It may be hard to imagine going any further to the right than we already are, but all of the evidence points to Martha Mitchell's prophecy apparently having not been totally fulfilled (see my sig).
Reagan, it appears, was just the appetizer. I think we may have Cruz or maybe Paul for the main course. Hopefully we can pass on the dessert...

No "middle way" is any longer possible...

The problem is a big one. We got lucky in 2008, and avoided another Great Depression solely because a Dem was elected just 2 months into the event that really sent the economy into a death spiral. Next time I'm reasonably certain there'll be a Rep there, and the spiral won't be arrested.
On a technical sidenote, most people don't realize that Keynes was very specific back in the thirties: only fiscal policy - deficit spending - can get you out of a liquidity trap, which is what both the thirties and 2008 were all about. The Fed can't do it. Everyone watches them, but really, they're powerless to help the economy. The only real way to do it is in fiscal policy, and unfortunately that is under legislative control, unlike the Fed, which is at least nominally independent. So there really is no choice when it comes to digging yourself out of a crisis of that magnitude: you either have a government that gets it and does what is needed, or you don't. We got lucky and did (although a follow-up to the stimulus was really needed to put the economy permanently back on track, a follow-up we have been denied by the success of the Tea Party), Europe has been unlucky and had unending austerity and massive unemployment. You need only look at Europe to realize just how powerless central banks and monetary policy are in the face of a real crisis.