Full text: Capital Gains, Pension Funds and the Low Savings Ratio in the United States

THE NATIONAL INCOME AND PRODUCT ACCOUNTS 
le 1.1.—Gross National Product: Annually, 1929-82, and Seasonally Adjusted Quarterly Totals at Annual Rates, 1946-82—Continued 
[Billions of dollars) 
Line 
1965 
1966 
1967 
1968 
1969 
1970 
1971 
1972 
1973 
1974 
1975 
1976 
1977 
1978 
1979 
1980 
1981 
1982 
ational product 
1 
705.1 
772.0 
816.4 
892.7 
963.9 
1,015.5 
1,102.7 
1,212.8 
1,359.3 
1,472.8 
1,598.4 
1,782.8 
1,990.5 
2,249.7 
2,508.2 
2,732.0 
3,052.6 
3,166.0 
umption expenditures 
2 
440.7 
477.3 
503.6 
552.5 
597.9 
640.0 
691.6 
757.6 
837.2 
916.5 
1,012.8 
1,129.3 
1,257.2 
1,403.5 
1,566.8 
1,732.6 
1,915.1 
2,050.7 
ds 
3 
63.5 
68.5 
70.6 
81.0 
86.2 
85.7 
97.6 
111.2 
124.7 
123.8 
135.4 
161.5 
184.5 
205.6 
219.0 
219.3 
239.9 
252.7 
goods 
4 
191.9 
208.5 
216.9 
235.0 
252.2 
270.3 
283.3 
305.1 
339.6 
380.9 
416.2 
452.0 
490.4 
541.8 
613.2 
681.4 
740.6 
771.0 
5 
185.4 
200.3 
216.0 
236.4 
259.4 
284.0 
310.7 
341.3 
373.0 
411.9 
461.2 
515.9 
582.3 
656.1 
734.6 
831.9 
934.7 
1,027.0 
domestic investment 
6 
116.2 
128.6 
125.7 
137.0 
153.2 
148.8 
172.5 
202.0 
238.8 
240.8 
219.6 
277.7 
344.1 
416.8 
454.8 
437.0 
515.5 
447.3 
tment 
7 
106.2 
114.4 
115.4 
129.1 
143.4 
145.7 
164.7 
191.5 
219.2 
225.4 
225.2 
261.7 
322.8 
388.2 
441.9 
445.3 
491.5 
471.8 
•ntial 
8 
73.1 
83.5 
84.4 
91.4 
102.3 
105.2 
109.6 
123.0 
145.9 
160.6 
1629 
180.0 
214 2 
259.0 
302.8 
322.8 
369.2 
366.7 
res 
9 
27.4 
30.5 
30.7 
32.9 
37.1 
39.2 
40.9 
44.5 
51.4 
57.0 
56.3 
60 1 
66.7 
81.0 
99.5 
113.9 
138.5 
143.3 
»rs’ durable equipment 
10 
45.8 
53.0 
53.7 
58.5 
65.2 
66.1 
68.7 
78.5 
94.5 
103.6 
106.6 
119 9 
147.4 
178.0 
203.3 
208.9 
230.7 
2234 
al 
11 
33.1 
30.9 
31.1 
37.7 
41.2 
40.5 
55.1 
68.6 
73.3 
64.8 
62.3 
81.7 
108.6 
129.2 
139.1 
122.5 
122.3 
105.1 
msiness inventories 
12 
9.9 
14.2 
10.3 
7.9 
9.8 
3.1 
7.8 
10.5 
19.6 
15.4 
-5.6 
16.0 
21.3 
28.6 
13.0 
-8.3 
24.0 
-24.5 
13 
8.9 
14.3 
9.6 
7.8 
9.7 
3.1 
6.4 
9.6 
16.2 
17.0 
-9.0 
17.6 
20.2 
26.5 
7.9 
-2.4 
18.3 
-23.1 
14 
1.0 
-.1 
.7 
.1 
.1 
0 
1.4 
.9 
3.4 
-1.6 
3.4 
-1.5 
1.1 
2.1 
5.0 
-5.9 
5.8 
-1.4 
f goods and services 
15 
9.7 
7.5 
7.4 
5.5 
5.6 
8.5 
6.3 
3.2 
16.8 
16.3 
31.1 
18.8 
1.9 
4.1 
18.8 
32.1 
33.9 
26.3 
16 
42.9 
46.6 
49.5 
54.8 
60.4 
68.9 
72.4 
81.4 
114.1 
151.5 
161.3 
177.7 
191.6 
227.5 
291.2 
351.0 
382.8 
361.9 
17 
33.2 
39.1 
42.1 
49.3 
54.7 
60.5 
66.1 
78.2 
97.3 
135.2 
130.3 
158.9 
189.7 
223.4 
272.5 
318.9 
348.9 
335.6 
purchases of goods and services.... 
