US Presidency
1984

In the five years before I came here, taxes had actually doubled. Your cost-of-living pay raises just bumped you into higher tax brackets. Interest rates over 21 percent, the highest in 120 years; productivity, down 2 consecutive years; industrial production down; actual wages and earnings down, the only things going up were prices, unemployment, taxes, and the size of government. While you tightened your belt, the federal government tightened its grip. Well, things have changed. This past year inflation dropped down to 3.2 percent. Interest rates, cut nearly in half. Retail sales are surging. Homes are being built and sold. Auto assembly lines are opening up. And in just the last year, 4 million people have found jobs, the greatest employment gain in 33 years. By beginning to rebuild our defenses, we have restored credible deterrence and can confidently seek a secure and lasting peace, as well as a reduction in arms. As I said Wednesday night, America is back and standing tall.