Barack Obama says Biden has ‘repaired the economy and kept unemployment low’ amid 8.2% spike in prices

Former President Barack Obama said President Biden has stabilized the economy by keeping unemployment low amid an 8.2% inflation rate.

Obama made the comments during a campaign rally for Pennsylvania US Senate candidate John Fetterman in Philadelphia on Saturday night.

“Think about what Joe Biden has already accomplished. Despite the historic pandemic, he hasn’t just repaired the economy and kept unemployment down, which you shouldn’t take for granted, because a lot of people thought about the historic pandemic and the shutdown, that we’re probably in a Great Recession. go away, and we haven’t,” Obama said.

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Obama also said Biden “reduced health care and prescription drug costs” and passed an infrastructure bill “that will put more people to work and strengthen our economy here in Pennsylvania and across the country.”

Inflation rose more than expected in September as prices remained stubbornly high

Barack Obama

Former U.S. President Barack Obama speaks to supporters of Pennsylvania Democratic candidate for Senate John Fetterman at Schenley Plaza on the campus of the University of Pittsburgh, Nov. 5, 2022, in Pittsburgh, Pennsylvania. (Jeff Swansen/Getty Images/Getty Images)

“If you help the Democrats hold the House and pick up a few more seats in the Senate, you can guarantee that he will make more progress on the issues that matter to you,” Obama said.

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Employers added 261,000 nonfarm jobs in October, which was more than expected, while the unemployment rate rose slightly to 3.7% from 3.5% in September.

October jobs report is solid, making the FED’s inflation more difficult

Joe Biden

President Joe Biden speaks about his student loan relief plan at Central New Mexico Community College, Thursday, Nov. 3, 2022, in Albuquerque, N.M. (AP Photo/Patrick Semansky/AP Newsroom)

In January 2021, when Biden took office, the consumer price index, a measure of everyday items like gasoline, groceries and rent, was rising 1.4% on an annualized basis.

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In September, prices rose 8.2% on an annual basis.

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Joe Biden, Barack Obama and Kamala Harris

President Joe Biden with former President Barack Obama and Vice President Kamala Harris for an announcement to expand access to coverage under the Affordable Care Act in the Rose Garden of the White House on April 5, 2022. (Photo by Demetrius Freeman/The Washington Post via Getty Images/Getty Images)

Compared to the same period last year, core prices, which exclude food and energy, rose 6.6%, the fastest rate since 1982.

Fox Business’ Megan Haney contributed to this report.

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