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'THE 1976 ECONOMIC REPORT OF

THE PRESIDENT

HEARINGS

BEFORE THE

- JOINT ECONOMIC COMMITTEE
CONGRESS OF THE UNITED STATES

NINETY-FOURTH CONGRESS

SECOND SESSION

PART 1
JANUARY 28 AND 29, FEBRUARY 4 AND 5, 1976

Printed for the use of the Joint Economic Committee

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1976

74-582

For sale by the Superintendent of Documents, U.S. Government Printing Office

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Washington, D.C. 20402 - Price $2.60

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JOINT ECONOMIC COMMITTEE
(Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman

WRIGHT PATMAN, Texas, Vice Chairman
SENATE

HOUSE OF REPRESENTATIVES JOHN SPARKMAN, Alabama

RICHARD BOLLING, Missouri WILLIAM PROXMIRE, Wisconsin

HENRY S. REUSS, Wisconsin ABRAHAM RIBICOFF, Connecticut

WILLIAM S. MOORHEAD, Pennsylvania LLOYD M. BENTSEN, JR., Texas

LEE H. HAMILTON, Indiana EDWARD M. KENNEDY, Massachusetts GILLIS W. LONG, Louisiana JACOB K. JAVITS, New York

CLARENCE J. BROWN, Ohio CHARLES H. PERCY, Illinois

GARRY BROWN, Michigan ROBERT TAFT, JR., Ohio

MARGARET M. HECKLER, Massachusetts PAUL J. FANNIN, Arizona

JOHN H, ROUSSELOT, California
JOAN R. STARK, Executive Director

SENIOR STAFF ECONOMISTS
JERRY J. JASINOWSKI

JOAN R. KARLIK
LOUGHLIN F. MCHOGH

COURTENAY M. SLATER
RICHARD F. KAUFMAN, General Counsel

ECONOMISTS
WILLIAM R. BUECHNER WILLIAM A. Cox

LUCY A. FALCONE
ROBERT D. HAMRIN
SARAH JACKSON

L. DOUGLAS LEE
RALPH L. SCHLOSSTEIN
GEORGE R. TYLER

LARRY YUSPEH

MINORITY

GEORGE D. KRUMBHAAR, Jr. (Counsel)

M. CATHERINE MILLER

CH
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1976

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119

66

THURSDAY, JANUARY 29, 1976

Humphrey, Hon. Hubert H.:

Statement to the Committee on the Budget, U.S. House of Representa- Page
tives, January 26, 1976----

86
Article entitled “Government Growth in Perspective," by John L.

Palmer, from the Washington Post---------
Javits, Hon. Jacob K.:

Article entitled "Three States Deplore Health Fund Cuts," by Martin

Tolchin, from the New York Times, January 22, 1976 -

Lynn, Hon. James T., et al.:

Prepared statement ----

Budget message of the President. -04212

Response to Chairman Humphrey's request to furnish an estimate of

the growth rate in outlays from fiscal year 1976 to fiscal year 1977.

Table: Financial assistance for health care, grant amount by State,

fiscal year 1977----------

Response to Representative Bolling's request to supply an outline of

procedures to be followed by congressional committees in order to

accomplish the recommendations of the Budget Act--

Response to Senator Proxmire's query regarding number of OMB per-

sonnel assigned to Intelligence Branch

Response to additional written questions posed by Chairman

Humphrey --------

------------------

122

9WEDNESDAY, FEBRUARY 4, 1976

Simon, Hon. William E. et al. . 1 bu l g

u l

Response to Chairman Humphrey's request to supply an estimate of

full employment social security tax receipts -----

131

Prepared statement...

147

Tables:

Proposed tax changes-

vd Single person with itemized deductions of 16 percent of ad-

justed gross income-1--------

167

Married couple one earner with itemized deductions of 16

percent of adjusted gross income. -----

168

Married couple-two earners with itemized deductions of 16

:93ima percent of adjusted gross income. - 20...-

D

mer

Family of four-one earner with itemized deductions of 16

percent of adjusted gross income..Jo

169

brus Family of fourtwo earners with itemized deductions of 16

percent of adjusted gross income.-

170

Response to Senator Taft's query re classification of OPEC countries in

relation to the proposed IMF trust fund

Article entitled "Fiscal Stimulus Not Issue in Deficit Spending De-

bate," by Beryl W. Sprinkel, from the Chicago Tribune, February 2,

1976

- -10-209--------------

181

Tables:

--Total funds raised in U.S. credit markets ------

186

Total funds supplied in U.S. credit markets U P UT

187

Response to Representative Long's query regarding accelerated depre-

ciation deductions in areas of high unemployment...

191

Table: Federal old-age, survivors, and disability insurance trust funds,

receipts and outlays, fiscal years 1971-77----

192

Taft, Hon. Robert, Jr.:

Opening statement.--

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176

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Butz, Hon. Earl L.:

Prepared statement...
Nathan, Robert R.:

Chart: Percentage deviations of actual GNP from potential GNP.
Table: Actual and potential gross national product.-----

Prepared statement.------
Parks, Robert H.:

Summary statement.----
Richardson, Hon. Elliot L., et al.:

Prepared statement.----
Response to Representative Moorhead's question regarding share of

business fixed capital investment in gross national product -----Response to Representative Heckler's request to supply the recom

mendations of the Commission on Productivity-----

230

257

263

269

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