 My fellow Americans it's been nearly three years since I first spoke to you from this room Together we faced many difficult problems, and I've come to feel a special bond of kinship with each one of you Tonight I'm here for a different reason. I've come to a difficult personal decision as to whether or not I should seek re-election When I first addressed you from here our national defenses were dangerously weak We had suffered humiliation in Iran and at home We were adrift possibly because of a failure here in Washington to trust the courage and character of you the people But worst of all we were on the brink of economic collapse from years of government overindulgence and abusive over taxation Thus I had to report that we were quote in the worst economic mess since the Great Depression and quote Inflation had risen to over 13 percent in 1979 and to 19 percent in March of 1980 Those back-to-back years of price explosions were the highest in more than 60 years 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 to 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 four 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 We've begun to restore great American values the dignity of work the warmth of family the strength of neighborhood and the nourishment of human freedom But our work is not finished. We have more to do in creating jobs Achieving control of a government spending returning more autonomy to the States Keeping peace in a more settled world and seeing if we can't find room in our schools for God At my inaugural I quoted words that had been spoken over 200 years ago by Dr. Joseph Warren president of the Massachusetts Congress On you Depend the fortunes of America. He told his fellow Americans You are to decide the important question on which rests the happiness and liberty of millions yet unborn and he added Act worthy of yourselves Over these last three years Nancy and I have been sustained by the way you the real heroes of American democracy have met dr. Warren's challenge You were magnificent as we pulled the nation through the long night of our national calamity You have indeed acted worthy of yourselves Your high standards make us remember the central question of public service Why are we here? Well, we're here to see that government continues to serve you not the other way around We're here to lift the weak and to build the peace and most important. We're here as dr. Warren said To act today for the happiness and liberty of millions yet unborn To seize the future so that every new child of this beloved Republic can dream heroic dreams If we do less we betray the memory of those who have given so much This historic room and the presidency belong to you It is your right and responsibility every four years to give someone temporary custody of this office and of the institution of the presidency You so honored me and I'm grateful Grateful and proud of what together we have accomplished. We have made a new beginning Vice President Bush and I would like to have your continued support and cooperation in completing what we began three years ago I am therefore announcing that I am a candidate and will seek re-election To the office I presently hold Thank you for the trust you've placed in me God bless you and good night The preceding political program was paid for by Reagan Bush 84 post office box 2700 Washington DC 2001 Correspondence offers of volunteer support and contributions should be sent to Reagan Bush 84