In 1984, the economy was in an upswing. Oil prices were low, interest rates were high, and the lurking problem of the mounting federal deficit caused little public concern. Our popular President Reagan was earning the label "the Teflon president" for his ability to escape unscathed from setbacks. So, the challenging task of running against Ronald Reagan fell to former Vice President Walter Mondale who made two bold choices in his campaign, both of which backfired. First, he selected a woman, New York Representative Geraldine Ferraro, as his running mate. Media scrutiny of her husband’s finances put Ferraro on the defensive. Second, Mondale announced in his acceptance speech that he would raise taxes to fight the deficit. Seizing on such a position, President Reagan succeeded in tagging Mondale as a typical free-spending Democrat and won the most lopsided electoral victory since 1936: 49 out of 50 states.