Tennessee Gas Pipeline Company, L.L.C. - Response to January 14, 2015 Data Request under CP11-161

ECONOMIC REPORT OF THE PRESIDENT Together With THE ANNUAL REPORT of the COUNCIL OF ECONOMIC ADVISERS Transmitted to the Congress February 2015 economic re p ort of the president transmitted to the congress february 2015 together with the annual report of the council of economic advisers C O N T E N T S ECONOMIC REPORT OF THE PRESIDENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ANNUAL REPORT OF THE COUNCIL OF ECONOMIC ADVISERS*. . . . 7 CHAPTER 1.  MIDDLE-CLASS ECONOMICS: THE ROLE OF PRODUCTIVITY, INEQUALITY, AND PARTICIPATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 CHAPTER 2. THE YEAR IN REVIEW AND THE YEARS AHEAD.. . . 41 CHAPTER 3.  ACHIEVEMENTS AND CHALLENGES IN THE U.S. LABOR MARKET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 CHAPTER 4.  THE ECONOMICS OF FAMILY-FRIENDLY WORKPLACE POLICIES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 CHAPTER 5.  BUSINESS TAX REFORM AND ECONOMIC GROWTH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 CHAPTER 6.  THE ENERGY REVOLUTION: ECONOMIC BENEFITS AND THE FOUNDATION FOR A LOW-CARBON ENERGY FUTURE.. . . . . . . . . . . . . . . . . . 241 CHAPTER 7. THE UNITED STATES IN A GLOBAL ECONOMY . . . 291 REFERENCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331 APPENDIX A. REPORT TO THE PRESIDENT ON THE ACTIVITIES OF THE COUNCIL OF ECONOMIC ADVISERS DURING 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 APPENDIX B. STATISTICAL TABLES RELATING TO INCOME, EMPLOYMENT, AND PRODUCTION. . . . . . . . . . . . . . . 379 ____________ *For a detailed table of contents of the Councils Report, see page 11. iii economic report of the president economic report of the president To the Congress of the United States: As I send you this Economic Report of the President, the UnitedStates has just concluded a breakthrough year. In 2014, our economy added jobs at the fastest pace since the 1990s. The unemployment rate plunged to its lowest point in over 6 years, far faster than economists predicted. Ten million Americans gained the security of health coverage. And we continued to cut our dependence on foreign oil and invest in renewable energy, making us number one in the world in oil, gas, and wind power. These achievements took place against a backdrop of longerterm economic strength. Since the crisis, weve seen our deficits cut by two- thirds, our stock market double, and health care inflation at its lowest rate in 50years. The housing market is rebounding. Manufacturers are adding jobs. More Americans are finishing college than ever before. Now America is poised for another good year, as long as Washington works to keep this progress going. But even as the economic recovery is touching more lives, we need to do more to restore the link between hard work and opportunity for every American. Thats