Reagan began the process of globalization. He started the ball rolling on “free trade” and “open markets.” He also created trade deficits unseen before in the United States. He ushered in the next two decades when trade deficits fell off a cliff.

You’ll notice in the last article what Reagan kept telling the American people. “We’ll only end up in a recession if you stop spending.” It was his mantra. So, yes, he is responsible for people overspending.