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Republican Ronald Reagan says in his campaign literature he understands “the only cause of inflation is government spending more than it takes in" and he promises to end inflation by balancing the budget.
Reagan says he will attack excessive federal spending: “I believe we need to accept the fact that federal overregulating of the economy has exceeded the bounds of sensibility. Where costs exceed benefits, the regulators must desist.”
Congress needs to take immediate action to reinvigorate the economy, the former two-term California governor says, and the answer lies in a tax cut to be effective Jan. 1, 1981, that will be “an across-the-board, 10 per cent cut in income tax rates on individuals, as well as an effective accelerated depreciation schedule to revive the flow of investment into American business.”
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