Transmitted to the Congress February 2005
Together with the Annual Report
of the Council of Economic Advisers
Economic Report
of the President
Economic Report of the President | i
Economic Report
of the President
For sale by the Superintendent of Documents, U.S. Government Printing Office
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ISBN 0-16-073258-1
Transmitted to the Congress
February 2005
together with
THE ANNUAL REPORT
of the
COUNCIL OF ECONOMIC ADVISERS
UNITED STATES GOVERNMENT PRINTING OFFICE
WASHINGTON : 2005
C O N T E N T S
ECONOMIC REPORT OF THE PRESIDENT...............................................
ANNUAL REPORT OF THE COUNCIL OF ECONOMIC ADVISERS*......
CHAPTER 1. THE YEAR IN REVIEW AND THE YEARS AHEAD ..............
CHAPTER 2. EXPANSIONS PAST AND PRESENT ......................................
CHAPTER 3. OPTIONS FOR TAX REFORM ................................................
CHAPTER 4. IMMIGRATION ........................................................................
CHAPTER 5. EXPANDING INDIVIDUAL CHOICE AND CONTROL......
CHAPTER 6. INNOVATION AND THE INFORMATION ECONOMY .....
CHAPTER 7. THE GLOBAL HIV/AIDS EPIDEMIC .....................................
CHAPTER 8. MODERN INTERNATIONAL TRADE ...................................
APPENDIX A. REPORT TO THE PRESIDENT ON THE ACTIVITIES
OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2004..............
APPENDIX B. STATISTICAL TABLES RELATING TO INCOME,
EMPLOYMENT, AND PRODUCTION..........................................................
1
7
31
49
71
93
117
135
155
173
189
201
* For a detailed table of contents of the Council’s Report, see page 11
Page
Economic Report of the President | iii
Economic Report of the President | v
ECONOMIC REPORT
OF THE PRESIDENT
Economic Report of the President | 3
ECONOMIC REPORT OF THE PRESIDENT
To the Congress of the United States:
The United States is enjoying a robust economic expansion because of the
good policies we have put in place and the