If we look to the answer as to why for so many years we achieved so much, prospered as no other people on earth, it was because here in this land we unleashed the energy and individual genius of man to a greater extent than has ever been done before. Freedom and the dignity of the individual have been more available and assured here than in any other place on earth. The price for this freedom at times has been high, but we have never been unwilling to pay the price.

Any system that penalizes success and accomplishment is wrong. Any system that discourages work, discourages productivity, discourages economic progress, is wrong. If, on the other hand, you reduce tax rates and allow people to spend or save more of what they earn, they’ll be more industrious; they’ll have more incentive to work hard, and money they earn will add fuel to the great economic machine that energizes our national progress. The result: more prosperity for all — and more revenue for government. A few economists call this principle supply-side economics. I just call it common sense.

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You and I are told we must choose between a left or right, but I suggest there is no such thing as a left or right. There is only an up or down. Up to man's age-old dream — the maximum of individual freedom consistent with order — or down to the ant heap of totalitarianism. Regardless of their sincerity, their humanitarian motives, those who would sacrifice freedom for security have embarked on this downward path.

A great many reputable scientists are telling us that such a [nuclear] war could just end up in no victory for anyone because we would wipe out the earth as we know it. And if you think back to a couple of natural calamities—back in the last century, in the 1800’s, just natural phenomena from earthquakes, or, I mean, volcanoes—we saw the weather so changed that there was snow in July in many temperate countries. And they called it the year in which there was no summer. Now if one volcano can do that, what are we talking about with the whole nuclear exchange, the nuclear winter that scientists have been talking about?

Let me offer lesson number one about America: All great change in America begins at the dinner table. So, tomorrow night in the kitchen I hope the talking begins. And children, if your parents haven't been teaching you what it means to be an American, let 'em know and nail 'em on it. That would be a very American thing to do.

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There can be no freedom without order, and there is no order without virtue. Now, that’s a simple enough formulation, but it’s an insight found not only in the writings of Founding Fathers like Washington or great political thinkers like Edmund Burke; it is also found in a great part of our Judeo-Christian tradition.

The charge has been made that the United States has shipped weapons to Iran as ransom payment for the release of American hostages in Lebanon, that the United States undercut its allies and secretly violated American policy against trafficking with terrorists.... Those charges are utterly false.... We did not — repeat — did not trade weapons or anything else for hostages, nor will we.

This is not the time for political fun and games. This is the time for a new beginning. I ask you now to put aside any feelings of frustration or helplessness about our political institutions and join me in this dramatic but responsible plan to reduce the enormous burden of Federal taxation on you and your family.