An Unhappy Anniversary

Amid economic woes, the President calls for a New Federalism

"We've made an impressive start. We've laid the foundations for economic recovery and national renewal. Inflation and interest rates are down. A program that will mean more jobs and more opportunity for all Americans is now in place."

Ronald Reagan's first-anniversary pep talk to 2,000 federal employees gathered in a Commerce Department auditorium was one of the rare glimmers of optimism emerging from the gloom of Washington last week. Indeed, the very victories that Reagan was exalting—his stunning political success in enacting deep cuts...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!