We passed massive tax cuts to bring back jobs and factories home from other countries. We've cut a record number of job-killing regulation. We ended the war on American energy. And the United States is now the number-one producer of oil and natural gas anywhere in the world, by far.

As with our military potential, our economic assets are more than equal to the task. Our independent farmers produce an abundance of food and fibre. Our free workers are versatile, intelligent, and hardworking. Our businessmen are imaginative and resourceful. The productivity, the adaptability of the American economy is the solid foundation-stone of our security structure.

Taxes are not good things, but if you want services, somebody's got to pay for them so they're a necessary evil.

Recognizing economic health as an indispensable basis of military strength and the free world's peace, we shall strive to foster everywhere, and to practice ourselves, policies that encourage productivity and profitable trade.

Now this brings me to my main topic - our military strength - more specifically, how to stay strong against threat from outside, without undermining the economic health that supports our security.

In 1913 for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government.