§ 3101. Congressional findings
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(a)The Congress finds that the Nation has suffered substantial unemployment and underemployment, idleness of other productive resources, high rates of inflation, and inadequate productivity growth, over prolonged periods of time, imposing numerous economic and social costs on the Nation. Such costs include the following:
(1)The Nation is deprived of the full supply of goods and services, the full utilization of labor and capital resources, and the related increases in economic well-being that would occur under conditions of genuine full employment, production, and real income, balanced growth, a balanced Federal budget, and the effective control of inflation.
(2)The output of goods and services is insufficient to meet pressing national priorities.
(3)Workers are deprived of the job security, income, skill development, and productivity necessary to maintain and advance their standards of living.
(4)Business and industry are deprived of the production, sales, capital flow, and productivity necessary to maintain adequate profits, undertake new investment, create jobs, compete internationally, and contribute to meeting society’s economic needs. These problems are especially acute for smaller businesses. Variations in the business cycle and low-level operations of the economy are far more damaging to smaller businesses than to larger business concerns because smaller businesses have fewer available resources, and less access to resources, to withstand nationwide economic adversity. A decline in small business enterprises contributes to unemployment by reducing employment opportunities and contributes to inflation by reducing competition.
(5)Unemployment exposes many families to social, psychological, and physiological costs, including disruption of family life, loss of individual dignity and self-respect, and the aggravation of physical and psychological illnesses, alcoholism and drug abuse, crime, and social conflicts.
(6)Federal, State, and local government budgets are undermined by deficits due to shortfalls in tax revenues and in increases in expenditures for unemployment compensation, public assistance, and other recession-related services in the areas of criminal justice, alcoholism and drug abuse, and physical and mental health.
(b)The Congress further finds that:
(1)High unemployment may contribute to inflation by diminishing labor training and skills, underutilizing capital resources, reducing the rate of productivity advance, increasing unit labor costs, and reducing the general supply of goods and services.
(2)Aggregate monetary and fiscal policies alone have been unable to achieve full employment and production, increased real income, balanced growth, a balanced Federal budget, adequate productivity growth, proper attention to national priorities, achievement of an improved trade balance, and reasonable price stability, and therefore must be supplemented by other measures designed to serve these ends.
(3)Attainment of these objectives should be facilitated by setting explicit short-term and medium-term economic goals, and by improved coordination among the President, the Congress, and the Board of Governors of the Federal Reserve System.
(4)Increasing job opportunities and full employment would greatly contribute to the elimination of discrimination based upon sex, age, race, color, religion, national origin, handicap, or other improper factors.
(c)The Congress further finds that an effective policy to promote full employment and production, increased real income, balanced growth, a balanced Federal budget, adequate productivity growth, proper attention to national priorities, achievement of an improved trade balance, and reasonable price stability should
(1)be based on the development of explicit economic goals and policies involving the President, the Congress, and the Board of Governors of the Federal Reserve System, with maximum reliance on the resources and ingenuity of the private sector of the economy,
(2)include programs specifically designed to reduce high unemployment due to recessions, and to reduce structural unemployment within regional areas and among particular labor force groups, and
(3)give proper attention to the role of increased exports and improvement in the international competitiveness of agriculture, business, and industry in providing productive employment opportunities and achieving an improved trade balance.
(d)The Congress further finds that full employment and production, increased real income, balanced growth, a balanced Federal budget, adequate productivity growth, proper attention to national priorities, achievement of an improved trade balance through increased exports and improvement in the international competitiveness of agriculture, business, and industry, and reasonable price stability are important national requirements and will promote the economic security and well-being of all citizens of the Nation.
(e)The Congress further finds that the United States is part of an interdependent world trading and monetary system and that attainment of the requirements specified in subsection
(d)is dependent upon policies promoting a free and fair international trading system and a sound and stable international monetary system.
(Pub. L. 95–523, § 2, Oct. 27, 1978, 92 Stat. 1888.)
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U.S. Code
- § 1021Congressional declarations
- § 1022Economic Report of President; coverage; supplementary reports; reference to Congressional joint committee; percentage rate of unemployment; definitions
- § 1023Council of Economic Advisers
- § 1022aMedium-term economic goals and policies respecting full employment and balanced growth
- § 3102Report to Congressional committees
- § 1022bPresentation of analysis respecting short-term and medium-term goals in Economic Report of President; mutually reinforcing means
- § 1022fAdvisory board or boards
- § 3131Congressional statement of purpose
- § 1022cInclusion of priority policies and programs in President’s Budget
- § 1022dPresident’s Budget
- § 3133Exercise of rulemaking powers
statute-compilations
- Sec. 1This Act and the following table of contents may be cited as the “Full Employment and Balanced Growth Act of 1978”. TABLE OF CONTENTS Sec. 1. Short title; table of contents. Sec. 2. General finding. Sec. 3. Report. Sec. 4. National Employment Conference. TITLE I—ESTABLISHMENT OF GOALS AND GENERAL ECONOMIC POLICIES Sec. 101. Statement of purpose. Sec. 102. Declaration of policy. Sec. 103. Economic Report of the President and short-term economic goals and policies. Sec. 104. Full employment and balanced growth; medium-term economic goals and policies. Sec. 105. Provisions applicable to short-term and medium-term goals. Sec. 106. National priority policies and programs required for full employment and balanced growth. Sec. 107. The President's budget. Sec. 108. Monetary policy. Sec. 109. Overcoming inflation. Sec. 110. Council of Economic Advisers. Sec. 111. Advisory Board or Boards. TITLE II—STRUCTURAL POLICIES AND PROGRAMS INCLUDING TREATMENT OF RESOURCES RESTRAINTS Sec. 201. Statement of purpose. Sec. 202. Countercyclical employment policies. Sec. 203. Coordination with State and local government and private sector economic activity. Sec. 204. Regional and structural employment policies. Sec. 205. Youth employment policies. Sec. 206. Job training, counseling, and reservoirs of employment projects. Sec. 207. Capital formation—private and public. TITLE III—POLICIES AND PROCEDURES FOR CONGRESSIONAL REVIEW Sec. 301. Statement of purpose. Sec. 302. Committee review. Sec. 303. Review of Economic Report as part of the Budget process. Sec. 304. Modification of timetable for achieving unemployment goals. Sec. 305. Exercise of rulemaking powers. TITLE IV—GENERAL PROVISIONS Sec. 401. Nondiscrimination. Sec. 402. Labor standards.
- Sec. 2general findings
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- Pub. L. 95–523, § 2
- 92 Stat. 1888
- Pub. L. 95–523, § 1
- 92 Stat. 1887
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§ 3101
Congressional findings
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Pub. L.Pub. L. 95–523, § 2
Stat.92 Stat. 1888
Pub. L.Pub. L. 95–523, § 1
Stat.92 Stat. 1887
Cites 5Cited by 29 across 4 sources