Income and Jobs Action Act of 1984

Income and Jobs Action Act of 1984 - Declares that every adult American able and willing to earn a living through paid work has the right to a free choice among opportunities for useful, productive and fulfilling paid employment (part- or full-time) at decent wages or for self-employment. Directs all Federal agencies to plan and carry out their policies, projects, programs, and budgets so as to contribute to establishing and maintaining conditions under which all adult Americans may freely exercise this right. Prohibits the Federal Reserve System or any other Federal agency from directly or indirectly promoting recession, stagnation, or involuntary unemployment as a means of reducing wages and salaries or inflation.

Declares that every adult American unable to work for pay has the right to an adequate standard of living that rises with increases in the wealth and productivity of the society. Provides that no adult American shall be judged unable to work merely because of the unavailability of suitable paid employement opportunities at a given time or place or because of the lack of previous employment. Requires, in the absence of such opportunities and until such opportunities can be provided, that an adult American able and willing to work for pay shall be provided with whatever income is required to maintain a moderate level of living, as defined by the Bureau of Labor Statistics for an urban family of four.

Establishes the Conversion Planning Fund in the Treasury. Requires that one percent from any appropriations to the Secretary of Defense for FY 1985 and subsequent fiscal years be deposited into the Fund. Requires the Fund to be used to: (1) promote the conversion of economic production from military to civilian sectors; (2) promote the conversion of economic production from civilian sectors that are declining in production to civilian sectors that are increasing in production and that have a greater potential for offering useful and productive unemployment; and (3) assist in implementing the program and financial plan developed by the President under this Act.

Establishes the Conversion Planning Office in the Executive Office of the President. Directs the Conversion Planning Office to administer the Conversion Planning Fund.

Directs the President, within six months after the enactment of this Act and thereafter in each annual economic report and budget message, to transmit to Congress a staged program to create conditions under which the rights set forth in this Act may be enjoyed and to describe how the Conversion Planning Fund may be most productively use. Sets forth requirements for the design of such program, including provisions for locally based planning.

Directs the President, as part of such annual program, to transmit to Congress a short- and long-range financial plan to accomplish the purposes of the Act. Requires that such plan include reductions in: (1) the military budget; (2) wasteful tax expenditures and loopholes; and (3) interest rates and Federal deficits. Requires that such plan include: (1) recommendations for the appropriate use and direction of public and private pension funds; and (2) the creation or promotion of private and public development banks, particularly in neighborhoods and other areas of high unemployment and poverty.

Requires that any outlays proposed under such plan and program be presented in terms not only of gross outlays, but also of net outlays, computed with a full estimation of specified factors.