When President Reagan assumed office on the eve of his 70th birthday, U.S. inflation under his predecessor had zoomed from 5% to 15%, the prime interest rate had soared from 6% to 21% (the highest since Lincoln), 30-year mortgages were 18%, gas stations had long lines and even-and-odd license-plate days, and the communist Soviet Union had overthrown and seized seven more countries in strategic areas around the world.
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