United States.

114 Pages·2014·3.184 MB·English

by  OECD

OECD Economic Surveys O
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UNITED STATES D
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SPECIAL FEATURES: IMPROVING WELL-BEING; MAKING THE BEST OF NEW n
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ENERGY RESOURCES m
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Most recent editions e UNITED STATES
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Volume 2014/12
ISSN 0376-6438
June 2014
2014 SUBSCRIPTION (18 ISSUES)
ISSN 1995-3046
SUBSCRIPTION BY COUNTRY 9HSTCQE*cagjie+ Ju
n
e
ISBN 978-92-64-20698-4 2
10 2014 12 1 P 0
1
4

OECD Economic Surveys:
United States
2014
This document and any map included herein are without prejudice to the status of or
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Pleasecitethispublicationas:
OECD(2014),OECDEconomicSurveys:UnitedStates2014,OECDPublishing.
http://dx.doi.org/10.1787/eco_surveys-usa-2014-en
ISBN978-92-64-20698-4(print)
ISBN978-92-64-20699-1(PDF)
Series:OECDEconomicSurveys
ISSN0376-6438(print)
ISSN1609-7513(online)
OECDEconomicSurveys:UnitedStates
ISSN1995-3046(print)
ISSN1999-0103(online)
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TABLEOFCONTENTS
Table of contents
BasicstatisticsoftheUnitedStates,2012...................................... 7
Executivesummary......................................................... 9
Mainfindings........................................................... 10
Keyrecommendations................................................... 11
Assessmentandrecommendations........................................... 13
Theeconomyisrecovering............................................... 14
Structuralreforms,includingcomprehensivetaxreform,
canboostlong-termgrowth .............................................. 20
Financialreformshouldberolledoutfully.................................. 22
Labourmarketreformcanboostemployment............................... 24
Recommendationsformacroeconomicmanagement ............................ 27
Americansaregenerallyhappy,althoughworkingfamiliesfacerising
pressures .............................................................. 27
Recommendationstohelpworkingfamiliesaddressrisingpressures............... 35
Makingthebestofnewenergyresources................................... 36
Recommendationsformanagingnewenergyresources.......................... 43
Bibliography............................................................ 44
Annex.Follow-uptopreviousOECDpolicyrecommendations .................... 47
Thematic chapters
Chapter1.Improvingwell-being .............................................. 55
Whatexplainsrisingwork-lifepressures?.................................. 59
Work-lifeconflictshavenegativehealthconsequences....................... 64
Jobqualitymattersforwellbeing.......................................... 67
Theworkingpoorfacedifferentwell-beingchallenges ....................... 68
Familypaidleaveandflexibleworkplaces.................................. 71
Earlyeducationandchildcare............................................. 74
Recommendationstoimprovethewell-beingofAmericans....................... 77
Bibliography............................................................ 78
Chapter2.Makingthebestofnewenergyresources............................. 83
TheUnitedStatesiswellendowedwithnaturalresources.................... 84
Capturingtheeconomicbenefits.......................................... 87
Localimpacts........................................................... 95
Linkstoclimatechange.................................................. 98
Recommendations....................................................... 105
Bibliography............................................................ 106
Glossary................................................................... 109
OECDECONOMICSURVEYS:UNITEDSTATES©OECD2014 3
TABLEOFCONTENTS
Boxes
1. Baseerosionandprofitshifting(BEPS).................................... 21
2. GSEReform ........................................................... 23
3. Taxationofnon-renewablenaturalresources .............................. 42
1.1. BeyondGDP........................................................... 57
1.2. Work-lifebalance:Howbadisit?......................................... 59
1.3. WhatmattersforAmericans?............................................ 65
2.1. Taxationofnon-renewablenaturalresources .............................. 91
2.2. Naturalresourcesandeconomicsustainability............................. 93
2.3. Greaterweathervariability.............................................. 100
2.4. TheRegionalGreenhouseGasInitiative................................... 101
