ANNOUNCER: Next Tuesday.

- Till we can get inflation under control, we're not going to get all of the other things that ail our economy under control. We do not have inflation because, as President Carter says, we have lived too well. We have inflation in great measure because the federal government has lived too well. And by that I mean it has become bloated, incredibly inefficient, and has, year after year, been spending more money than it takes in. And spending more money than you have leads to inflation.

A one-shot, piecemeal approach to the inflation problem simply won't work. It's been tried, and it's failed. Only an all-encompassing program combining restraint in government spending with economic growth in the private sector will work. I offer precisely that kind of program. To look at the situation we find ourselves in today is to know that we not only need such a program, but that we need such a program now.

ANNOUNCER: The time is now for Reagan.