Actually it was under Carter -- he pushed for it, spurred by Alfred Kahn whom he appointed to the CAB: https://en.wikipedia.org/wiki/Airline_Deregulation_Act
Carter was also the one who chose Volker to head the fed and squeeze inflation (to kill stagflation). This cost Carter the election because it also squeezed the economy...but ignited a recovery that Reagan got credit for.
Despite the stereotype, typically the economy sucks under republicans and is repaired by democrat (Eisenhower is an exception, and Roosevelt took a while to figure out what to do, but I did say "generally"). Remember the concern under Clinton that the national debt might be retired and what a disaster that would be?
Since I'm in the realm of gross generalizations it's often under Democrats that wars have ramped up: well, Roosevelt again, Kennedy and Johnson Vietnam, and, yes, Obama on the secret side) while republicans can close them off: Nixon (Viet nam & the cold war with China, Reagan/Bush sr Cold War with Russia. But this link is even more tenuous.
> Also, the Clinton debt thing is overblown (my opinion)
Well I think it's creditable that there was a willingness not to increase the debt simply because it was easier to service (different under Reagan and Bush jr). Though it's congress that borrows, not the executive, right?
Do younger people recall it differently?
http://www.politifact.com/truth-o-meter/statements/2016/jan/...