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 fixed the economy by keeping unemployment low amid an inflation rate of 8.2%.

Obama made the comments at a campaign event 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’s not only repaired the economy and kept unemployment down, which you shouldn’t accept, as many people thought with the historic pandemic. That and off, that we’re potentially “We’re going to go into a great recession, and we didn’t,” Obama said.

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Obama also said Biden has “reduced the cost of health care and prescription drugs” and passed an infrastructure bill “that will put more people to work here in Pennsylvania and around the country and strengthen our economy.”

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

Barack Obama

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

“If you help Democrats retain the House and gain a few more seats in the Senate, you can guarantee that he will make more progress on the issues you care about,” Obama said.

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

October jobs report solid, making it harder for the FED to fight inflation

Joe Biden

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

In January 2021, when Biden took office, the consumer price index, a measure of everyday items such as gasoline, groceries and rent, was climbing on a 1.4% annual basis.

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In September, prices rose by 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 at the White House on April 5, 2022. (Photo by Demetrius Freeman/The Washington Post via Getty Images/Getty Images)

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

Fox Business’ Megan Henney contributed to this report.

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