Key facts
- Obama defended his joke about The Cheesecake Factory.
- Obama stated Trump's White House focused more on his joke than on inflation.
- The Cheesecake Factory reported a third-quarter earnings beat and its stock was up over 100% this year.
Former President Barack Obama defended his recent joke comparing the White House renovations to Saddam Hussein opening a Cheesecake Factory, stating that the Trump administration's response focused more on the restaurant chain than on pressing economic issues like inflation. Obama made the remarks on Wednesday while campaigning for Democrats in Atlanta, pushing back against Republican and White House framing of his comment as elitist. He argued that the administration mobilized a response to his joke but not to inflation, pointing to Treasury Secretary Scott Bessent's visit to a Cheesecake Factory. The Cheesecake Factory itself reported a third-quarter earnings beat, with its stock price up over 100% this year as of Wednesday's market close.