| OCR Text |
Show total household income. The National Planning Association [ 15] estimate of population, 1,242,000, was used as the median estimate. The high figure of 1,280,000 was from a study by Professors Black, Rasmussen and Hachman [ 6] , which was based upon a previous work by Professors Nabers, Rasmussen, and Lord [ 14] . The low figure of 1,220,000 was chosen for reasons of symmetry and because it was also close to Bureau of Census estimates. The NPA estimate of per capita income for 1975 in 1960 dollars was adjusted to the 1963 price level. The obtained figure of $ 3,047 seemed in close agreement with other estimates. The total household income ( median projection) for 1975 was then estimated at $ 3,785 billions of 1963 dollars. The 1963 household consumption coefficients were used to distribute the income in the Household final demand sector. ( 2) State and Local Governments: Income and expenditures in the State and Local Government sector are rarely equal, but the difference has never been very large. The projected 1975 revenues were calculated as a percentage of personal income. Historically, this percentage has, of course, increased and it is expected that it will continue to do so. An estimate of federal aid was added to the state and local revenues to get total state and local income. As with the Household sector, three levels of state and local income ( and therefore, expenditures) were projected for 1975. The median projection was $ 720 million, again, in 1963 dollars. ( 3) Federal Government: Expected trends in wages paid were used as a basis for projecting expenditures for both of the Federal Government sectors. In the Defense sector, the 55 |
