You'd have to go back a little further than that.
This current fuckery stems from 1971 with Nixon, Kissinger, and the Saudis where we left the last vestiges of a gold standard, moved to the petrodollar, and became the world's reserve currency.
It's a lot bigger than any one administration or party and the reason every US administration has kissed Saudi ass ever since.
Uh, maybe a little, but Reaganomics was totally designed to have the effect that it has, as shown in the graphs Hoggz bothered posting. (I know they don’t show prior to 1980)