WI: The Economic Recovery from the early 80's recession was delayed

What if somehow the economic recovery from the recession of 1981-1982 was delayed until after the 1984 Presidential election (the best way I can think of having this happen is to have Reagan fire Paul Volcker)? What effect would that have on the politics and economic policies of the 1980's to today? My guess is Reagan would be a one term President in this scenario, so would the Conservative movement lose traction and credibility as a result , and result in a more liberal 1980s and 1990s, particularly in an economic sense? I'm curious to see your thoughts on this. Heck, Reagan losing in '84 would probably effect U.S. foreign policy for better or worse as well.
 
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