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in 1980, the first time he was “publicly identified as a Republican.” Between 1973 and 1980, Slaughter said he was an “Independent.”
Why did he become a Republican? “I believe (the) Republican Party was generally expousing principles I believed in.”
Slaughter said Reagan and former President Jimmy Carter differed in the way each viewed the economy: Carter believed government action was necessary to solve problertis; Reagan believed government should create conditions that relied on free markets and enterprise—a posture of less government, Slaughter said.
Slaughter said Reagan’s economic policies had led to six million new jobs, a drop in the inflation rate from 12 to three percent, and a decline in the interest rate from 20 to 13 percent.
“There’s a much greater feeling of confidence,” Slaughter said.
He agreed federal deficits are the Reagan Administration’s darkest cloud. “(It’s) the most serious economic problem we have...It contributes to high interest rates and may also contribute to inflation in the future,” Slaughter said.
“The first thing to do is get government spending under control,” Slaughter said, by not spending any more than the government takes in. “Then, as you work on federal spending, consider all activities of the federal government.”
Slaughter said government reve
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