The 1992 Economic Report of the President: Hearings Before the Joint Economic Committee, Congress of the United States, One Hundred Second Congress, Second Session ....

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U.S. Government Printing Office, 1992

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14. lappuse - Administration has proposed a comprehensive set of reforms to the civil justice system that will improve the efficiency of the legal system and reduce unnecessary and costly litigation. This would free up resources and enhance productivity. The Administration believes that investments in the Nation's human capital increase its productivity and living standards at home and increase its competitiveness abroad. The National Education Goals, America 2000 Excellence in Education Act, and Job Training...
14. lappuse - These; in turn, will generate new jobs. A capital gains differential will reduce the tax bias against equity financing and the overall cost of capital, thereby increasing investment and growth. Moreover, the Administration has supported a zero capital gains tax for areas designated as Enterprise Zones to spur investment and encourage entrepreneurial activity in inner cities and rural areas. Innovation increases productivity growth and the standard of living. The Administration has advocated making...
15. lappuse - Administration is following a multipronged effort to open markets, expand trade, and spur growth. The Administration is committed to achieving a successful conclusion of the Uruguay Round of multilateral trade negotiations, under the auspices of the General Agreement on Tariffs and Trade. These ambitious talks, which were initiated...
15. lappuse - ... in services and intellectual property. A successful Uruguay Round would expand market opportunities globally for our exporters, increase jobs, and provide lasting gains for both the United States and world. The Administration also has important proposals to expand trade in this hemisphere — notably the Enterprise for the Americas Initiative and the historic North American free-trade area — and is continuing to achieve market access through bilateral negotiations. Taken together, the President's...
13. lappuse - ... immediate concern about reintroducing inflation pressures. A quick shift to a significant rebuilding of inventories alone could add a percentage point or more to the rate of growth over the next year. Alternatively, if the problems are solved very slowly, the economy could perform worse than expected. Tight credit and slow money growth, along with the continuing structural adjustments described earlier could continue to hinder the economy, and under those conditions confidence could remain low...
13. lappuse - ... than is expected. The relatively low rate of inflation combined with the large degree of slack in the economy is particularly noteworthy, as it could allow the Federal Reserve to keep interest rates low — or cut them further if necessary — to help boost growth with little immediate concern about reintroducing inflation pressures. A quick shift to a significant rebuilding of inventories alone could add a percentage point or more to the rate of growth over the next year. Alternatively, if the...
11. lappuse - Committee, it is a pleasure to appear before you today to discuss the Administration's economic outlook and programs, and their relation to the budget. The United States is the most prosperous and productive Nation on earth. With less than 5 percent of the world's population, America produces a quarter of the world's total output. However, no economic system is immune to disruption. Even well-functioning market economies face the risk of temporary setbacks from external shocks, policy mistakes, or...
12. lappuse - IVipercent annual rate as it adjusted to policies and worked to correct its imbalances. When the recession began, the Administration and most private analysts believed that it would not be as severe as the last recession, or even the average of postwar recessions. Partly as a consequence of expecting a less severe recession, the subsequent recovery also was expected to be more moderate than those following other postwar recessions. Moreover, many, including the Administration, believed that the continuing...
11. lappuse - Soviet bloc, especially the unification of Germany, increased interest rates substantially in early 1990. Problems in financial markets have limited the availability of credit. The other industrial countries also were buffeted by many of the same problems that hit the United States — the oil shock, sinking consumer and business confidence, and high interest rates. Several of these countries also were experiencing structural problems related to government budget positions and serious difficulties...
89. lappuse - ... increases have all come together to create this recession and sap the economic vigor of the country. "The 1986 Tax Reform Act greatly reduced the return to businesses capital investment. The economy has since lost approximately $300 billion in growth-creating investments in the private sector . . . by raising the cost of capital, government policy has discouraged the formation of new businesses by making investment too costly and less rewarding," a major business organization points out.

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