Ronald Reagan (Ad Narrator)

And today, many economic analysts and historians argue that high tariff legislation passed back in that period called the Smoot-Hawley Tariff greatly deepened the Depression and prevented economic recovery. You see, at first, when someone says, let's impose tariffs on foreign imports, it looks like they're doing the patriotic thing by protecting American products and jobs.

And today, many economic analysts and historians argue that high tariff legislation passed back in that period called the Smoot-Hawley Tariff greatly deepened the Depression and prevented economic recovery. You see, at first, when someone says, let's impose tariffs on foreign imports, it looks like they're doing the patriotic thing by protecting American products and jobs.

And sometimes for a short while it works. but only for a short time. What eventually occurs is first homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then while all this is going on, something even worse occurs.

And sometimes for a short while it works. but only for a short time. What eventually occurs is first homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then while all this is going on, something even worse occurs.

People stop buying. Then the worst happens. Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs. The memory of all this occurring back in the 30s made me determined when I came to Washington to spare the American people the protectionist legislation that destroys prosperity.

People stop buying. Then the worst happens. Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs. The memory of all this occurring back in the 30s made me determined when I came to Washington to spare the American people the protectionist legislation that destroys prosperity.

The budget plan I submit to you on February 8th will realize major savings by dismantling the Departments of Energy and Education and by eliminating ineffective subsidies for business.

The budget plan I submit to you on February 8th will realize major savings by dismantling the Departments of Energy and Education and by eliminating ineffective subsidies for business.

The budget plan I submit to you on February 8th will realize major savings by dismantling the Departments of Energy and Education.

The budget plan I submit to you on February 8th will realize major savings by dismantling the Departments of Energy and Education.

The budget plan I submit to you on February 8th will realize major savings by dismantling the Departments of Energy and Education.

Today our children need good schools more than ever. We stand on the verge of a new age, a computer age, when medical breakthroughs will add years to our lives.

Today our children need good schools more than ever. We stand on the verge of a new age, a computer age, when medical breakthroughs will add years to our lives.

Today our children need good schools more than ever. We stand on the verge of a new age, a computer age, when medical breakthroughs will add years to our lives.

But from 1963 to 1980, scholastic aptitude test scores showed a virtually unbroken decline. Science achievement scores of 17-year-olds have shown a steady fall. And most shocking, today more than one-tenth of our 17-year-olds are functionally illiterate.

But from 1963 to 1980, scholastic aptitude test scores showed a virtually unbroken decline. Science achievement scores of 17-year-olds have shown a steady fall. And most shocking, today more than one-tenth of our 17-year-olds are functionally illiterate.

But from 1963 to 1980, scholastic aptitude test scores showed a virtually unbroken decline. Science achievement scores of 17-year-olds have shown a steady fall. And most shocking, today more than one-tenth of our 17-year-olds are functionally illiterate.

So Japan with a population only about half the size of ours graduates from college more engineers than we do.

So Japan with a population only about half the size of ours graduates from college more engineers than we do.

So Japan with a population only about half the size of ours graduates from college more engineers than we do.