Could there be anything but widespread misery, where a privileged few controlled a nation's wealth, while millions labored for a pittance, and millions more were desperate for want of employment?

Government can and must provide opportunity, not smother it; foster productivity; not stifle it.

Yet optimism is in order, because day by day democracy is proving itself to be a not-at-all-fragile flower. From Stettin on the Baltic to Varna on the Black Sea, the regimes planted by totalitarianism have had more than 30 years to establish their legitimacy. But none - not one regime - has yet been able to risk free elections. Regimes planted by bayonets do not take root.

Our spirit is back, but we haven't reinstitutionalized it. We've got to do a better job of getting across that America is freedom - freedom of speech, freedom of religion, freedom of enterprise. And freedom is special and rare. It's fragile; it needs production [protection].

Yes, deficits are a problem. I've been saying so for more than a quarter of a century now. But the problem is not the size of the deficit, it's the size of government's claim on our economy.

We've gone astray from first principles. We've lost sight of the rule that individual freedom and ingenuity are at the very core of everything that we've accomplished. Government's first duty is to protect the people, not run their lives.

Thomas Jefferson made a comment about the Presidency and age. He said that one should not worry about one's exact chronological age in reference to his ability to perform one's task. And ever since he told me that, I stopped worrying.