No, it wasn't. Reagan did not raise the interest rates, that person was Paul Volker, the Chair of the Federal Reserve, nominated by Jimmy Carter. Nor did this "shatter the economy". A couple of tough years that I remember well, given the personal cost, and then the economy roared back to life. The recession of '08 was far worse in economic consequences to average Americans, partly made worse intentionally by the GOP hoping to sink the Obama presidency.