Since taking office, President Obama has signed into law spending increases of nearly 25 percent for domestic government agencies - an 84 percent increase when you include the failed stimulus. All of this new government spending was sold as 'investment.'

Mr. Chairman, delegates, and fellow citizens: I am honored by the support of this convention for vice president of the United States. I accept the duty to help lead our nation out of a jobs crisis and back to prosperity - and I know we can do this.

The moral case for individual initiative in a free economy holds that people have a God-given right to use their creativity to produce things that improve our lives.

That's what the Romney plan is all about, how to get jobs created, how to get this debt and deficit under control, how to revive small businesses so we can create jobs, and how to bring growth and opportunity to society instead of this class warfare, instead of speaking to people like they're stuck in some class or station in life.

Are we interested in treating the symptoms of poverty and economic stagnation through income redistribution and class warfare, or do we want to go at the root causes of poverty and economic stagnation by promoting pro-growth policies that promote prosperity?

Throughout human history, the American Idea has done more to help the poor than any other economic system ever designed.

I learned a good deal about economics, and about America, from the author of the Reagan tax reforms - the great Jack Kemp. What gave Jack that incredible enthusiasm was his belief in the possibilities of free people, in the power of free enterprise and strong communities to overcome poverty and despair. We need that same optimism right now.

What did the taxpayers get out of the Obama stimulus? More debt. That money wasn't just spent and wasted - it was borrowed, spent, and wasted.

When you question this war on poverty, you get all the criticisms from adherents to the status quo who just don't want to see anything change. We got to have the courage to face that down, just as we did in the welfare reform of the late 1990s, and if we succeeded, we can help resuscitate this culture and get people back to work.

Borrowing and spending is not the way to prosperity.

We will not duck the tough issues, we will lead.

That's what we do in this country. That's the American Dream. That's freedom, and I'll take it any day over the supervision and sanctimony of the central planners.

The reason I got involved in public service, by and large, if I had to credit one thinker, one person, it would be Ayn Rand. The fight we are in here, make no mistake about it, is a fight of individualism versus collectivism.

Mom was 50 when my Dad died. She got on a bus every weekday for years, and rode 40 miles each morning to Madison. She earned a new degree and learned new skills to start her small business. It wasn't just a new livelihood. It was a new life.

This is what life is like with the Clintons. It is one scandal after another, and you never know what's coming next. They use the system to enrich themselves.

What matters to me is that I do what I think is right and I see, I'm a numbers guy, that's my attitude. I know we have a debt tsunami coming, we are bankrupting this country and I'm in a position where I can actually advance ideas to prevent that from happening. That's exactly what I should be doing.

We must promote upward mobility, starting with solutions that speak to our broken education system, broken immigration policy, and broken safety-net programs that foster dependency instead of helping people get back on their feet.

I don't want to get into the 'who's a hostage-taker' discussion here, but what is the estate tax? It's a double tax on death. Economists will tell you that it's really not a tax that soaks the rich, but it's a tax on capital that deprives business investment and therefore job creation.

This is a government takeover of our healthcare system. It is the government basically running the entire healthcare system, turning large insurers into de facto public utilities, depriving people of choice, depriving people of options, raising people's prices, raising taxes when we need new jobs.

If you want to change a law, you have to pass a law. Presidents don't write laws. Congress writes laws.

This debt crisis coming to our country. The wall and tidal wave of debt that is befalling our nation. Medicare and Social Security go bankrupt within ten years, we have a debt that is looming so high that in the last year of President Obama's budget just the interest payments on our debt is $916 billion dollars.

I call crony capitalism, where you take money from successful small businesses, spend it in Washington on favored industries, on favored individuals, picking winners and losers in the economy, that's not pro-growth economics. That's not entrepreneurial economics. That's not helping small businesses. That's cronyism, that's corporate welfare.

By failing seriously to confront the most predicable economic crisis in our nation's history, the President's policies are committing us and our children to a diminished future.

And to this day, my Mom is my role model.