Economy in Government Act of 1982

Economy in Government Act of 1982 - Declares it to be the policy of the Federal Government that no Federal agency shall conduct, or State or local government use Federal assistance to conduct, commercial or industrial activity to produce goods or services for its own use if such goods or services can be procured from a profitmaking business at a reasonable price, unless there is a demonstrated economic advantage for such agency or government to conduct such activity.

Amends the Inspector General Act of 1978 to require the Offices of Inspector General and the Secretary of Defense to include information on violations of such policy and corrective actions in their semiannual reports to Congress on their investigative functions.

Requires the Director of the Office of Management and Budget to: (1) prescribe rules to implement such policy; (2) require each agency head to consider all direct and indirect costs of conducting a commercial or industrial activity in determining whether there is a demonstrated economic advantage to the agency to conduct such activity; (3) prescribe cost accounting principles to be used in such determination; (4) submit to Congress and implement a plan to terminate within five years all such activities conducted by the Government in violation of such policy; and (5) take action to assure implementation of actions recommended by Offfices of Inspector Genral or the Secretary of Defense to correct violations of such policy.

Prohibits Federal agencies from providing financial assistance to any State or local government unless such government certifies compliance with such policy.