Which party runs on exploiting fear ... ? "War on Women", "Republicans want to take blacks back to the 50's", Republicans want to disenfranchise minority voters", "Republicans hate gays", "Throw Granny off a cliff", etc, etc. The Dems have been exploiting made up Fears for decades while appealing to identity politics...
It's probably both parties and all politicians that exploit "fears". It's how you get a voter to become engaged, especially low information ones. For Obama to try and call out Trump on that is ridiculous.