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I have laid out a detailed plan in my Budget to restrain spending, cut earmarks, and balance the budget by 2012 without raising taxes. Second, we must trust Americans with the responsibility of homeownership and empower them to weather turbulent times in the market. My Administration has acted aggressively to help credit-worthy homeowners avoid foreclosure. We launched a new initiative called FHASecure to help families refinance their homes. I signed legislation to protect families from | Economic Report of the President Transmitted to the Congress February 2008 Together with the Annual Report of the Council of Economic Advisers Economic Report of the President Transmitted to the Congress February 2008 together with THE ANNUAL REPORT of the COUNCIL OF ECONOMIC ADVISERS UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 2008 For sale by the Superintendent of Documents U.S. Government Printing Office Internet bookstore.gpo.gov Phone 866 512-1800 DC area 202 512-1800 Fax 202 512-2104 Mail Stop IDCC Washington DC 20402-0001 ISBN 978-0-16-079822-1 CONTENTS Page ECONOMIC REPORT OF THE PRESIDENT. 1 ANNUAL REPORT OF THE COUNCIL OF ECONOMIC ADVISERS . 7 CHAPTER 1. THE YEAR IN REVIEW AND THE YEARS AHEAD. 25 CHAPTER 2. CREDIT AND HOUSING MARKETS. 51 CHAPTER 3. THE CAUSES AND CONSEQUENCES OF EXPORT GROWTH. 79 CHAPTER 4. THE IMPORTANCE OF HEALTH AND HEALTH CARE. 97 CHAPTER 5. TAX POLICY. 115 CHAPTER 6. THE NATION S INFRASTRUCTURE. 137 CHAPTER 7. SEARCHING FOR ALTERNATIVE ENERGY SOLUTIONS. 163 CHAPTER 8. IMPROVING ECONOMIC STATISTICS. 187 APPENDIX A. REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2007. 203 APPENDIX B. STATISTICAL TABLES RELATING TO INCOME EMPLOYMENT AND PRODUCTION. 217 For a detailed table of contents of the Council s Report see page 11 Economic Report of the President .
