,531.0 2,902.4 –1,371.4 631.7 554.7 77.0 13,528.8 9,018.9 14,798.5 2011 2,303.5 3,603.1 –1,299.6 1,737.7 3,104.5 –1,366.8 565.8 498.6 67.2 14,764.2 10,128.2 15,379.2 2012 2,450.0 3,537.0 –1,087.0 1,880.5 3,029.4 –1,148.9 569.5 507.6 61.9 16,050.9 11,281.1 16,027.2 2013 2,775.1 3,454.6 –679.5 2,101.8 2,820.8 –719.0 673.3 633.8 39.5 16,719.4 11,982.7 16,498.1 2014 3,021.5 3,506.1 –484.6 2,285.9 2,800.1 –514.1 735.6 706.1 29.5 17,794.5 12,779.9 17,183.5 2015 3,249.9 3,688.3 –438.4 2,479.5 2,945.2 –465.7 770.4 743.1 27.3 18,120.1 13,116.7 17,809.8 2016 (estimates) 1 3,276.2 3,876.0 –599.8 2,466.0 3,099.9 –633.9 810.2 776.1 34.1 19,451.8 14,127.7 18,348.6 2017 (estimates) 1 3,632.2 4,073.2 –440.9 2,791.4 3,259.6 –468.2 840.9 813.5 27.3 20,143.6 14,699.8 19,063.2 Held by the public 1 Estimates from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2017, issued July 2016. Note: Fiscal years through 1976 were on a July 1–June 30 basis; beginning with October 1976 (fiscal year 1977), the fiscal year is on an October 1– September 30 basis. The transition quarter is the three-month period from July 1, 1976 through September 30, 1976. See Budget of the United States Government, Fiscal Year 2017, for additional information. Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget. 584 | 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
Page 193 and 194:
Figure 3-17 Changes in the Distribu
Page 195 and 196:
30 25 20 15 10 5 0 Single Source: C
Page 197 and 198:
ate on capital gains and dividends
Page 200 and 201:
C H A P T E R 4 REFORMING THE HEALT
Page 202 and 203:
eneficiaries have received cumulati
Page 204 and 205:
form of lower premium costs and ind
Page 206 and 207:
Percent 25 20 Creation of Medicare
Page 208 and 209:
Figure 4-3 Health Insurance Coverag
Page 210 and 211:
90 80 70 60 50 40 30 20 10 0 25 55
Page 212 and 213:
Percent Uninsured 25 CHIP Created 2
Page 214 and 215:
Legislative actions subsequent to C
Page 216 and 217:
Percent Uninsured 40 35 Figure 4-7
Page 218 and 219:
ecause of the ACA’s provision all
Page 220 and 221:
Box 4-2: Dynamics in the Individual
Page 222 and 223:
projected during the debate over th
Page 224 and 225:
whelming majority of Marketplace en
Page 226 and 227:
Figure 4-v Change in Benchmark Prem
Page 228 and 229:
20 Figure 4-10 Share of Workers in
Page 230 and 231:
percent during the decade preceding
Page 232 and 233:
Panel A: Share with a Personal Doct
Page 234 and 235:
Box 4-3: Interpreting Results from
Page 236 and 237:
Fortunately, the OHIE is not the on
Page 238 and 239:
Figure 4-14 Uncompensated Care as a
Page 240 and 241:
Figure 4-15 Uninsured Rate by Popul
Page 242 and 243:
Figure 4-17 Monthly Gain in Private
Page 244 and 245:
Change in Working-Age Employment to
Page 246 and 247:
this cross-sectional relationship b
Page 248 and 249:
ecent discussions of macroeconomic
Page 250 and 251:
Figure 4-23 Life Expectancy at Birt
Page 252 and 253:
Figure 4-24 Mortality Rate vs. Medi
Page 254 and 255:
more to cover Medicare patients tha
Page 256 and 257:
example, through CMMI, the Administ
Page 258 and 259:
orient payment around the entirety
Page 260 and 261:
Percent of Payments 60 Figure 4-26
Page 262 and 263:
covered under ACO contracts at the
Page 264 and 265:
Additional Steps to Reform the Heal
Page 266 and 267:
legislation that overrides the reco
Page 268 and 269:
Figure 4-28 Health Care Price Infla
Page 270 and 271:
Figure 4-30 Trends in Real Prices f
Page 272 and 273:
average growth rate of real per enr
Page 274 and 275:
Figure 4-34 Growth in Real Costs fo
Page 276 and 277:
made a large, readily quantifiable
Page 278 and 279:
