Obama: Harris will make economy fairer, Trump will help rich friends

Barack Obama, in his speech at the Democratic National Convention, called Vice President Kamala Harris the right person to revive and level the American economy.

In contrast, the former president warned that Donald Trump would seek to make his rich friends richer and oppose unions if he returned to the White House.

“In this new economy, we need a president who actually cares about the millions of people in this country who wake up every day to do the essential, often thankless work of caring for our sick, cleaning our streets and delivering our packages,” Obama said. “We need a president who will stand up for their right to negotiate for better wages and working conditions.”

According to the former president, a Harris administration would seek to expand access to quality education, home ownership, middle-class jobs and fair wages.

Obama added that Harris and her vice-presidential pick, Minnesota Gov. Tim Walz, understood the power of expanding opportunity. Lifting others up improves everyone’s well-being, ensuring women are paid fairly helps all families and ensuring every child gets a good education means “the entire economy is stronger,” he said.

Barack Obama said in his speech at the Democratic Party Convention in Chicago that Trump would cut taxes for his rich friends.

Mandel Ngan/AFP/Getty Images

During the rousing speech that electrified Democratic delegates, Obama also took aim at Trump: “He wants the middle class to pay the price for another massive tax cut that would primarily benefit him and his rich friends.”

Obama, who served two terms, drew a sharp contrast between the ideology of Democrats and Republicans. He said that Trump and his wealthy supporters did not see the idea of freedom as paying taxes and firing workers when they tried to unionize, while Democrats see freedom as everyone having clean air and water, safe schools and fair wages.

Americans cite economic inequality as a major problem ahead of the November presidential election.

Annual inflation peaked at over 9% in the summer of 2022, the highest level in 40 years. That leaves inflation above the Federal Reserve’s 2% target.

The central bank raised interest rates from near zero to 5.25%, the highest level in two decades, to curb rising prices. The first cut has still not been implemented.

There is a housing affordability crisis, with mortgage rates of almost 7% for 30 years. That has not been the norm for over 20 years.

The bleak combination of higher food, fuel and rent prices, higher monthly payments on credit cards, car loans and mortgages, and the fact that owning a home has become a dream has left many people feeling dissatisfied.

And this despite significantly declining inflation, high hopes for a first rate cut by the Fed in September, unemployment at a historic low of around 4% and solid growth in wages, jobs and output in recent years.