Dutch: on Budget & Economy

Hold taxes & spending down to maintain economic growth

Ahead lay four more years of opportunity to restate America's traditional values of "faith, family, work and neighborhood," to continue rebuilding its defenses and to redirect history "away from totalitarian darkness."

Twenty-five straight months of economic growth, the President went on, proved his tenet "that freedom and incentives unleash the drive and entrepreneurial genius that are at the core of human progress." But deficit spending (for which he took no blame) might cramp that drive even as it gathered force. To combat it, he would ask Congress to hold program spending at current levels for another full year.

Dismisses seriousness of stock market crash

Chairman of the CEA (Council of Economic Advisors) tries to make him understand the seriousness of the situation. "Mr. President, this is not just a little wiggle in the market we can ignore. This is a very serious condition." Reagan tries to look solemn, but this is difficult to do when one's mouth is full of jelly beans. He takes refuge in genial reminiscence, "Didn't we do better before there was a Federal Reserve?"