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Reaganomics was fairytale thinking with disasterous consequences, growing the largest deficit in U.S. history. (Bill Clinton later turned it into a surplus).
But Bush/Cheney-economics is far more sinister. The cronies--Haliburton, Kellog Brown & Root, Lockheed, etc-- are encouraged to invade the treasury just like in the Reagan years. But unlike Reagan, Bush is using every weapon made to make the Mideast into an even larger scale and more permanent war zone.
When the Terrorists bombed the Marine barracks in Lebananon, Reagan wisely cut and run. 9/11 was a far worse attack, but step back and look at how Bush let 19 highjackers (all from nations we have interestingly NOT attacked) turn the U.S. completely upside down. A shredded constitution. A depleted, overstretched military in Iraq. Overtuned geneva conventions. And, again, immense deficits.
I disliked Reagan very much, but I believe he would not have destroyed our country by invading both the treasury and Iraq (and soon Iran). Reagan would have seen what was needed--police action to destroy terrorist networks. Instead Bush has given us all out war that has given the Al Qaida more fame, credibility and recruiting power than it deserved.
In short, Reagan saw wisdom in detented and engagement and would not have risked everything good about America it's taken 200 years to build.