Reagan was a disaster for the American economy in at least four fundamental ways:
... Under Ronald Reagan, the US went from being the world's largest creditor nation to the largest debtor nation in just a few years
... the number of unionised jobs and the number of jobs with American companies declined even further.
... The income stagnation that began under Reagan has had a devastating impact on personal savings.
... Before Reagan, debt really wasn't a problem for America.
The article begins:
As things stand today, the US is hurtling toward a budget showdown in less than a month. Either President Obama will once again capitulate to extreme Republican budget-slashing demands, making Democrats seem as much of a threat to Medicare as Republicans, and virtually ensuring a GOP electoral sweep in 2012, or the US will default on its debt for the first time in its history, most likely plunging the world economy back into another five-continent recession, also costing Democrats the 2012 elections.Read the rest at Reagan mythology is leading US off a cliff - Opinion - Al Jazeera English
Hat tip to Millard Fillmore's Bathtub for bringing this editorial to my attention.