To a few of us here today this is a solemn and most momentous¹ occasion. And yet, in the history of our nation, it is a commonplace occurrence. The orderly transfer of authority as called for in the Constitution routinely takes place, as it has for almost two centuries, and few of us stop to think how unique we really are. In the eyes of many in the world, this every four-year ceremony we accept as normal is nothing less than a miracle.
The business of our nation goes forward. These United States are confronted with an economic affliction of great proportions. We suffer from the longest and one of the worst sustained inflations in our national history. It distorts our economic decisions, penalizes² thrift³, and crushes the struggling young and the fixed-income elderly alike. It threatens to shatter the lives of millions of our people.
Idle industries have cast workers into unemployment, human misery⁴, and personal indignity⁵. Those who do work are denied a fair return for their labour by a tax system which penalizes successful achievement and keeps us from maintaining full productivity.
But great as our tax burden is, it has not kept pace with public spending. For decades we have piled deficit⁶ upon deficit, mortgaging our future and our children's future for the temporary convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals⁷.
You and I, as individuals, can, by borrowing, live beyond our means, but only for a limited period of time. Why, then, should we think that collectively, as a nation, we're not bound by the same limitation? We must act today in order to preserve tomorrow. And let there be no misunderstanding - we are going to begin to act, beginning today.
The economic ills we suffer have come upon us over several decades. They will not go away in days, weeks, or months, but they will go away. They will go away because we, as Americans, have the capacity now, as we've had in the past, to do whatever needs to be done to preserve this last and greatest bastion of freedom.
In the present crisis, government is not the solution to our problem; government is the problem.
It is my intention to curb⁹ the size and influence of the Federal establishment and to demand recognition of the distinction between the powers granted to the Federal Government and those reserved to the states or to the people.
If we look to the answer as to why for so many years we achieved so much, prospered¹⁰ as no other people on earth, it was because here in this land we unleashed¹¹ the energy and individual genius of man to a greater extent than has ever been done before. Freedom and the dignity of the individual have been more available and assured here than in any other place on earth.
It is time for us to realize that we're too great a nation to limit ourselves to small dreams. We have every right to dream heroic dreams. Those who say that we're in the right place at the right time when there are no heroes, they just don't know where to look. You can see heroes every day going in and out of factory gates. Others, a handful in number, produce enough food to feed all of us and then the world beyond.
They're individuals and families whose taxes support the government and whose voluntary gifts support church, charity, culture, art and education. Their patriotism¹² is quiet but deep. Their values sustain our national life.
Now, I have used these words "they" and "their" in speaking of these heroes. I could say "you" and "your," because I'm addressing the heroes of whom I speak--you, the citizens of this blessed land. Your dreams, your hopes, your goals are going to be the dreams, the hopes and the goals of this administration, so help me God...
It is time to reawaken this industrial giant, to get government back within its means, and to lighten our punitive¹³ tax burden. And these will be our first priorities, and on these principles there will be no compromise.
No arsenal¹⁴ or no weapon in the arsenals¹⁵ of the world is so formidable as the will and moral courage of free men and women. It is a weapon our adversaries¹⁶ in today's world do not have. It is a weapon that we as Americans do have. Let that be understood by those who practice terrorism and prey¹⁷ upon their neighbours.
This is the first time in our history that this ceremony has been held, as you've been told, on this West Front of the Capitol. Standing⁸ here, one faces a magnificent vista¹⁸, opening up on this city's special beauty and history. At the end of this open mall are those shrines¹⁹ to the giants on whose shoulders we stand.
Beyond those monuments to heroism²⁰ is the Potomac River, and on the far shore, the sloping hills of Arlington National Cemetery²¹, with its row upon row of simple white markers bearing crosses or Stars of David. They add up to only a tiny fraction of the price that has been paid for our freedom.
Each one of those markers is monument to the kind of hero I spoke²² of earlier. Their lives ended in places called Belleau Wood, the Argonne, Omaha Beach, Salerno, and half-way around the world on Guadalcanal, Tarawa, Pork Chop Hill, the Chosin Reservoir, and in a hundred rice paddies and jungles of a place called Vietnam.
The crisis we are facing today does not require of us the kind of sacrifice that...so many thousands of others were called upon to make.
It does require, however, our best effort and our willingness to believe in ourselves and to believe in our capacity to perform great deeds, and to believe that together with God's help, we can and will resolve the problems which now confront us.
And after all, why shouldn't we believe that? We are Americans.
God bless you and thank you.

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