Jack Kemp: “I said, Mr. President, just follow your instincts in that debate, your instincts are what got you here and that's what…”

Yes, it really did. I heard the previous speaker say that the economy had high unemployment and high inflation at the same time. And the simultaneity of inflation/unemployment could not be met by conventional methods of Keynesian Economics.

I believe that this treatment of any Government official who deviates from the official administration line that the United States is on the very brink of running out of energy is an absolute scandal.

So Paul Volcker brought down inflation with a very tight monetary policy. And Ronald Reagan deregulated and cut tax rates, not taxes, tax rates.

Reagan didn't get a balanced budget, but he got the economy growing again, we spent money on defense and I think it's that that defeated the Soviet Union.