Strictly on the political side, this started with GHW Bush.(NAFTA)
On the business side, it was out of control unions and lazy management IMHO.
You say “ Strictly on the political side, this started with GHW Bush...”
You don’t remember O’Bummer promising: “UNDER MY PLAN...your electricity rates will skyrocket”...as he planed to close the coal mines- for climate change
https://www.youtube.com/watch?v=w-R-tabdMhE