Transition time: Obama must start acting immediately

Posted Nov 5th 2008 9:44AM by Melly Alazraki
Filed under: Politics, Financial Crisis

Barack Obama has been elected 44th president of the United States and he's not to take office until January 20, 2009. Yet the economy is in a bad shape now and needs immediate action -- even if President-elect Obama and sitting President Bush may not see eye to eye when it comes to the steps needed to heal the economy. That may put Obama in an awkward position for a while, but I hope he won't be deterred.

Obama has two months to name a cabinet and surround himself with experts. He also has enough time to figure out which of the issues on his economic agenda will be tackled first. Most will require government spending at a time the country already runs unprecedented deficits. Is it the $25 billion State Growth Fund, or the $25 billion in a Jobs and Growth Fund? Is it the $500-$1000 tax credit and shifting the burden of taxes back to the rich (which would cost $115-175 billion)? Is it the $150 billion investment in clean energy to create jobs? Other than these issues, he also said he would work on undoing some of the deregulation that brought the U.S. to this messy state.

And of course, we've just scratched the surface. What about health care? What about the myriad of other issues Obama will face when taking office, including war.

For now, he can mostly just prepare himself. He may be able to pass a bill in Congress, but he should take this time to prepare and prioritize. Americans will expect him to stick to his agenda. He may appease interest groups on occasion to create unity, but let's hope he can do this and still jumpstart the economy so that the recession is as painless as possible and growth is sustainable for years to come.

Tags: 110508, Barack OBama, BarackObama, economy, federal reserve, FederalReserve, Inthenews, The Fed, TheFed

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Reader Comments (Page 1 of 1)

11-05-2008 @ 9:53AM

LtlHugo said...

This is such a historic moment in american history. I am so elated that Obama was successful in winning the presidential race. There is no doubt the country needs change and with McCain I am sure some change would happen, but Obama is the man for big changes, he is the hopes of all americans and those of the world. I honestly feel things will improve tremendously under his leadership and I sincerely hope everyone gets behind him, support him, and give him a chance to make a change. For those who were not for him, remember he is our new president Jan 20, 2008, be supportive.

11-05-2008 @ 11:17AM

Kent said...

President-elect Obama in his speech last night forewarned us not to raise our expectations but to be prepared for problems and set-backs during the course of first term. Realistically, he is correct and crisis management is never easy for those managing our government. Democrats now have a golden opportunity to set things right as the Republican did in 1994; hopefully, with better success.

11-05-2008 @ 1:06PM

Kay said...

I am devestated, I trully believe our country is about to take a severe left turn that will be with us for the next 25 years. The appointment of two supreme court justices and dozens of federal judges will absolutely change our democracy into something that will look more like Europe. God help us.

11-10-2008 @ 3:21PM

bill said...

KAY, dont u understand most of the world is in trouble because of America and its lending policies. Everyone here thinks they should hae everything without working for it , including our government. Time for government to stop welfare abuse and let those of us willing to work have a decent lifestyle. The rest can starve as far as i'm concerned.Help for the people who are unable to work not those who are lazy.

11-05-2008 @ 6:41PM

Kent said...

If Obama gets anything done, it will be the first time in his lifetime he has ever accomplished anything--We are in for a rough ride! Thanks Demo's and all the voters crossing the line and the uninformed!

11-05-2008 @ 8:53PM

Allen said...

So you can fool all of the people....well, a majority of them! A man who has absolutely no leadership experience, who pals around with terrorists and has left-wing extremist views, has been elected president. It is absolutely amazing how the liberal media rushed to embrace this avowed marxist/socialist - you notice that they did none of their "mudslinging" at the annointed one, their messiah! Compare that to the constant sniping at John McCain and Sarah Palin. Mr Obama is without a doubt the most unqualified person ever elected president - taking that title away from Jimmy Carter.It says a lot about the complete lack of intelligence on the part of the American people - but, then, most school teachers are functionally illiterate.

The question is not one of will there be crises, but rather one of which one will be first: 1) Iran attacks Israel; 2) Putin (the petty Nazi) decides to annex the Ukraine and Georgia; 3) al quaeda launches a terrorist attack on the U.S.

Expect Osama bin Ladin to be invited to the White House for a state dinner! 2012 won't come soon enough!

11-06-2008 @ 1:14AM

Tim said...

It is clear to me that the "majority" that you speak of has gotten more intelligent over the past eight years. All who oppose Barack Obama after such a landslide victory are either so wrought with fear of the unknown that they can barely function, or have no clue what is going on in the world and are just following the political boundaries like sheep, incapable of understanding the big picture.
This election will go down in history as a one of the most significant milestones of progress. Most Americans are now sick of the senseless wars being fought to service the financial needs of the few, and the corrupt politicians making closed-door deals with corporations for profits at the expense of the common good. Get on the Obama bandwagon or get left behind in history with the monumental failure of Bush's presidency.
Forget about party lines, race, religion, and gender and join the cause to improve life for all. It's a new dawn, and there is a fresh pot of coffee on. Time to get to work and fix this mess with some common sense policies.