Tables
1. Macroeconomicindicatorsandprojections................................ 17
2. Taxrevenuefromoilandgas ............................................ 43
2.1. Estimatesofoilandgaswealth .......................................... 86
2.2. Taxrevenuefromoilandgas ............................................ 92
Figures
1. Theeconomicrecoveryinhistoricalperspective............................ 15
2. Balancesheetsarerelativelyhealthy ..................................... 16
3. Thebudgetdeficithasfallenandfiscalprojectionshaveimproved............ 18
4. InflationisrunningbelowtheFOMCobjective ............................. 19
5. StockmarketindexeshavereachednominalhighsandP/Eratiosareabove
historicalaverages ..................................................... 19
6. Outputafterthecrisis .................................................. 20
7. Labourmarkettrendsaremixed ......................................... 25
8. Disabilitybenefitapplicationsandawardshaveincreased................... 26
9. Well-beingishigh,butnotforall......................................... 28
10. Incomegrowthhasvariedconsiderablyacrossgroups ...................... 29
11. Cashincomesofbottom10%havestagnated .............................. 30
12. Americanfamiliesarefacingrisingtimepressures ......................... 30
13. TheUSminimumwagehasfallenbehind ................................. 31
14. TheUSlagsbehindinearlyeducationspending............................ 32
15. JobprotectedmaternityandparentalleaveinOECDcountries,2011 .......... 33
16. Low-wageworkershavefewerbenefitsintheprivatesector(2013)............ 34
17. Naturalgashasincreaseditsimportanceinenergyconsumption,1910-2012... 36
18. Theenergysectorisexpanding .......................................... 37
19. USnaturalgaspriceshavedivergedfromoilpricesandinternational
gasprices............................................................. 38
20. Someprogressinreducinggreenhousegasemissions....................... 40
1.1. Well-beingishigh,butnotforall......................................... 58
1.2. Workingtimehasincreasedinthemanufacturingsector.................... 60
1.3. Convergenceofmenandwomenlabour-marketparticipation................ 61
1.4. Americanfamiliesarefacingrisingtimepressures ......................... 61
1.5. Workingtimechallengesvaryacrossincomegroups........................ 62
1.6. PublicspendingsupportingfamiliesislowintheUnitedStates .............. 64
1.7. Low-wageworkershavefewerbenefitsintheprivatesector(2013)............ 67
4 OECDECONOMICSURVEYS:UNITEDSTATES©OECD2014
TABLEOFCONTENTS
1.8. Whicharethecharacteristicsofgoodjobs?................................ 68
1.9. TheUSminimumwagehasfallenbehind ................................. 70
1.10. Raisingthefederalminimumwagewouldhaverippleeffects................ 71
1.11. TheAmericanpoorareaheterogeneousgroup............................. 72
1.12. TheUSlagsbehindinearlyeducationspending............................ 74
1.13. Earlychildhoodeducationisnotwelldeveloped ........................... 75
1.14. Fewerchildrenareenrolledinearlychildhoodandprimaryeducation ........ 76
2.1. Productionandreservesofoilandnaturalgasarerising .................... 85
2.2. Shalegasreservesandproductionareconcentratedinafewstates........... 86
2.3. Theshaleboomisboostingemploymentandnetexports ................... 87
2.4. Growthintheoilandgasminingsectorsisfastinsomestates............... 88
2.5. Oilandgaspriceshavediverged ......................................... 89
2.6. Adjustednationalsavings(2008) ......................................... 94
2.7. Averageannualproductivitygrowthwithandwithoutnaturalcapital......... 94
2.8. Someprogressinreducinggreenhousegasemissions....................... 99
2.9. Variationinelectricitydemandisgrowing................................. 100
2.10. Coalproductionhasfallenwhileexportshaverisen ........................ 103
OECDECONOMICSURVEYS:UNITEDSTATES©OECD2014 5
This Survey is published on the responsibility of the Economic and
Development Review Committee (EDRC) of the OECD, which is charged with the
examinationoftheeconomicsituationofmembercountries.
TheeconomicsituationandpoliciesoftheUnitedStateswerereviewedbythe
Committee on 21May2014. The draft report was then revised in the light of the
discussionsandgivenfinalapprovalastheagreedreportofthewholeCommitteeon
2June2014.
The Secretariat’s draft report was prepared for the Committee by
Douglas Sutherland and Aida Caldera Sánchez, with statistical research from
ValeryDugain,underthesupervisionofPatrickLenain.
ThepreviousSurveyoftheUnitedStateswasissuedinJune2012.
InformationaboutthelatestaswellaspreviousSurveysandmoreinformation
abouthowSurveysarepreparedisavailableatwww.oecd.org/eco/surveys.
