Reagan was elected at a time not unlike now, and in some ways worse; he had dangerously high inflation and interest rates to deal with (which are, as we read, waiting in the wings now). The nation, and much of the world, had been trying the liberal Keynsian, statist, government-is-all approach and found itself mired in that "malaise" that will forever cloud Jimmy Carter's legacy.
In other words, we've been here and done this.
Obama has collected the worst mistakes of the pre-Reagan era, the Clinton era (which had its good points, to be honest), and Bush's unfortunate overspending, put them on Lance Armstrong doping and turned them loose.
Reagan had the right medicine then. God willing, someone will arrive to dispense it before long.