U.S Code last checked for updates: Jun 24, 2024
§ 1022.
Economic Report of President; coverage; supplementary reports; reference to Congressional joint committee; percentage rate of unemployment; definitions
(a)
Time of submission; contents
The President shall annually transmit to the Congress not later than 10 days after the submission of the budget under section 1105(a) of title 31, with copies transmitted to the Governor of each State and to other appropriate State and local officials, an economic report (hereinafter in this chapter referred to as the “Economic Report”) together with the annual report of the Council of Economic Advisers submitted in accord with section 1023(c) of this title, setting forth—
(1)
the current and foreseeable trends in the levels of employment, unemployment, production, capital formation, real income, Federal budget outlays and receipts, productivity, international trade and payments, and prices, and a review and analysis of recent domestic and international developments affecting economic trends in the Nation;
(2)
(A)
annual numerical goals for employment and unemployment, production, real income, productivity, Federal outlays as a proportion of gross national product, and prices for the calendar year in which the Economic Report is transmitted and for the following calendar year, designated as short-term goals, which shall be consistent with achieving as rapidly as feasible the goals of full employment and production, increased real income, balanced growth, fiscal policies that would establish the share of an expanding gross national product accounted for by Federal outlays at the lowest level consistent with national needs and priorities, a balanced Federal budget, adequate productivity growth, price stability, achievement of an improved trade balance, and proper attention to national priorities; and
(B)
annual numerical goals as specified in subparagraph (A) for the three successive calendar years, designated as medium term goals;
(3)
employment objectives for certain significant subgroups of the labor force, including youth, women, minorities, handicapped persons, veterans, and middle-aged and older persons; and
(4)
a program for carrying out the policy declared in section 1021 of this title, together with such recommendations for legislation as the President may deem necessary or desirable.
(b)
Supplementary reports
(c)
Referral to joint committee
(d)
Rate of unemployment
(e)
“Inflation”; “prices”; “reasonable price stability” defined
(Feb. 20, 1946, ch. 33, § 3, 60 Stat. 24; Aug. 2, 1946, ch. 753, title II, § 226, 60 Stat. 838; June 18, 1956, ch. 399, § 1, 70 Stat. 289; Pub. L. 95–523, title I, § 103, Oct. 27, 1978, 92 Stat. 1892; Pub. L. 96–10, § 6(d), May 10, 1979, 93 Stat. 24; Pub. L. 101–508, title XIII, § 13112(e), Nov. 5, 1990, 104 Stat. 1388–609.)
cite as: 15 USC 1022