Ted Cruz: “President Obama was fond of saying in the debates that he…”

“So let me say this in closing. It's easy to be demoralized, to look at these elections and to throw up your hands in despair. Things can change very, very quickly. You know, President Obama was fond of saying in the debates that he inherited the worst economy in the history of the universe. Apparently his historical memory wasn't all that great. Any of you all remember 1978, 1979, double digit unemployment, 22% interest rates, gas lines, stagflation. In 1979, things looked dire.” (29:54–30:02)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.