When President Reagan assumed office on the eve of his 70th birthday, U.S. inflation under his predecessor had zoomed from 5% to 15%, the prime interest rate had soared from 6% to 21% (the highest since Lincoln), 30-year mortgages were 18%, gas stations had long lines and even-and-odd license-plate days, and the communist Soviet Union had overthrown and seized seven more countries in strategic areas around the world.In the previous 10 years, according to Democratic Sen. Sam Nunn, Russia had spent $104 billion more on its military and $40 billion more on research and development than the U.S. This resulted...
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