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BasicstatisticsoftheUnitedStates,2012
(NumbersinparenthesesrefertotheOECDaverage)a
LAND,PEOPLEANDELECTORALCYCLE
Population(million) 313.9 Populationdensityperkm2 31.9 (34.3)
Under15(%) 19.5 (18.4) Lifeexpectancy(years,2011) 78.7 (80.0)
Over65(%) 13.7 (15.3) Men 76.3 (77.3)
Foreign-born(%,2011) 13.0 Women 81.1 (82.8)
Latest5-yearaveragegrowth(%) 0.8 (0.5) Latestgeneralelection Sept.2012
ECONOMY
Grossdomesticproduct(GDP) Valueaddedshares(%)
Incurrentprices(billionUSD,2013) 16799.7 Primarysector 1.2 (2.5)
Latest5-yearaveragerealgrowth(%,2013) 1.2 (0.8) Industryincludingconstruction 20.2 (27.4)
Percapita,PPP(thousandUSD) 51.7 (37.3) Services 78.6 (70.1)
Medianequivalisedhouseholdincome,PPP(000USD,2010) 29.1 (20.4)
GENERALGOVERNMENT
PercentofGDP
Expenditure(2013) 39.0 (42.7) Grossfinancialdebt(2013) 104.3 (107.6)
Revenue(2013) 32.6 (36.8) Netfinancialdebt(2013) 81.2 (67.9)
EXTERNALACCOUNTS
Exchangerate(EURperUSD,2013) 0.8 Mainexports(%oftotalmerchandiseexports,2013)
PPPexchangerate(USA=1) 1.0 Machineryandtransportequipment 33.8
InpercentofGDP Chemicalsandrelatedproducts,n.e.s. 13.4
Exportsofgoodsandservices(2013) 13.5 (53.5) Commoditiesandtransactions,n.e.s. 11.6
Importsofgoodsandservices(2013) 16.4 (49.4) Mainimports(%oftotalmerchandiseimports,2013)
Currentaccountbalance(2013) -2.3 (0.0) Machineryandtransportequipment 38.8
Netinternationalinvestmentposition -23.8 Mineralfuels,lubricantsandrelatedmaterials 16.7
Miscellaneousmanufacturedarticles 14.9
LABOURMARKET,SKILLSANDINNOVATION
Employmentrate(%)for15-64year-olds(2013) 67.4 (65.2) Unemploymentrate,LabourForceSurvey
Men(2013) 72.6 (73.1) (age15andover)(%),2013 7.4 (7.9)
Women(2013) 62.3 (57.4) Youth(age15-24)(%),2013 15.5 (16)
Participationrate(%)for15-64year-olds(2013) 72.8 (70.9) Long-termunemployed(1yearandover) 2.4 (2.7)
Averagehoursworkedperyear 1790(1765) Tertiaryeducationalattainment25-64year-olds(%,2011) 42.4 (31.5)
GrossdomesticexpenditureonR&D(%ofGDP) 2.8 (2.4)
ENVIRONMENT
Totalprimaryenergysupplypercapita(toe) 6.8 (4.2) CO2emissionsfromfuelcombustionpercapita(tonnes,2011) 17.0 (10.0)
Renewables(%) 6.3 (8.5) Waterabstractionspercapita(1000m3,2010) ..
Fineparticulatematterconcentration(urban,PM10,µg/m3,2010) 18.6 (28.7) Municipalwastepercapita(tonnes) (0.5)
SOCIETY
Incomeinequality(Ginicoefficient,2010) 0.380(0.304) Educationoutcomes(PISAscore,2012)
Relativepovertyrate(%,2010) 17.4 (10.9) Reading 498 (496)
Publicandprivatespending(%ofGDP) Mathematics 481 (494)
Healthcare(2011) 17.7 (9.5) Science 497 (501)
Pensions(2009) 6.9 (8.7) Shareofwomeninparliament(%,December2013) 18.2 (26.2)
Education(primary,secondary,postsec.nontertiary,2010) 4.0 (4.0) Netofficialdevelopmentassistance(%ofGNI) 0.2 (0.4)
Betterlifeindex:www.oecdbetterlifeindex.org
a) WheretheOECDaggregateisnotprovidedinthesourcedatabase,asimpleOECDaverageoflatestavailabledataiscalculatedwhere
dataexistforatleast29membercountries.
Source: Calculationsbasedondataextractedfromthedatabasesofthefollowingorganisations:OECD,InternationalEnergyAgency,
WorldBank,InternationalMonetaryFundandInter-ParliamentaryUnion.