Ronald Reagan Speaks at the International Business Council in Chicago

Almost two months ago, in accepting the Presidential nomination of my party, I spoke of the historically unique crisis facing the United States.

At that time I said:

"Never before in our history have Americans been called upon to face three grave threats to our very existence, any one of which could destroy us. We face a disintegrating economy, a weakened defense and an energy policy based on the sharing of scarcity."

Government regulation, like fire, makes a good servant but a bad master. No one can argue with the intent of this regulation-to improve health and safety and to give us cleaner air and water-but too often regulations work against rather than for the interests of the people. When the real take-home pay of the average American worker is declining steadily, and 8 million Americans are out of work, we must carefully re-examine our regulatory structure to assess to what degree regulations have contributed to this situation. In my administration there should and will be a thorough and systematic review of the thousands of Federal regulations that affect the economy.