We are in an awful pickle; much worse than what Ronald Reagan inherited. The cure then caused a sharp, short recession (felt like a depression here in the Rust Belt Pittsburgh metro.) I don’t think there us any painless cure. I shudder to think what they will do to cure what they caused...
I was living in Houston at that time and there were many cars with Michigan license plates...some had bumper stickers that said, "Will the last person to leave Michigan turn out the lights."
I bought a new house there in 1980 with a 13% interest mortgage.