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Reagan and Bush launch reelection campaign

Presenting ''four great goals to build our tomorrow,'' President Reagan on Labor Day pledged continued economic growth without inflation, a nation ''today and forever prepared for peace,'' adherence to ''rich traditional values,'' and a government that seeks new frontiers and does not ''cringe from them.''

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In remarks prepared for a kickoff rally at Mile Square Park in Orange County, south of Los Angeles, Mr. Reagan sounded the optimistic themes that characterized his first term. In 1980 Orange County, gave Reagan a larger majority than any other county in the US.

Reagan planned to fly later to Cupertino in northern California for another rally, then on to Salt Lake City to address the American Legion on Tuesday. On Wednesday, before returning to the White House, Reagan is scheduled to stop in Chicago - his third visit to Illinois in as many weeks - to address a conference on the future sponsored by the Economic Club of Chicago.

Meanwhile, Vice-President George Bush formally opened his part of the GOP reelection campaign Monday with an attack on the ''low-road campaign'' of Democratic nominee Walter Mondale. In a statement for delivery in Lemont, Ill., Bush said: ''Walter Mondale's economic dream would result in a return to the nightmare of Jimmy Carter.''

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