As a biographer of Ronald Reagan, I’m constantly asked to compare today’s fiscal/economic situation to what Reagan faced in the 1980s. Today’s record debt/deficits remind of the 1980s, though today’s are far worse, with the deficit at least six times as high—and debt-to-GDP and deficit-to-GDP ratios two and three times (respectively) higher. The current economy is the worst since the early 1980s, with a prolonged non-recovering “recovery” older still. By 1984, the Reagan recovery was not just in bloom but exploding, with dramatically improved unemployment and economic growth six times higher than the current anemic rate, awarding Reagan millions of Democratic votes as he swept 49 of 50 states in his re-election.
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