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Spending deeply into debt to shatter the old paradigm (the Cold War) is the only good reason for deficit spending in the hundreds-of-billions range. (Note: the debt was completely erased in the 90's----so, Debate Over!)
I do think Reagan understood the business cycle, which allowed him to implement his vision. Unfortunately, there is the Democratic tendency to misinterpret the business cycle as the political cycle. They too often blame economic conditions on whomever is in power at the time.