The Reagan Era, which lasted from 1981-2009, is over, and will be seen as constituting those years in the history books! This would include the time of George H. W. Bush, Bill Clinton, and George W. Bush, as well as Ronald Reagan.
Ronald Reagan promoted the idea of distrust of government; of greatly increased federal spending on defense and national security, while cutting domestic spending: helped to undermine labor rights and minority rights; allowed corporate dominance to grow without federal regulations; undermined the environment and consumer safety; engaged America into a major role in the Middle East, therefore promoting anti American terrorism; and caused through their taxation cuts on the upper class and their wild defense spending to cause most of the increase in the national debt from $1 trillion when Jimmy Carter left office to $10.5 trillion when George W. Bush left office.
Even Bill Clinton, the one Democratic President, accepted the idea of smaller government and less regulation, while, however, having the success of adding less to the national debt and having balanced budgets for several years, something that the Republican Presidents—Reagan and the two Bushes—were unable to accomplish during the 20 years out of 28 total in the era they were in charge.
And one must recall that Republicans controlled the Senate from 1981-1987, and from 1995-2007, except for the last half of 2001 and 2002. And they controlled the House of Representatives from 1995-2007. So they had an impact on policy making for a majority of the years of the Reagan era.
Barack Obama represents a diametrically opposite viewpoint on all of the characteristics of the Reagan era. While he will not be able to accomplish all of his goals in the second term, with the GOP control of the House, and the ability to use the Senate filibuster in the upper chamber, the Obama era can now be seen as a path breaking event, similar to Franklin D. Roosevelt and Ronald Reagan representing fundamental change in their times!