Appendix A
The Nation's Economic Budget
Contents
Page
A-l. The Nation's Economic Budget, 1949-50
105
A-2. Consumer account, 1949-50
107
A-3. Business account, 1949-50
108
A-4. International account, 1949-50
108
A-5. Government account (Federal, State, and local), 1949-50
.
109
A-6. Federal cash receipts from the public other than borrowing,
1949-50
110
A-7. Federal cash payments to the public by function, 1949-50 .
110
A—8. Federal cash payments to the public by type of recipient and
transaction, calendar years 1949 and 1950
Ill
101
Appendix A
The Nation's Economic Budget
Estimates of incomes,, prices, and production have always been used as an
aid in the study of economic trends and business cycles. The need for na-
tional accounts on a systematic and current basis has become much more
widely recognized in the postwar world, however. A national economic
policy, whether it be for the purpose of raising living standards, providing
for national security, obtaining a balance in international payments, main-
taining full employment, or a combination of objectives requires informative
and reliable national accounting.
Consequently there has been a concerted effort all over the world to
develop better systems of measuring the sources and disposition of the
Nation's productive energies.
In many countries these accounts are needed
as a guide to internal development and investment policies, whether carried
out with foreign aid or by other means. In the United States the need for
national accounts is implied in the task prescribed by the Employment Act
of 1946, which requires setting forth foreseeable trends as well as the levels
of employment, production, and purchasing power needed to carry out
the policy of the act.
The Nation's Economic Budget (table A-l) is a summary of the national
accounts.
It contains a number of the most significant magnitudes, such
as (column 1) the income of consumers, the total cash revenues of the
Government, and business receipts, which include corporate retained earn-
ings and bus