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

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

“Think about what Joe Biden has done. Despite the historic pandemic, he didn’t just fix the economy and keep unemployment low, which, by the way, you shouldn’t ignore, because a lot of people think that there’s a historic pandemic like that and the shutdown, that we could have gone into a Great Depression, and we didn’t,” Obama said.

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Obama also said Biden is “lowering health care and prescription drug costs” and passing an infrastructure bill “that will put more people here in Pennsylvania and across the country to work and make our economy is stronger.”

INFLATION SPREADS MORE THAN EXPECTED IN SEPTEMBER AS PRICES REMAIN HIGH

Barack Obama

Former US 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, on Nov. 5, 2022, in Pittsburgh, Pennsylvania. (Jeff Swensen/Getty Images/Getty Images)

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

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

THE OCTOBER JOB REPORT IS SOLID, MAKING THE FED INFLATION 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, 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, rose 1.4% on an annual basis.

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In September, prices increased by 8.2% annually.

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Joe Biden, Barack Obama and Kamala Harris

President Joe Biden joins 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 time 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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