15 U.S.C. § 1022a — Medium-term economic goals and policies respecting full employment and balanced growth
submitted 80 years ago by Pub. L. 95-523 to r/title-15-COMMERCE-AND-TRADE · 1,217 words · no verdicts yet
The President must include medium-term goals and related programs in Economic Reports and budgets. The section sets interim and later goals for unemployment, inflation, and federal outlays, requires review, and directs efforts concerning group unemployment differences.
(a) Every Economic Report after October 27, 1978 must include section 1022(a)(2)(B) medium-term annual goals. The immediately preceding Budget must include programs and policies the President considers needed for those goals, a balanced budget, and reasonable price stability as rapidly as feasible under section 1022b(b). (b) The first three reports, and later reports subject to (d), must include five-year interim goals: (1) unemployment no more than 3% for people 20 and older and 4% for people 16 and older by no later than the fifth calendar year after the first report; (2) inflation no more than 3% by then, without hindering (1); and (3) federal outlays no more than 21% of gross national product by 1981 and 20% by 1983 and afterward, or the lowest nationally consistent level, without hindering (1). The first report is the first calendar-year report after October 27, 1978. (c)(1) After the 3% and 4% goals, later reports must aim to achieve and maintain full employment and a balanced budget as soon as practicable. (2) After the 3% inflation goal, they must aim for zero inflation by 1988 without hindering unemployment goals. (3) After the 20% goal, they must aim for 20% or less federal outlays, or the lowest nationally consistent level, without hindering subsection (b)(1)’s unemployment goals. (d) In the second report after that date, the President must review unemployment, inflation, outlay, and balanced-budget goals; report progress, policies, and obstacles; and, if needed, propose corrective measures. Beginning with that report, the President may recommend changed (b) timetables and matching annual goals; Congress may act consistently with title III of the Act. (e) After the 3% and 4% goals are reached, if a year’s rate exceeds either level, the next and later reports must set a goal of returning to those levels as soon as practicable and no later than the fifth calendar year after the first such report, counting its year first. The President may recommend a timetable change under (d), treated for section 304 as a (d) recommendation. (f)(1) Efforts under section 1(b) must reduce improper-factor differences between group and overall unemployment rates, aiming ultimately to remove them as far as possible. (2) If caused by training or skills, occupational practices, or other relevant factors, the Labor Secretary must (A) take practicable action; (B) study, inform, and recommend solutions and annually report them to the President; and (C) recommend needed congressional action. (g)(1) “Middle-aged and older persons” includes anyone 45 or older. (2) “Veteran” has the meaning in title 38, section 4211(1) or (2); this section does not otherwise define it.
In each Economic Report after October 27, 1978, the President shall incorporate (as part of the five-year numerical goals in each Economic Report) medium-term annual numerical goals specified in section 1022(a)(2)(B) of this title, and in each President’s Budget submitted immediately prior thereto, the President shall incorporate the programs and policies the President deems necessary to achieve such medium-term goals and a balanced Federal budget and to achieve reasonable price stability as rapidly as feasible as provided for in section 1022b(b) of this title.
The medium-term goals in the first three Economic Reports and, subject to the provisions of subsection (d), in each Economic Report thereafter shall include (as part of the five-year goals in each Economic Report) interim numerical goals for—
reducing the rate of unemployment, as set forth pursuant to section 1022(d) of this title, to not more than 3 per centum among individuals aged twenty and over and 4 per centum among individuals aged sixteen and over within a period not extending beyond the fifth calendar year after the first such Economic Report;
reducing the rate of inflation, as set forth pursuant to section 1022(e) of this title, to not more than 3 per centum within a period not extending beyond the fifth calendar year after the first such Economic Report: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment; and
reducing the share of the Nation’s gross national product accounted for by Federal outlays to 21 per centum or less by 1981, and to 20 per centum or less by 1983 and thereafter, or the lowest level consistent with national needs and priorities: Provided, That policies and programs for achieving the goal specified in this clause shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment.
For purposes of this subsection, the first Economic Report shall be the Report issued in the first calendar year after October 27, 1978.
Upon achievement of the 3 and 4 per centum goals specified in subsection (b)(1), each succeeding Economic Report shall have the goal of achieving as soon as practicable and maintaining thereafter full employment and a balanced budget.
