There were two big economic policy stories this week that you may have missed if you were distracted by Trumpian bombast and the yelling of the Sanders dead-enders. Each tells you a lot about both what President Obama has accomplished and the stakes in this year’s election.

One of those stories, I’m sorry to say, did involve Donald Trump: The presumptive Republican nominee — who has already declared that he will, in fact, slash taxes on the rich, whatever he may have said in the recent past — once again declared his intention to do away with Dodd-Frank, the financial reform passed during Democrats’ brief window of congressional control. Just for the record, while Mr. Trump is sometimes described as a “populist,” almost every substantive policy he has announced would make the rich richer at workers’ expense.

The other story was about a policy change achieved through executive action: The Obama administration issued new guidelines on overtime pay, which will benefit an estimated 12.5 million workers.

What both stories tell us is that the Obama administration has done much more than most people realize to fight extreme economic inequality. That fight will continue if Hillary Clinton wins the election; it will go into sharp reverse if Mr. Trump wins.