§1022a — Title 15 Commerce and Trade | U.S. Code

Summary

The President must put medium-term yearly economic goals into every Economic Report after October 27, 1978, and must put programs and policies in the next President’s Budget to try to reach those goals, to have a balanced Federal budget, and to bring price stability as quickly as possible. The first three Economic Reports (and each report after that) must include interim numeric targets for reducing unemployment, lowering inflation, and cutting the federal share of gross national product. The law requires reducing unemployment within five years to no more than 3% for people aged 20 and over and no more than 4% for people aged 16 and over. It requires reducing inflation to no more than 3% within five years. It calls for Federal outlays to be 21% or less of gross national product by 1981 and 20% or less by 1983 (or the lowest level consistent with national needs). Plans to cut inflation or federal spending must not block the unemployment targets. After the unemployment targets are met, future reports must aim for full employment and a balanced budget. After inflation is cut to 3%, future reports should aim for zero inflation by 1988, without harming unemployment goals. After the federal outlays goal is met, reports must keep the outlays at 20% or less of a growing economy, again without harming unemployment goals. In the second Economic Report after October 27, 1978, the President must review progress, report to Congress, and can suggest changes to timetables if needed. If unemployment rises above the target later, the next report must set a timetable to get back to the targets within five years unless the President proposes a change. The law also requires efforts to reduce unfair unemployment gaps for groups like youth, women, minorities, disabled people, veterans, and people 45 and older. The Secretary of Labor must study these gaps, act where possible, make recommendations, and send an annual report to the President and Congress. "Middle-aged and older persons" means people 45 or older, and "veteran" means the same as in title 38.

Title 15, §1022a

Commerce and Trade — Source: USLM XML via OLRC

(a)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.

(b)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.

(c)(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)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.].

(e)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.

(f)(1)In taking action to reduce unemployment in accord with the numerical goals and timetable established under section 11 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 22 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)(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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Full Employment and Balanced Growth Act of 1978, referred to in subsec. (d), is Pub. L. 95–523, Oct. 27, 1978, 92 Stat. 1887. Title III of the Full Employment and Balanced Growth Act of 1978 is classified principally to subchapter II (§ 3131 et seq.) of chapter 58 of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 3101 of this title and Tables. section 304 of the Full Employment and Balanced Growth Act of 1978, referred to in subsec. (e), is Pub. L. 95–523, § 304, Oct. 27, 1978, 92 Stat. 1906, which amended section 632 of Title 2, The Congress.

Prior Provisions

A prior section 4 of act Feb. 20, 1946, was renumbered section 10 and is classified to section 1023 of this title.

Amendments

1998—Subsec. (f)(2)(B). Pub. L. 105–277 substituted “and prepare and submit to the President an annual report containing the recommendations” for “and include these in the annual Employment and Training Report of the President required under section 705(a) of the Comprehensive Employment and Training Act of 1973 (hereinafter in this chapter referred to as ‘CETA’)”. 1994—Subsec. (g)(2). Pub. L. 103–446 substituted “this section” for “this subsection” and “section 4211(1) or (2) of title 38” for “section 2011(1) or (2)(A) of title 38”. 1979—Subsec. (b)(3). Pub. L. 96–10, § 6(a), added par. (3). Subsec. (c)(3). Pub. L. 96–10, § 6(b), added par. (3). Subsec. (d). Pub. L. 96–10, § 6(c), inserted reference to Federal outlays as a proportion of gross national product.

§1022a Medium-term Economic Goals and Policies Respecting Full Employment and Balanced Growth