Ronald Wilson Reagan had a pretty successful career in showbusiness before deciding to get into politics. He starred in several films, and even served as the president of the Screen Actors Guild. Then he broke into the public political conciousness when campaigning for the presidency of Barry Goldwater. In his speech he railed against socialism, saying America must choose between taking itself “Up to man’s age-old dream-the maximum of individual freedom consistent with order or down to the ant heap of totalitarianism.” He proclaimed that “sacrifice freedom for security,” meaning government-run social-safety programs, “have embarked on this downward path.” That speech helped him to the presidential office.

On this day, January 20, in 1981 in a ceremony on the West Front of the Capitol President Reagan took the presidential oath of office. He continued to strike the same notes he did in the Goldwater speech, noting the economic downturn that was facing the country could only be solved by the people themselves. “In this economic crisis, government is not the solution to our problem,” he said in his famous line.

Coincidentally, at the same time as Reagan was giving his inauguration speech, Iran finally released back into United States custody 52 American hostages taken by Islamic militants from the American embassy in 1979. The hostages were held for 444 consecutive days.