interim 5-year target of 3 percent unemployment for individuals 20 years of age and older, and 4 percent for individuals age 16 and over within 5 years, with full employment to be achieved as soon as practicable thereafter. (9) Notwithstanding the targets set forth in the Full Employment and Balanced Growth Act of 1978, the United States continues to suffer substantial unemployment and underemployment across all phases of the business cycle, including periods when the Board of Governors of the Federal Reserve System is pursuing policies that may be useful in controlling inflation but whose necessary consequence is the continuation of a level of unemployment and underemployment that is inconsistent with the achievement of full employment and the realization of the right to work. (10) The Federal Government’s failure to develop and implement policies capable of reconciling the need to control inflation with its obligation to achieve full employment and secure the right to work imposes numerous economic and social costs on the Nation, the following among them: (A) The Nation is deprived of the full supply of goods and services and related increases in economic well-being that would occur under conditions of genuine full employment. (B) The Nation’s depressed output of goods and services, especially in the public sector, is insufficient to meet pressing national needs for infrastructure investment and maintenance, public transportation, clean energy production, low and moderate income housing, education, health care, child and elder care, and many other public goods and human services. (C) Unemployment and underemployment expose many workers and families to significant, social, psychological, and physiological costs, including disruption of family life, the loss of individual dignity and self-respect, and the aggravation of physical and mental illnesses. (D) Persisting unemployment and underemployment have devastating financial consequences for its victims, resulting in the loss of income and spending power for