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

Former President Barack Obama said that President Biden has fixed the economy and kept unemployment low amid an 8.2% inflation rate.

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 already achieved. Despite the historic pandemic, he not only fixed the economy and kept unemployment low, which you shouldn’t take for granted, by the way, because a lot of people at think of 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 has “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 make our economy stronger.”

Inflation rose more than expected in September as prices remain higher

Barack Obama

Former United States President Barack Obama speaks to 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 the Democrats keep the House and get a few more seats in the Senate, you can make sure that he will make more 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, and the unemployment rate increased slightly to 3.7%, up from 3.5% in September.

SUPPLY END OF AUTUMN JOBS REPORT, MAKES THE FED START FIGHTING INFLATION MORE

Joe Biden

President Joe Biden speaks about his student debt 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 goods like gasoline, groceries and rents, was climbing an annualized 1.4%.

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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 that will 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)

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

Megan Henney of FOX Business contributed to this report.

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