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

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

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

During the emotional speech that roused Democratic delegates, Obama also took aim at Trump: “He wants the middle class to pay the price for another huge tax cut that would mostly help him and his rich friends.” .

Obama, who served two terms, created a stark contrast between Democratic and Republican ideology. He said Trump and his wealthy supporters’ idea of ​​freedom is not paying taxes and firing workers if they try to unionize, while Democrats see freedom as everyone having clean air and water, safe schools and fair wages.

Americans cited economic inequality as a major concern ahead of November’s presidential election.

Annualized inflation rose to a 40-year high above 9% in the summer of 2022 and remains above the Federal Reserve’s 2% target.

The central bank raised interest rates from near zero to a two-decade high of 5.25 percent to curb rising prices and has yet to make its first cut.

There is an affordability crisis in the housing market, with 30-year mortgage rates nearing 7%, which has not been the norm for more than 20 years.

The sad combination of higher food, fuel and rent costs, steeper monthly payments on credit cards, car loans and mortgages, and home ownership becoming a fantasy has fueled significant discontent among many people.

That’s despite the sharp drop in inflation, high hopes for the Fed’s first interest rate cut in September, unemployment holding at historic lows of around 4% and solid growth in wages, jobs and output in the last years.