15 USC 1022a - Medium-term economic goals and policies respecting full employment and balanced growth

U.S Code last checked for updates: Nov 22, 2024

§ 1022a.

Medium-term economic goals and policies respecting full employment and balanced growth

(a)

Incorporation of necessary programs and policies

(b)

Interim numerical goals for initial Economic Reports

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—

(1)

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;

(2)

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

(3)

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.

(c)

Achievement of full employment, balanced budget, zero inflation rate, and 20 per centum level of Federal outlays as a proportion of gross national product for succeeding Economic Reports

(1)

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.

(2)

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.

(3)

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.

(d)

Review by President; report to Congress; modification of timetables

(e)

Interim numerical goals for succeeding Economic Reports

(f)

Action taken to reduce unemployment

(1)

In taking action to reduce unemployment in accord with the numerical goals and timetable established under section 1

 So in original. Probably should be “subsection”.

(b), every effort shall be made to reduce those differences between the rates of unemployment among youth, women 2

 So in original. Probably should be followed by a comma.

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.

(2)

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—

(A)

take such action as practicable to achieve the objectives of this subsection;

(B)

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

(C)

make recommendations, as deemed necessary, to the Congress related to the objectives of this paragraph.

(g)

Definitions

(1)

The term “middle-aged and older persons” as used in this section includes any individual forty-five years of age or older.

(2)

For purposes of this section, the term “veteran” shall mean the same as defined in section 4211(1) or (2) of title 38.

(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.)

cite as: 15 USC 1022a