Barack Obama Prepares to Make History — And Tackle Challenges of the Economy

Miranda Marquit — Tue, 20 Jan 2009 16:21:49 +0000

Today, Barack Obama will be sworn in as the 44th president of the United States. More people have more expectations of him than perhaps any other president. And he will doubtless be judged almost exclusively on one thing: Whether he manages to “save” the U.S. economy from complete and total ruin. Perhaps it’s not fair to judge him on something that, really, no president has much control over. But Obama appears to be making plans and laying the groundwork for (potential) economic recovery. Here are the challenges that he faces:

Combat rising unemployment.
Stave off more foreclosures.
Keep the financial system afloat.
Spur more consumer spending.
Help Americans meet ends meet in an effort to arrest the decline of the middle class.
Prepare our national finances for the future.

That’s a pretty tall order, and I don’t think that it can all be done — at least not by one person. I don’t even think all of it should be done. I’m hopeful that Obama’s plans to improve infrastructure and develop renewable energy will both provide jobs and prepare us for the future. However, I’m not overly fond of the idea of encouraging a return to consumer spending. I’d rather see our economy overhauled so that it is less dependent on debt-fueled consumerism.

What do you think are the challenges Barack Obama faces on the economy? And can he overcome them?

Post from: EveryJoe

Barack Obama Prepares to Make History — And Tackle Challenges of the Economy

EveryJoe » foreclosures

Barack Obama Prepares to Make History — And Tackle Challenges of the Economy