President Barack Obama said during Monday's debate that Mitt Romney wants to bring back the economic policies of the 1920s, when the U.S. was headed toward the Great Depression.

"When it comes to our foreign policy, you seem to want to import the foreign policies of the 1980s, just like the social policies of the 1950s and the economic policies of the 1920s," Obama said to Romney.

During the 1920s, the government slashed the top marginal tax rate from 73 percent to 25 percent, according to the Library of Economics and Liberty. Income inequality reached a record high in 1928, according to Emanuel Saez, economics professor at the University of California at Berkeley. That was one year before the 1929 stock market crash that helped usher in the Great Depression.

Romney, for his part, has proposed slashing marginal tax rates by 20 percent and cutting taxes on investment income. His tax plan would increase the deficit by $5 trillion over the next decade, according to the Tax Policy Center.

Romney's tax plan also disproportionately benefits the rich, according to some analyses. His proposed tax plan would give families in the top 0.1 percent an average tax cut of $725,716, while families in the middle fifth of the income distribution would receive an average tax cut of just $810, according to the Tax Policy Center.

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  • US-VOTE-2012-DEBATE

    Republican presidential candidate Mitt Romney gestures beside his wife Ann following the third and final presidential debate with US President Barack Obama at Lynn University in Boca Raton, Florida, October 22, 2012. The showdown focusing on foreign policy is being held in the crucial toss-up state of Florida just 15 days before the election and promises to be among the most watched 90 minutes of the entire 2012 campaign. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)

  • US-VOTE-2012-DEBATE

    Republican presidential candidate Mitt Romney gestures following the third and final presidential debate with US President Barack Obama at Lynn University in Boca Raton, Florida, October 22, 2012. The showdown focusing on foreign policy is being held in the crucial toss-up state of Florida just 15 days before the election and promises to be among the most watched 90 minutes of the entire 2012 campaign. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)

  • Barack Obama, Michelle Obama,

    President Barack Obama, left, gives a thumbs-up as he is joined on stage by first lady Michelle Obama, right, at the end of the last debate against Republican presidential candidate, former Massachusetts Gov. Mitt Romney at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pablo Martinez Monsivais)

  • President Barack Obama and Republican presidential nominee Mitt Romney smile during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Rick Wilking)

  • President Barack Obama greets members of the family of Republican presidential nominee Mitt Romney after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Rick Wilking)

  • Barak Obama, Michelle Obama

    President Barack Obama kisses his wife Michelle after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Charlie Neibergall)

  • Mitt Romney, Barack Obama, Ann Romney, Michelle Obama

    President Barack Obama, right, and first lady Michelle Obama wave as they walk off stage as Republican presidential candidate, former Massachusetts Gov. Mitt Romney, and his wife Ann, say goodbye to the crowd before departing after the third presidential debate on Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/ Evan Vucci)

  • President Barack Obama and First lady Michelle Obama kiss after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Michael Reynolds)

  • Mitt Romney, Barack Obama

    President Barack Obama greets members of Republican presidential nominee Mitt Romney's family after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Charlie Neibergall)

  • President Barack Obama and First lady Michelle Obama wave to the audience after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Michael Reynolds)

  • Barack Obama, Mitt Romney

    Republican presidential candidate, former Massachusetts Gov. Mitt Romney, right, and President Barack Obama, left, greet members of the audience at the end of the final debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pablo Martinez Monsivais)

  • Barack Obama

    President Barack Obama shakes hands with the audience after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Win McNamee)

  • Republican presidential nominee Mitt Romney, right, and President Barack Obama shake hands with audience members following the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Eric Gay)

  • President Barack Obama and Michelle wave to members of the audience following the third presidential debate with Republican presidential nominee Mitt Romney at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • Barack Obama, Mitt Romney,

    Republican presidential candidate, former Massachusetts Gov. Mitt Romney and President Barack Obama walks past each other on stage at the end of the last debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pablo Martinez Monsivais)

  • Ann Romney, Mitt Romney,

    Ann Romney, wife of Republican presidential candidate, former Massachusetts Gov. Mitt Romney, laughs as she pulls her husband away from the edge of the stage after the third presidential debate with President Barack Obama at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pablo Martinez Monsivais)

  • President Barack Obama and Republican presidential nominee Mitt Romney meet family members after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Michael Reynolds)

  • Republican presidential nominee Mitt Romney, left, shakes hands with President Barack Obama following their third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Eric Gay)

  • President Barack Obama, left, hugs his wife Michelle while Republican presidential nominee Mitt Romney kisses his wife Ann following the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • Barack Obama, Mitt Romney

    President Barack Obama and Republican presidential nominee Mitt Romney pass each other after the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Charlie Neibergall)

  • President Barack Obama, right, and Republican presidential nominee Mitt Romney shake hands following their third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • US-VOTE-2012-DEBATE

    US President Barack Obama (R) greets Republican presidential candidate Mitt Romney (L) following the third and final presidential debate at Lynn University in Boca Raton, Florida, October 22, 2012. The showdown focusing on foreign policy is being held in the crucial toss-up state of Florida just 15 days before the election and promises to be among the most watched 90 minutes of the entire 2012 campaign. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)

  • Republican presidential nominee Mitt Romney, left, shakes hands with President Barack Obama following their third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Eric Gay)

