If you need any more inspiration to put some small part of your own difference aside to create this consensus, then all you need to do is to reflect on what the Republican policy of divide and cajole has done to this land since 1980. Now the President has asked the American people to judge him on whether or not he's fulfilled the promises he made four years ago. I believe, as Democrats, we ought to accept that challenge. And just for a moment let us consider what he has said and what he's done.
Inflation -- Inflation is down since 1980, but not because of the supply-side miracle promised to us by the President. Inflation was reduced the old-fashioned way: with a recession, the worst since 1932. Now how did we -- We could have brought inflation down that way. How did he do it? 55,000 bankruptcies; two years of massive unemployment; 200,000 farmers and ranchers forced off the land; more homeless -- more homeless than at any time since the Great Depression in 1932; more hungry, in this world of enormous affluence, the United States of America, more hungry; more poor, most of them women. And -- And he paid one more thing, a nearly 200 billion dollar deficit threatening our future.
Now, we must make the American people understand this deficit because they don't. The President's deficit is a direct and dramatic repudiation of his promise in 1980 to balance the budget by 1983. How large is it? The deficit is the largest in the history of the universe. It -- President Carter's last budget had a deficit less than one-third of this deficit. It is a deficit that, according to the President's own fiscal adviser, may grow to as much 300 billion dollars a year for "as far as the eye can see." And, ladies and gentlemen, it is a debt so large -- that is almost one-half of the money we collect from the personal income tax each year goes just to pay the interest. It is a mortgage on our children's future that can be paid only in pain and that could bring this nation to its knees.
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