He graduated Phi Beta Kappa in 1948 with a Bachelor of Arts degree, majoring in economics and minoring in sociology. Days before the debate, Reagan announced that he would invite four other candidates to the debate; Bush, who had hoped that the one-on-one debate would allow him to emerge as the main alternative to Reagan in the primaries, refused to debate the other candidate. All six candidates took the stage, but Bush refused to speak in the presence of the other candidates. Criticizing his more conservative rival's policy proposals, Bush famously labeled Reagan's supply side-influenced plans for massive tax cuts as 'voodoo economics'. Though he favored lower taxes, Bush feared that dramatic reductions in taxation would lead to deficits and, in turn, cause inflation. In his 1989 inaugural address, President Bush said, 'I have spoken of a thousand points of light, of all the community organizations that are spread like stars throughout the Nation, doing good.'