  • President Barack Obama makes his closing argument during the third presidential debate with Republican presidential nominee Mitt Romney at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: Republican presidential candidate Mitt Romney (L) speaks during a debate with U.S. President Barack Obama as moderator Bob Schieffer of CBS (R) looks on at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Joe Raedle/Getty Images)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: U.S. President Barack Obama debates with Republican presidential candidate Mitt Romney (not seen) at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Mark Wilson/Getty Images)

  • US-VOTE-2012-DEBATE

    US President Barack Obama debates Republican presidential candidate Mitt Romney in the third and final presidential debate at Lynn University in Boca Raton, Florida, on October 22, 2012. The final debate before the November 6 election is focusing on foreign policy. AFP PHOTO / Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

  • US-VOTE-2012-DEBATE

    Republican presidential candidate Mitt Romney speaks during the third and final presidential debate with US President Barack Obama at Lynn University in Boca Raton, Florida, on October 22, 2012. The showdown focusing on foreign policy is being held in the critical toss-up state of Florida just 15 days before the election and promises to be among the most watched 90 minutes of the entire 2012 campaign. AFP PHOTO/Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

  • President Barack Obama, right, speaks to Republican presidential nominee Mitt Romney during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • Mitt Romney, Barack Obama

    Republican presidential nominee Mitt Romney and President Barack Obama react to moderator Bob Schieffer during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Charlie Neibergall)

  • Republican presidential nominee Mitt Romney, left, and President Barack Obama laugh after being interrupted by moderator Bob Schieffer during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: Republican presidential candidate Mitt Romney speaks during a debate with U.S. President Barack Obama at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Marc Serota/Getty Images)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: U.S. President Barack Obama debates with Republican presidential candidate Mitt Romney (not seen) at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Joe Raedle/Getty Images)

  • Republican presidential nominee Mitt Romney makes a point during the third presidential debate with President Barack Obama at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • President Barack Obama speaks during the third presidential debate with Republican presidential nominee Mitt Romney at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Eric Gay)

  • President Barack Obama smiles as Republican presidential nominee Mitt Romney speaks during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Rick Wilking)

  • Mitt Romney, Barack Obama

    Republican presidential nominee Mitt Romney and President Barack Obama answer a question during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Win McNamee)

  • President Barack Obama listens as Republican presidential nominee Mitt Romney speaks during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Pool-Rick Wilking)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: Republican presidential candidate Mitt Romney (L) debates with U.S. President Barack Obama at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Rick Wilking-Pool/Getty Images)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: U.S. President Barack Obama debates with Republican presidential candidate Mitt Romney at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Michael Reynolds-Pool/Getty Images)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: U.S. President Barack Obama (L) listens as moderator Bob Schieffer of CBS speaks during the debate with Republican presidential candidate Mitt Romney at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Mark Wilson/Getty Images)

  • US-VOTE-2012-DEBATE

    Republican presidential candidate Mitt Romney debates on October 22, 2012 during the third presidential debate at Lynn University in Boca Raton, Florida. The final debate before the November 6 election is focusing on foreign policy. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)

  • US-VOTE-2012-DEBATE

    Republican presidential candidate Mitt Romney listens during the third and final presidential debate with US President Barack Obama at Lynn University in Boca Raton, Florida, on October 22, 2012. The showdown focusing on foreign policy is being held in the critical toss-up state of Florida just 15 days before the election and promises to be among the most watched 90 minutes of the entire 2012 campaign. AFP PHOTO Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

  • President Barack Obama speaks during the third presidential debate with Republican presidential nominee Mitt Romney at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Eric Gay)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: U.S. President Barack Obama (R) debates with Republican presidential candidate Mitt Romney at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Marc Serota/Getty Images)

  • US-VOTE-2012-DEBATE

    US President Barack Obama and Republican presidential candidate Mitt Romney participate in the third and final presidential debate at Lynn University in Boca Raton, Florida, on October 22, 2012. The final debate before the November 6 election is focusing on foreign policy. AFP PHOTO / Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

  • US-VOTE-2012-DEBATE

    US President Barack Obama debates in the third and final presidential debate at Lynn University in Boca Raton, Florida, on October 22, 2012. The final debate before the November 6 election is focusing on foreign policy. AFP PHOTO / Jewel Samad (Photo credit should read JEWEL SAMAD/AFP/Getty Images)

  • President Barack Obama speaks during the third presidential debate with Republican presidential nominee Mitt Romney at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/David Goldman)

  • Obama And Romney Spar In Final Debate Before Presidential Election

    BOCA RATON, FL - OCTOBER 22: Republican presidential candidate Mitt Romney speaks during a debate with U.S. President Barack Obama at the Keith C. and Elaine Johnson Wold Performing Arts Center at Lynn University on October 22, 2012 in Boca Raton, Florida. The focus for the final presidential debate before Election Day on November 6 is foreign policy. (Photo by Marc Serota/Getty Images)

  • Republican presidential nominee Mitt Romney speaks during the third presidential debate with President Barack Obama at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Eric Gay)

  • Republican presidential nominee Mitt Romney, left, listens to President Barack Obama during the third presidential debate at Lynn University, Monday, Oct. 22, 2012, in Boca Raton, Fla. (AP Photo/Eric Gay)