![]() You and I, as individuals, can, by borrowing, live beyond our means, but for only a limited period of time. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals. ![]() For decades we have piled deficit upon deficit, mortgaging our future and our children's future for the temporary convenience of the present. Those who do work are denied a fair return for their labor by a tax system which penalizes successful achievement and keeps us from maintaining full productivity.īut great as our tax burden is, it has not kept pace with public spending. Idle industries have cast workers into unemployment, human misery, and personal indignity. It threatens to shatter the lives of millions of our people. It distorts our economic decisions, penalizes thrift, and crushes the struggling young and the fixed-income elderly alike. We suffer from the longest and one of the worst sustained inflations in our national history. These United States are confronted with an economic affliction of great proportions. By your gracious cooperation in the transition process, you have shown a watching world that we are a united people pledged to maintaining a political system which guarantees individual liberty to a greater degree than any other, and I thank you and your people for all your help in maintaining the continuity which is the bulwark of our Republic. President, I want our fellow citizens to know how much you did to carry on this tradition. ![]() ![]() In the eyes of many in the world, this every-4-year ceremony we accept as normal is nothing less than a miracle. The orderly transfer of authority as called for in the Constitution routinely takes place, as it has for almost two centuries, and few of us stop to think how unique we really are. To a few of us here today this is a solemn and most momentous occasion, and yet in the history of our nation it is a commonplace occurrence. President, Vice President Bush, Vice President Mondale, Senator Baker, Speaker O'Neill, Reverend Moomaw, and my fellow citizens: ![]()
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