CHARLOTTE, N.C. (MarketWatch) — Bill Clinton laid out a vision of shared prosperity and responsibility in the prime-time slot at the Democratic National Convention on Wednesday night, drawing a sharp contrast between President Obama and Republican challenger Mitt Romney.

Clinton took the podium and delivered a rousing endorsement of Obama that also harked back to the era of growth Clinton presided over during his eight years in the White House. Read text of Clinton's speech.

Former President Bill Clinton addresses delegates during the second session of the Democratic National Convention in Charlotte, North Carolina, September 5, 2012. Reuters

“If you want a winner-take-all, you’re-on-your-own society, you should support the Republican ticket,” Clinton told a cheering crowd at the Time Warner Cable Arena.

“If you want a future of shared prosperity, where the middle class is growing and poverty is declining...you should vote for Barack Obama.” Follow our live blog of the convention.

At the end of the speech, Obama went on stage to congratulate a man with whom he’s had a rocky relationship.

Clinton and others on Wednesday used a double-barreled election-season strategy of burnishing Obama’s agenda and tearing down Romney’s. At the heart of the Democrats’ appeals were what they call investments in education, infrastructure and health care — which Republicans rip as budget-busting Washington spending.

Elizabeth Warren, a consumer advocate locked in a tight Senate race in Massachusetts, gave a stinging indictment of Romney with a populist speech before Clinton’s. Read text of Warren's speech.

“Mitt Romney wants to give billions in breaks to big corporations — but he and Paul Ryan would pulverize financial reform, voucher-ize Medicare and vaporize Obamacare,” Warren said. See full coverage of the Democratic convention.

Democrats were hoping that the popular Clinton will give Obama a boost in what is an ultra-tight race with Romney. But there were some risks associated with bringing up Clinton’s record as Obama seeks a second term.

U.S. gross domestic product averaged 3.7% in the eight years that Clinton was president. For Obama’s presidency, it has averaged 2%, according to Haver Analytics-compiled data. Neither GDP figure includes each president’s first, partial quarter in office.

Obama has consistently argued that he inherited a deeply wounded economy but that the country has made progress under his leadership. Clinton echoed that theme as he spoke in the nationally televised address.

“Are we better off than we were when [Obama] took office, with an economy in free fall, losing 750,000 jobs a month? The answer is yes,” Clinton said.

Romney’s campaign has used Clinton’s record to bash Obama, most recently on Wednesday afternoon.

“When it comes to the state of the economy, President Obama just can’t match President Clinton,” Romney spokeswoman Amanda Henneberg said. Read more on Political Watch blog.

Democrats were anxious to showcase Clinton as a party standard-bearer whose ideas worked.

“He represents a great success story for the Democratic Party,” Senate Majority Whip Dick Durbin said before Clinton spoke on Wednesday.

House Democratic Leader Nancy Pelosi, AFL-CIO President Richard Trumka and others also spoke Wednesday night.

The evening began with a dustup over the Democrats’ platform, which was hastily rewritten to include previously omitted references to God as well as an explicit recognition of Jerusalem as the capital of Israel. Obama himself reportedly intervened directly to get the language reinstated.

It took multiple voice votes to get the items back in the platform, with the audible boos providing Republicans with ammo for further criticism. Read more on Political Watch blog.

Meanwhile, Trumka gave a shout-out to the many labor union members in the audience and charged: “Mitt Romney doesn’t know a thing about hard work or responsibility.”

Last week’s Republican convention was designed to deliver exactly the opposite message. The Republicans featured small-business owners and others who slammed Obama for his bungled “you didn’t build that” comment and described their own companies.

Obama will accept the nomination in a speech Thursday night inside the Time Warner Cable Arena. The address was originally scheduled to be held in Charlotte’s Bank of America Stadium but was moved to the smaller, indoor venue after forecasts called for severe weather.

As Democrats looked forward to Obama’s speech, Romney’s running mate Paul Ryan arrived in Colorado Springs, Colo., for a campaign event.

Republicans are certain to slam Clinton’s reference to “shared responsibility,” another way of saying that the wealthy should pay more in taxes to cut the deficit. Obama and Democrats want to extend current tax rates for all but the top 1% and 2% of earners. Read MarketWatch interview with Democratic Rep. Chris Van Hollen.

Obama and Romney are dueling in Colorado and a handful of other swing states, as well as competing in a tight overall race. The latest poll average from RealClearPolitics shows the two contenders essentially even.

Romney is planning to campaign in Nashua, N.H., on Friday.

The former Massachusetts governor is expected to have raised more than $100 million in August, according to reports. The official number will be released next week. Romney and the Republican National Committee outraised Obama in May, June and July. Obama’s campaign hasn’t announced its August fundraising haul.