Time’s cover story, headlined “Reagan Triumph,” analyzed Reagan’s victory over Walter Mondale by a lopsided popular and electoral vote. The economy, which he viewed as his first priority, had improved, growing at an 8.7 percent annual rate in the second quarter of 1982, but federal deficits ballooned and unemployment stood at a troubling 7.4 percent. By late 1984, inflation was down, personal and industrial income had substantially increased, the stock market reached a record high, and the number of workers earning only the mandated minimum wage declined. Reagan also succeeded with his defense buildup, and despite considerable opposition he deployed Pershing missiles in Western Europe. He had achieved his two most important priorities: restoring and expanding the economy and increasing the country’s defense capabilities.