in states experiencing weaker and s
Page 280 and 281:
distribution, holding fixed both sp
Page 282 and 283:
individuals among individuals 65 an
Page 284 and 285:
Figure 4-40 Average Real Deductible
Page 286 and 287:
Figure 4-41 Real Per-Enrollee Presc
Page 288 and 289:
educe the growth rate of Medicare s
Page 290 and 291:
improvements will strengthen ACOs
Page 292 and 293:
-5 0 -2 Figure 4-42 Cumulative Perc
Page 294 and 295:
Woolhandler 2015). These analysts a
Page 296 and 297:
productivity on the job. These bene
Page 298 and 299:
Figure 4-46 Premiums and Cost Shari
Page 300 and 301:
(KFF 2016). Another fifth of tradit
Page 302 and 303:
2030 2028 2026 2024 2022 2020 2018
Page 304 and 305:
C H A P T E R 5 INVESTING IN HIGHER
Page 306 and 307:
Gainful Employment regulations. To
Page 308 and 309:
Thousands of 2015 Dollars 900 800 7
Page 310 and 311:
externalities, credit constraints,
Page 312 and 313:
Figure 5-4 Earnings by Age and Educ
Page 314 and 315:
Figure 5-5 Variation in Earnings by
Page 316 and 317:
Box 5-1: Anti-Poverty Efforts and E
Page 318 and 319:
careers. Some of the effects of the
Page 320 and 321:
eligibility cutoff likewise finds s
Page 322 and 323:
Box 5-2: Federal Investments in K-1
Page 324 and 325:
Evaluations of early local Promise
Page 326 and 327:
America’s College Promise Playboo
Page 328 and 329:
Dollars 45,000 40,000 35,000 30,000
Page 330 and 331:
pre-payment penalty. Second, by tyi
Page 332 and 333:
equirements, pushed efforts associa
Page 334 and 335:
Figure 5-16 Size of Outstanding Loa
Page 336 and 337:
Figure 5-17 Average Monthly Payment
Page 338 and 339:
Figure 5-18 Distribution of Key Out
Page 340 and 341:
Figure 5-20 Earnings by Family Inco
Page 342 and 343:
to student needs and improve test s
Page 344 and 345:
Box 5-5: Making Sure Students Enter
Page 346 and 347:
prior, the early FAFSA reform helps
Page 348 and 349:
Figure 5-ii Number of Institutions
Page 350 and 351:
Figure 5-23 Gainful Employment Earn
Page 352 and 353:
Additionally, Pell Grants can be be
Page 354 and 355:
C H A P T E R 6 STRENGTHENING THE F
Page 356 and 357:
with no easy way to get the funds f
Page 358 and 359:
public has limited information, run
Page 360 and 361:
value added of the sector has gradu
Page 362 and 363:
managers. Thus, after fees, savers
Page 364 and 365:
Too Many Resources in Finance? Beyo
Page 366 and 367:
of the firm after the purchase affe
Page 368 and 369:
Percent 100 Figure 6-2 Mortgage Ori
Page 370 and 371:
Figure 6-4 Case-Shiller Home Price
Page 372 and 373:
Figure 6-7 Global OTC Derivative Ma
Page 374 and 375:
consumer and investor protections.
Page 376 and 377:
Figure 6-iv Top 5 Banks as Share of
Page 378 and 379:
cult to replace with services from
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
Page 390 and 391:
egulators can take a more holistic
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
Page 408 and 409:
asis.24 One of the advantages of ce
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 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
Page 497 and 498:
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
Page 517 and 518:
______. 2016. “Certification of M
Page 519 and 520:
Arcidiacono, Peter, V. Joseph Hotz,
Page 521 and 522:
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 and 580: Table B-9. Median money income (in
Page 581 and 582: Labor Market Indicators Table B-11.
Page 583 and 584: Year or month Table B-12. Civilian
Page 585 and 586: Table B-14. Employees on nonagricul
Page 587: Year or month Table B-15. Hours and
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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