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

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

“Think about what Joe Biden has already accomplished. Despite historic pandemic he not only restored the economy and kept unemployment down, which by the way you shouldn’t take for granted because many people thought with a historic pandemic like this and the closure, that we could potentially go into a Great Depression, and we didn’t,” Obama said.

Also Read :  German, Latin American Christmas Markets to Kick Off Holiday Season

Obama also said that Biden “lowered the cost of health care and prescription drugs” and passed an infrastructure bill “that will put more people to work here in Pennsylvania and across the country and make our economy stronger.”

INFLATION RISE MORE THAN EXPECTED IN SEPTEMBER, as prices remained stubbornly high

Barack Obama

Former U.S. 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 November 5, 2022, in Pittsburgh, Pennsylvania. (Jeff Swensen/Getty Images/Getty Images)

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

Also Read :  eFounders morphs into Hexa, a portfolio company of startup studios • TechCrunch

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

OCTOBER JOB REPORT STRONG, MAKING FED’S INFLATION 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, NM (AP Photo/Patrick Semansky/AP Newsroom)

In January 2021, when Biden was appointed, the consumer price index, a measure of everyday items such as gas, groceries and rent, rose at a 1.4% annual rate.

Also Read :  European markets open to close, earnings, data and news

In September, prices climbed 8.2% year-on-year.

CLICK HERE TO GET THE FOX BUSINESS APP

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 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.

Source

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button