"All of this demands a vision. It demands looking at government and the economy as they exist and not as words on paper, but as institutions guided by our will and knowledge toward growth, restraint and effective action. When Mr. Carter first took office, he had sufficient budget flexibility to achieve these goals. But he threw away the opportunity to generate new economic growth and to strengthen national security. Now the damage done to the economy by his misguided policies will make the achievement of these crucial objectives far more difficult. Nevertheless, this nation cannot afford to back away from any of these goals. We cannot allow tax burdens to continue to rise inordinately, inflation to take a stronger hold, or allow our defenses to deteriorate further - without severe consequences. This task is going to be difficult but our goals are optimistic - as they should be. Success is going to take time, as well as work. There is only one phrase to describe the last three years and eight months. It has been an American tragedy. It isn't only that Mr. Carter has increased Federal spending by 58 percent in four years, or that taxes in his 1981 budget are double what they were in 1976, the equivalent of a tax increase on an average family of four of more than $5,000. The tragedy lies as much in what Mr. Carter has failed to do as in what he has done. He has failed to lead. Mr. Carter had a chance to govern effectively. He had a sound economic base with an inflation rate of 4.8 percent when he took office. But he has failed. His failure was rooted in his view of government, in his view of the American people. Yet he wants this dismal view to prevail for four more years. The time has come for the American people to reclaim their dream. Things don't have to be this way. We can change them. We must change them. Mr. Carter's American tragedy must and can be transcended by the spirit of the American people, working together."