[Economic Report of the President (1996)]
[Administration of William J. Clinton]
[Online through the Government Publishing Office, www.gpo.gov]

[DOCID: f:erp_p4._]
Economic Report of the President - - - - - - - - - - - - H. Doc. 104-161
[From the online service of the U.S. Government Printing Office]
[wais.access.gpo.gov]


Fifty Years of the Council of Economic Advisers

The Council of Economic Advisers celebrates its 50th anniversary this
year. The Council was established by the Congress in the Employment Act of
1946. Over the years, it has provided every President since Harry Truman
with rigorous and independent economic analysis and advice.

The Council's 50-year tradition and reputation as a high quality,
professional organization allows it to attract to government service some
of the most distinguished economists in the country. For instance, a number
of Council Members or staff have earned or went on to earn the Nobel Prize
or John Bates Clark award.

Consistent with the mandate of the Employment Act, the Council prepares
each year an Economic Report of the President; provides the President with
advice and analysis on a full range of domestic and international economic
issues; monitors key macroeconomic indicators and advises the President on
how to interpret them; and publishes a monthly digest of economic
statistics in conjunction with the Joint Economic Committee of the
Congress.

The Council's mission within the Executive Office of the President is
unique: it serves as a tenacious advocate for policies that facilitate the
workings of the market and that emphasize the importance of incentives,
efficiency, productivity, and long-term growth. This perspective has been
essential to formulating and advocating creative approaches for effectively
addressing America's economic challenges. The Council has also been
important in helping to weed out proposals that are ill-advised or
unworkable, proposals that cannot be supported by the existing economic
data, and proposals that could have damaging consequences for the economy.