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 strengthened the economy while keeping unemployment low amid an inflation rate of 8.2%.

Obama made the comments at a campaign event for Pennsylvania US Senate candidate John Peterman in Philadelphia on Saturday night.

“Think about what Joe Biden has already achieved. Despite a historic pandemic, he not only repaired the economy and kept unemployment low, which, by the way, you shouldn’t take for granted, because a lot of people thought with a historic pandemic like that And the shutdown, that we would potentially go into a great depression, and we didn’t,” Obama said.

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

Inflation is higher than expected in September as prices remain stubbornly high

Barack Obama

Former U.S. President Barack Obama speaks with supporters of Pennsylvania Democratic Senate candidate John Peterman 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 keep the House and get a few more seats in the Senate, you can guarantee he’ll make more progress on the issues you care about,” Obama said.

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

October jobs report solid, making Fed’s inflation fight harder

Joe Biden

President Joe Biden speaks about his student debt 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 such as gasoline, groceries and rent, was climbing on a 1.4% annualized basis.

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In September, prices climbed 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 expanding 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 period last year, core prices, which exclude food and energy, rose 6.6%, the fastest rate since 1982.

FOX Business’ Megan Henney contributed to this report.


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