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 improved the economy while 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 not only fixed the economy and kept unemployment low, which, by the way, you shouldn’t take for granted, because a lot of people thought of the historic pandemic as that and the shutdown, to potentially enter the Great Depression, which we didn’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 here in Pennsylvania and across the country to work and strengthen our economy.”

INFLATION IN SEPTEMBER INCREASED MORE THAN EXPECTED AS PRICES REMAINED VERY HIGH

Barack Obama

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

“If you help Democrats keep the House and pick up a few more seats in the Senate, you can guarantee they’ll 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%, up from 3.5% in September.

OCTOBER JOBS REPORT SOLID, WHICH MADE IT HARD FOR THE FED TO FIGHT INFLATION

Joe Biden

President Joe Biden speaks about his plan to reduce student debt 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% year over year.

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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 the announcement of 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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