US Presidency
1978

We will use our buying power more effectively to make price restraint and competition a reality. The Government now extends economic privileges to many parts of the private economy, special franchises, protected wages and prices, subsidies, protection from foreign competition. If wages or prices rise too fast in some industry, we will take that as a sign that those privileges are no longer needed and that this protection should be removed. We will make sure that no part of our economy is able to use its special privilege or its concentrated power to victimize the rest of us. This approach I've outlined will not end inflation. It simply improves our chances of making it better rather than worse. To summarize the plan I am announcing tonight: We will cut the budget deficit. We will slash Federal hiring and reduce the Federal work force. We will restrain Federal pay. We will delay further tax cuts. We will remove needless regulations. We will use Federal policy to encourage more competition.