18 
138.6 
158.6 
179.7 
197.7 
207.3 
218.2 
232.4 
250.0 
266.5 
299.1 
335.0 
356.9 
387.3 
425.2 
467.8 
530.3 
588.1 
641.7 
19 
68.7 
80.4 
92.7 
100.1 
100.0 
98.8 
99.8 
105.8 
106.4 
116.2 
129.2 
136.3 
151.1 
161.8 
178.0 
208.1 
242.2 
272.7 
defense 
20 
51.0 
62.0 
73.4 
79.1 
78.9 
76.8 
74.1 
77.4 
77.5 
82.6 
89.6 
93.4 
100.9 
108.9 
121.9 
142.7 
167.5 
193.8 
21 
17.7 
18.3 
19.3 
21.0 
21.1 
22.0 
25.8 
28.4 
28.9 
33.6 
39.6 
42.9 
50.3 
52.9 
56.1 
65.4 
74.8 
78.9 
ocal 
22 
69.9 
78.2 
87.0 
97.6 
107.2 
119.4 
132.5 
144.2 
160.1 
182.9 
205.9 
220.6 
236.2 
263.4 
289.9 
322.2 
345.9 
369.0 
Seasonally adjusted at annual rates 
Line 
1946 
1947 
1948 
1949 
1950 
I 
II 
III 
IV 
I 
II 
III 
IV 
I 
II 
III 
IV 
I 
II 
III 
IV 
I 
II 
III 
IV 
national product.... 
j 
200.1 
208.2 
218.4 
222.8 
227.5 
231.5 
235.9 
246.1 
252.4 
259.7 
266.6 
267.9 
262.7 
259.2 
260.9 
258.6 
269.3 
278.9 
296.7 
308.1 
isumption 
2 
134.6 
139.7 
148.5 
152.8 
156.1 
160.1 
163.7 
167.8 
170.5 
174.2 
177.1 
177.9 
176.8 
178.4 
177.8 
180.3 
183.0 
186.9 
200.6 
198.0 
>ods 
3 
12.6 
14.7 
17.1 
18.7 
19.4 
20.0 
20.3 
22.0 
22.0 
22.4 
23.7 
23.3 
22.8 
24.8 
25.8 
26.8 
27.7 
28.1 
35.6 
31.5 
e goods 
4 
78.9 
80.6 
85.1 
86.3 
87.7 
90.1 
92.1 
93.6 
95.1 
97.0 
97.0 
97.3 
96.3 
95.3 
93.5 
94.3 
94.8 
96.3 
100.9 
100.9 
5 
43.1 
44.5 
46.3 
47.8 
49.0 
50.0 
51.3 
52.1 
53.4 
54.8 
56.4 
57.3 
57.7 
58.3 
58.5 
59.2 
60.5 
62.4 
64.1 
65.6 
e domestic 
6 
25.3 
32.4 
33.5 
34.8 
33.7 
32.6 
32.9 
41.0 
44.6 
47.4 
49.2 
47.4 
40.5 
33.9 
36.9 
34.6 
44.8 
51.8 
56.8 
66.9 
stment 
7 
19.4 
23.5 
27.4 
30.1 
33.2 
33.6 
35.6 
39.6 
41.3 
42.2 
43.1 
43.1 
40.5 
39.2 
38.6 
39.9 
42.3 
47.0 
52.0 
51.8 
lential 
8 
13.6 
16.1 
18.7 
20.9 
22.8 
23.2 
23.3 
24.5 
26.2 
26.0 
27.0 
28.1 
26.6 
25.5 
24.1 
23.5 
24.2 
26.6 
29.6 
30.6 
ures 
9 
6.2 
7.4 
7.9 
7.9 
7.9 
7.9 
8.3 
8.4 
8.8 
9.3 
9.9 
10.1 
9.7 
9.4 
8.9 
8.7 
9.1 
9.5 
10.3 
110 
cere’ durable 
10 
7.3 
8.6 
10.8 
13.0 
14.9 
15.2 
15.0 
16.1 
17.3 
16.7 
17.1 
18.0 
16.8 
16.1 
15.2 
14.9 
15.1 
17.1 
19.4 
19.6 
ipment. 
