15 U.S.C. § 1022a : US Code - Section 1022A: Medium-term economic goals and policies respecting full employment and balanced growth

Search 15 U.S.C. § 1022a : US Code - Section 1022A: Medium-term economic goals and policies respecting full employment and balanced growth

(a) Incorporation of necessary programs and policies
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) 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) of this section, 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) of this section, 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) of this section, 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) of this section, 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) of this section for the reduction of
unemployment.
(d) Review by President; report to Congress; modification of
timetables
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) of
this section 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) Interim numerical goals for succeeding Economic Reports
If, after achievement of the 3 and 4 per centum goals specified
in subsection (b) of this section, 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) of this section 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) of this section, 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) Action taken to reduce unemployment
(1) In taking action to reduce unemployment in accord with the
numerical goals and timetable established under subsection (b) of
this section, every effort shall be made to reduce those
differences between the rates of unemployment among youth, women
(!1) 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.