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

Obama said this during a campaign event for US Senate candidate John Fetterman in Philadelphia on Saturday night.

“Think about what Joe Biden has already accomplished. Despite the epidemic of history, he not only repaired the economy and lowered unemployment, which, by the way, you should not take for granted , because a lot of people thought that the pandemic was like history. That and the shutdown, that we could have gone into a great depression, but we didn’t,” Obama said.

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

Inflation has fallen more than expected in September as prices remain strong.

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 seats in the Senate, you can guarantee that there will be more progress on the things you care about,” Obama said.

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

OCTOBER JOB REPORT HOLDS UP, CAUSES FED RATE TO TIGHTEN.

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 News)

In January 2021, when Biden takes office, the consumer price index, the measure of daily necessities such as fuel, groceries and rent, is rising at 1.4% per year.

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In September, prices rose by 8.2% per year.

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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 insurance 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)

If compared to the same period 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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