tial 
11 
5.9 
7.4 
8.7 
9.3 
10.4 
10.4 
12.3 
15.1 
15.2 
16.3 
16.1 
15.0 
14.0 
13.7 
14.5 
16.3 
18.1 
20.4 
22.3 
21.3 
business 
12 
5.9 
8.8 
6.1 
4.7 
.4 
-1.0 
-2.7 
1.4 
3.3 
5.1 
6.1 
4.3 
0 
-5.3 
-1.7 
-5.3 
2.4 
4.8 
4.9 
15.1 
•ies. 
n 
13 
6.0 
8.7 
5.9 
4.8 
1.5 
1.5 
-.3 
2.4 
2.3 
2.9 
3.9 
2.8 
.6 
-4.1 
-.6 
-4.7 
2.2 
4.2 
3.8 
13.8 
14 
-.1 
.2 
-.1 
-1.1 
-2.5 
-2.4 
-1.0 
1.0 
2.2 
2.2 
1.5 
-.6 
-1.2 
-1.1 
-.6 
.3 
.6 
1.1 
1.3 
of goods and 
15 
7.1 
8.0 
9.2 
7.2 
11.9 
12.4 
12.9 
10.5 
8.7 
6.7 
6.5 
6.0 
7.9 
7.6 
6.5 
4.2 
3.5 
3.0 
.9 
1.5 
16 
14.0 
15.3 
16.5 
14.9 
19.8 
21.0 
21.0 
19.4 
18.8 
17.2 
17.5 
16.6 
18.1 
17.6 
16.0 
13.8 
13.6 
13.8 
146 
15.8 
17 
6.9 
7.3 
7.4 
7.7 
7.9 
8.6 
8.1 
8.8 
10.1 
10.5 
11.0 
10.6 
10.2 
9.9 
9.5 
9.7 
10.1 
10.9 
13.7 
14.4 
t purchases of 
18 
33.0 
28.1 
27.2 
28.0 
25.8 
26.4 
26.4 
26.8 
28.6 
31.4 
33.8 
36.6 
37.5 
39.3 
39.8 
39.6 
38.0 
37.2 
38.3 
41.7 
1 services. 
19 
24.1 
18.7 
17.1 
16.9 
13.8 
14.0 
13.4 
13.1 
14.5 
16.5 
18.1 
20.2 
20.6 
21.6 
21.3 
20.8 
18.9 
17.8 
18.3 
21.2 
il defense 
20 
21.9 
16.4 
13.8 
13.5 
10.7 
9.8 
9.5 
9.9 
10.6 
10.9 
11.2 
12.5 
13.6 
14.2 
14.2 
13.4 
12.8 
12.9 
14.4 
17.3 
21 
2.2 
2.3 
3.3 
3.4 
3.2 
4.2 
3.9 
3.2 
3.9 
5.6 
6.9 
7.7 
7.0 
7.4 
7.0 
7.4 
6.1 
4.9 
4.0 
3.9 
local 
22 
8.9 
9.4 
10.2 
11.1 
12.0 
12.4 
13.0 
13.6 
14.1 
14.8 
15.7 
16.4 
16.9 
17.7 
18.5 
18.8 
19.1 
19.4 
20.0 
20.5 
HUPPfUPf w—iwmMu
	        

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