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II. Costs and prices under direct Federal control:
A. The Administration's budget proposals for fiscal 1977----
B. Direct price effects of other Government programs-
III. The effect of the budget on inflation and unemployment:
A. The outlook..
Appendix
Tables:
B. The impact of an income tax cut on inflation and unemploy-
ment...
C. The impact on inflation and unemployment of direct cuts in
costs...
Annual rate of cost increase_
Cost inflation in the budget.
Inflation and unemployment on the 2 CBO growth paths...
Estimated effect on price level and unemployment of various programs
to reduce private costs.
The composition of the percent of inflation.
Charts and graphs:
Historical relation between inflation and unemployment..
EMPLOYMENT
Preface
I. The problem and alternative solutions:
A. The problem.
B. Goals..-
C. Basic approaches and decisions..
II. Growth: How fast?__
A. A variety of instruments -
III. The “direct response" of the Federal budget to unemployment:
B. Enhanced employability and incentives.
C. Income maintenance for the employable...
D. Direct employment...
(III)
3 5
Appendix....
Page
55
Unemployment and employment under two economic growth paths..
Difference in employment by age, sex, and race by achieving 6 percent
rather than 5 percent average real output growth..........
Unemployment rates by race, sex, and age during the current recession.
Federal anti-employment instruments___
29
33
34
37
The Federal direct response to unemployment_.
"Direct response" budget (Path A)--
39
40
"Direct response" budget (Path B).
Demographic changes in the labor force and unemployment rolls - - -
Outlays from income support programs for the employable, 1976-1981.
Changes in characteristics of unemployment---..
41
45
Changes in the budget's direct response to unemployment from a
targeted public employment program.
58
Distribution of the civilian labor force and recession-induced unem-
I. Introduction and summary----
II. Current programs and the President's proposals....
III. Objectives of Federal assistance...
IV. Fiscal year 1977 budget issues and options:
A. General revenue sharing--.
63
D. Exclusion from Federal income taxes of interest on municipal
bonds..
Federal grants to State and local governments (outlays)..
67
Grant outlays by function____
68
Cost of major Federal tax expenditures aiding State and local govern-