rate—­still too high—­is the lowest in nearly 7 years, and our people have created nearly 13 million new jobs.  Over 61 percent of everyone over the age of 16, male and female, is employed—­the highest percentage on record.  Let’s roll up our sleeves and go to work and put America’s economic engine at full throttle.  We can also be heartened by our progress across the world.  Most important, America is at peace tonight, and freedom is on the march.  And we’ve done much these past years to restore our defenses, our alliances, and our leadership in the world.  Our sons and daughters in the services once again wear their uniforms with pride.

But though we’ve made much progress, I have one major regret:  I took a risk with regard to our action in Iran.  It did not work, and for that I assume full responsibility.  The goals were worthy.  I do not believe it was wrong to try to establish contacts with a country of strategic importance or to try to save lives.  And certainly it was not wrong to try to secure freedom for our citizens held in barbaric captivity.  But we did not achieve what we wished, and serious mistakes were made in trying to do so.  We will get to the bottom of this, and I will take whatever action is called for.  But in debating the past, we must not deny ourselves the successes of the future.  Let it never be said of this generation of Americans that we became so obsessed with failure that we refused to take risks that could further the cause of peace and freedom in the world.  Much is at stake here, and the Nation and the world are watching to see if we go forward together in the national interest or if we let partisanship weaken us.  And let there be no mistake about American policy:  We will not sit idly by if our interests or our friends in the Middle East are threatened, nor will we yield to terrorist blackmail.

And now, ladies and gentlemen of the Congress, why don’t we get to work?  I am pleased to report that because of our efforts to rebuild the strength of America, the world is a safer place.  Earlier this month I submitted a budget to defend America and maintain our momentum to make up for neglect in the last decade.  Well, I ask you to vote out a defense and foreign affairs budget that says yes to protecting our country.  While the world is safer, it is not safe.

Since 1970 the Soviets have invested $500 billion more on their military forces than we have.  Even today, though nearly 1 in 3 Soviet families is without running hot water and the average family spends 2 hours a day shopping for the basic necessities of life, their government still found the resources to transfer $75 billion in weapons to client states in the past 5 years—­clients like Syria, Vietnam, Cuba, Libya, Angola, Ethiopia, Afghanistan, and Nicaragua.  With 120,000 Soviet combat and military personnel and 15,000 military advisers in Asia, Africa, and Latin America, can anyone still doubt their single-minded determination to expand their power?  Despite this, the Congress cut my request for critical U.S. security assistance to free nations by 21 percent this year, and cut defense requests by $85 billion in the last 3 years.