How about driving up the Deficit and Debt to unheard of levels???
The decline of the dollar can be traced directly to the horrendous fiscal policies of the last 6 years. Now, rewind to the 80's...same deal.
That's your opinion & can be debated until the cows come home. Consider the promises that Reagan made when he campaigned for office. He promised to reduce the inflation rate, and it came down. He promised to cut taxes, and he did. He said the tax cuts would lead to an economic recovery, and they did. He said he would reduce unemployment, & it happened He said he would lower interest rates, and they declined. And his detractors would rather kill their firstborn than admit he hastened the end of the Cold War, but if he didn't, I guess he was a psychic...b/c he knew it was coming.
Immediately after his inaugural address, he signed an executive order eliminating the price controls on oil & gasoline that had been in place for a decade. The next day, Reagan abolished the Council on Wage & Price Stability. Although the price controls were promoted as a response to the energy crisis, they had in fact exacerbated it by distorting the market forces of supply & demand. Critics of Reagan's actions warned that gas prices would rise $2/gallon. Reagan predicted that oil & gas prices would fall dramatically, & he proved to be right. Not many people knew it at the time, but w/ 2 strokes of his pen, Reagan had ended the energy crisis.
The most pressing problem of the late '70s was stagflation. This posed a serious problem from the mainstream school of Keynesian econ., b/c stagnant growth & inflation occurring at the same time were not supposed to happen. According to the historic 1981 tax legislation, taxes would be reduced by 25% across the board, w/ a 5% reduction the 1st yr. & 10% for ea. of the 2 subsequent yrs. The top marginal rate would fall from 70% to 50%. This was the 1st tax cut. Then starting in 1985, taxes would be indexed to inflation, ending the phenomenon of bracket creep. The tax tables would be adjusted ea. year taking inflation into acct., so it would no longer push people into higher brackets & force them to pay higher rates w/o a corresponding increase in their purchasing power. There were also reductions in estate & business taxes, while individual retirement accts were expanded (you're welcome), allowing more people to make tax-deductible contributions toward retirement.
Here's where you Reagan critics love to cry foul: The deficit was around $50 billion when Reagan became president. Deficits during the Reagan yrs surged above $200 billion during the mid-80s. The U.S. was $1.5 trillion deeper in debt when Reagan left office than when he arrived. Reagan said in 1982, "I did not come here to balance the budget - not at the expense of my tax cutting program & my defense program" (which had dropped from 50% of the budget in 1960 to around 25% in the Carter erea). First the liberals cried about his budget cuts & then they cried about the budget deficits. Can't have it both ways. One mistake Reagan made was he made a deal w/ the devil, er Tip O'Neill. For every dollar Reagan would approve in tax increases, Congress would approve $3 in spending cuts. Reagan relented on the tax hike on the condition that only business & excise taxes be increased & the individual income tax cuts approved the prevous year be unchanged. Congress approved the tax increase & Reagan signed it. As Ed Meese said, "The country is still waiting for the spending reductions.".
Reagan's trust of the liberals ironically blew up in the Dems faces. They spent all the tax dollars allotted to them like a pack of hyenas, but they soon realized they faced a dilemma: they would be hard-pressed to generate new spending schemes, since they would have to specify how to fay for them, thru either new taxes or add'l deficit spending. This led to Gramm-Rudman which placed strict limits on deficit spending & sought to balance the budget by the end of the decade. As a result of economic growth & spending restraint, the deficit in the late '80s began to decline in both absolute terms & as a proportion of the economy. The deficit, which consumed 6.3% of the GDP in '83, shrank to around 3% during 1987-89, WHICH IS JUST WHERE IT WAS WHEN REAGAN 1ST TOOK OFFICE. During the 1990s, largely due to a continuation of the Reagan economic boom as well as huge defense savings from the end of the cold war, the deficit had fallen so dramatically that, as some economists predicted, it would soon balance itself. It did and your boy Clinton takes credit. Reagan prefers to give the credit to us taxpayers as he stated, "Oh no ,it wasn't me. The American people did it. They deserve the credit (for America's resurgence)."
As far as lumping GW Bush economic policies & outcomes as the same as Reagan's is irresponsible & not easily thrown in the same category by the mere fact that both were Republican Presidents. Remember GW Bush is G HW Bush's son, not Ronald Reagan's son.
Remember Reagan wasn't taking over the equivalent of the 1988 Fighting Irish squad, it was more like the 2003 Irish squad. People in every peiod of history must contend w/ the legacy of those who came before them. Did Reagan make mistakes along the way? You bet. Was America in a better condition than he found it when he left? Absolutely.