This is a hypothetical question posed to Pres. Obama. It contains some surprising figures, comparing the economy in the 80's to our current one. Interesting points by Larry Elder.
"Mr. President, this is a two-part question. In your opening statement, you called today's economic situation "the most profound economic emergency since the Great Depression" and later "the worst economic crisis since the Great Depression." But in the 1981-82 recession, unemployment reached 10.8 percent in 1982 versus 7.6 today. Reagan inherited an annual inflation rate of 13.5 percent, while you, sir, came in with a 0.1 percent inflation rate. Prime interest rates reached 21.5 percent at the end of 1980, compared with 3.25 percent at the end of 2008. Reagan did not ask for a "rescue" or "bailout" package. He cut taxes and slowed the rate of domestic spending. Unemployment, inflation and interest rates went down. The Treasury collected more revenue than ever. First, how then -- at least so far -- is this the greatest economic crisis since the Great Depression? And second, given Reagan's success, why not cut taxes, reduce domestic spending, and leave taxpayers and consumers with more money to save, spend and invest?"
The Old Gipper was a wise one. Here is the link to the full article this question originated from. Here's one more bonus quote from Ronnie:
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." - Ronald Reagan