Upon achievement of the 3 per centum goal specified in subsection (b)(2), each succeeding Economic Report shall have the goal of achieving by 1988 a rate of inflation of zero per centum: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment.
Upon achievement of the 20 per centum goal specified in subsection (b)(3), each succeeding Economic Report shall have the goal of establishing the share of an expanding gross national product accounted for by Federal outlays at a level of 20 per centum or less, or the lowest level consistent with national needs and priorities: Provided, That policies and programs for achieving the goal specified in this clause shall be designed so as not to impede achievement of the goals and timetables specified in subsection (b)(1) for the reduction of unemployment.
In the second Economic Report after October 27, 1978, the President shall review the numerical goals and timetables for the reduction of unemployment, inflation, and Federal outlays as a proportion of gross national product, and the goal of balancing the Federal budget; report to the Congress on the degree of progress being made, the programs and policies being used, and any obstacles to achieving such goals and timetables; and, if necessary, propose corrective economic measures toward achievement of such goals and timetables: Provided, That beginning with the second Report and in any subsequent Reports, if the President finds it necessary, the President may recommend modification of the timetable or timetables for the achievement of the goals provided for in subsection (b) and the annual numerical goals to make them consistent with the modified timetable or timetables, and the Congress may take such action as it deems appropriate consistent with title III of the Full Employment and Balanced Growth Act of 1978 [15 U.S.C. 3131 et seq.].
If, after achievement of the 3 and 4 per centum goals specified in subsection (b), the unemployment rate for a year as set forth pursuant to section 1022(d) of this title is more than 3 per centum among individuals aged twenty and over or more than 4 per centum among individuals aged sixteen and over, the next Economic Report after such rate is set forth and each succeeding Economic Report shall include (as part of the five-year goals in each Economic Report) the interim numerical goal of reducing unemployment to not more than the levels specified in subsection (b)(1) as soon as practicable but not later than the fifth calendar year after the first such Economic Report, counting as the first calendar year the year in which such Economic Report is issued: Provided, That, if the President finds it necessary, the President may, under the authority provided in subsection (d), recommend modification of the timetable provided for in this subsection for the reduction of unemployment, and for the purposes of section 304 of the Full Employment and Balanced Growth Act of 1978, such recommendation by the President shall be treated as a recommendation made under subsection (d) of this section.
In taking action to reduce unemployment in accord with the numerical goals and timetable established under section 1 (b), every effort shall be made to reduce those differences between the rates of unemployment among youth, women 2 minorities, handicapped persons, veterans, middle-aged and older persons and other labor force groups and the overall rate of unemployment which are caused by any improper factors with the ultimate objective of removing such differentials to the extent possible.
Insofar as the differences specified in the preceding paragraph are due to lack of training and skills, occupational practices, and other relevant factors, the Secretary of Labor shall—
take such action as practicable to achieve the objectives of this subsection;
make studies, develop information, and make recommendations toward remedying these differences in rates of unemployment, and prepare and submit to the President an annual report containing the recommendations; and
make recommendations, as deemed necessary, to the Congress related to the objectives of this paragraph.
The term “middle-aged and older persons” as used in this section includes any individual forty-five years of age or older.
For purposes of this section, the term “veteran” shall mean the same as defined in section 4211(1) or (2) of title 38.
Source credit: (Feb. 20, 1946, ch. 33, § 4, as added Pub. L. 95–523, title I, § 104, Oct. 27, 1978, 92 Stat. 1893; amended Pub. L. 96–10, § 6(a)–(c), May 10, 1979, 93 Stat. 23, 24; Pub. L. 103–446, title XII, § 1203(c)(4), Nov. 2, 1994, 108 Stat. 4690; Pub. L. 105–277, div. A, § 101(f) [title VIII, § 405(d)(11)], Oct. 21, 1998, 112 Stat. 2681–337, 2681–420.)
- 1946Enacted · Pub. L. 95-523 · 92 Stat. 1893
- 1979Amended · Pub. L. 96-10 · 93 Stat. 23, 24
- 1994Amended · Pub. L. 103-446 · 108 Stat. 4690
- 1998Amended · Pub. L. 105-277 · 112 Stat. 2681
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-523 on 1946-02-20.
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