Quality of Life Action Act

Quality of Life Action Act - Declares that every adult American: (1) able and willing to earn a living has a right to a choice among opportunities for paid employment at decent wages or for self-employment; and (2) unable to work for pay has the right to an adequate standard of living that rises with increases in the health and productivity of the society. Directs all Federal agencies to plan and carry out their policies and programs so all adult Americans may exercise these rights. Prohibits the Federal Reserve System or any other Federal agency from promoting recession, stagnation, or unemployment as a means for reducing wages and salaries or inflation.

Directs the President, in each annual budget and economic report submitted after the date of enactment of this Act, to transmit to the Congress a staged program: (1) to help establish and maintain conditions under which the rights set forth in this Act may be enjoyed; and (2) to implement the Government's economic and social obligations under the Employment Act of 1946, the Full Employment and Balanced Growth Act of 1978, the Charter of the United Nations, and the Charter of the Organization of American States. Sets forth program objectives, which include: (1) providing incentives for enlarging employment opportunities; (2) increasing the opportunities for part-time employment; (3) preventing or controlling inflationary tendencies; (4) providing improved Federal incentives for investment, expansion, and increased employment; and (5) promoting conditions for more self-empowerment by those victimized by discrimination.

Requires such program to include policies and projects to: (1) achieve American leadership in goods production; and (2) develop American leadership in services. Requires such policies and projects to include Federal grants and other incentives for short-term and long-term public works planning. Sets forth eligibility requirements for such grants and incentives.

Requires the Government to cooperate with the United Nations and foreign governments in developing an international community based on rising living standards.

Directs the President and the Congress to review laws, regulations, and procedures which may interfere with this Act and propose necessary changes.

Requires the Government to make financial support for the International Monetary Fund and the International Bank for Reconstruction and Development conditional upon the development and implementation of policies and procedures which will: (1) raise the standard of living in countries receiving assistance; and (2) contribute to the economic viability, credit worthiness, and ability to import goods and services to the United States.

Requires the President to propose and promote international and regional conferences on unemployment and underemployment.

Directs the President, in the first annual message at the beginning of the first session of the Congress after the enactment of this Act, to include specific proposals for a Conversion Planning Fund, to be administered by agencies determined by the President. Provides that such Fund shall promote short- and long-term plans for coping with declines in civilian or military activities by developing specific policies, programs, and projects (including feasibility studies, education, on-the-job training, and inducements for necessary and desirable labor mobility) for the expansion of economic activities in sectors where additional or improved goods or services are needed. Requires, in addition to such other funds as may be authorized, that such Fund include no less than one percent of the amount appropriated for military purposes during each subsequent year.

Directs the President, as part of such annual program, to transmit to the Congress a short- and long-range schedule for implementing the purposes of this Act. Requires such schedule to include recommendations for restructuring Federal budget priorities to provide for: (1) reducing wasteful or unnecessary military expenditures; (2) increasing Federal revenues; (3) reducing the interest on the Federal debt; (4) using public and private pension funds to help attain the goals of this Act; and (5) promoting or creating development banks in areas of high joblessness and poverty. Requires the President to include recommendations for promoting education activities within each State.

Requires the Joint Economic Committee to monitor actions proposed or taken under this Act.

Requires that budgetary data for specific programs include evaluations and quantitative estimates of impacts on: (1) gross and net outlays computed in terms of estimates of the effects of paid employment on reducing outlays and increasing tax receipts; and (2) benefits and costs to society.

Requires that each overall budget message from the President to the Congress be based on policies and programs to reduce unemployment.