When Ronald Reagan was elected president in 1980, he ushered in a conservative revolution in America. That revolution - based on Reagan's belief that less government and "free" markets would bring renewal and prosperity - has now had more than a generation to prove itself.

For 28 years, the conservative philosophy has been in the saddle, guiding American political thought and actions. The eight Clinton years were a mid-stream diversion, but even this period reflected the viewpoint of the Democratic Leadership Council, which is the conservative wing of the party. This conservative philosophy prized the concepts of less government, deregulation, balanced budgets, privatization of services, and general fiscal responsibility. Its adherents were convinced that this would maximize economic growth and enable America to maintain its dominant position in the world.

What have been the results? Let's look at just a few key indicators.

The national debt: In 1980, the debt was $1 trillion, which represented all the accumulated debt since the country was founded. Since 1980, the national debt has increased by 850 percent, to a total of $9.5 trillion. Of course, inflation accounts for part of this growth, but the majority is simple fiscal irresponsibility.

Deficit spending: During 24 of the last 28 years, a budget deficit was recorded. Only the last four years of the Clinton administration showed surpluses. The Bush administration has the highest cumulative deficit of any administration in history. Within the last few weeks, the White House announced that the fiscal 2009 budget deficit will be $490 billion, yet another record and a nice pass-along for the next president to deal with.

Per-capita income: In 1980, Americans had the highest per capita income in the world. Today we are in the middle of the pack compared with other industrialized countries. The bottom 80 percent of the population has seen a decline in income after taking inflation into account.

International trade: For the century leading up to the late 1970's, the US had a positive trade balance virtuallyevery year. Since then it has been a deficit, increasing with every passing year. We are now the world's greatest debtor nation, with dollars flooding the world due to unfavorable trade balances. One result has been the dramatic drop of the US dollar vis-à-vis most other major currencies.

Gross domestic product: In 1980, the US GDP was greater than the next four largest national economies combined. Now the US GDP is a little more than half as large as the next four combined. And China's economy, which was minimal in 1980, is now 75 percent as large as that of the US. Based on China's recent growth versus that of the US, the Chinese GDP could surpass that of the US within five years, a development incomprehensible in 1980. The United States has had the world's largest economy for approximately the last 125 years. This appears to be about to end.

The events of the past 28 years have done little to conserve American economic well being. Only those at the very top of the economic ladder have prospered enormously. The vast majority of Americans are struggling and are losing ground trying to maintain living standards comparable to their parent's generation. We've largely moved our manufacturing base overseas, especially to China. And the effects are to propel American wages downward, enrich a handful of corporate CEOs, and move China to the forefront of economic power and influence. To accomplish this "progress" we've taken on debt personally, corporately, and governmentally beyond all precedent.

Conservatism comes from the root word "conserve," meaning "to protect from loss or depletion."

So the question is, exactly what is it that has been conserved over the past 28 years?

Laurence Britt is a Rochester-area freelance writer.