Friday, November 07, 2008

Obama got it, now what?

It cannot be denied that theres' so much and so high expectations of the American people on the coming Obama Presidency.

But, as always, people would hurry to see drastic changes. And many would be disappointed, because:

1. economic recovery would take time - my guess is, it would take at least two to three years.

2. turning the deficit back to lower levels, and reducing theTrillion dollar debts would take at least a decade.

3. many bad policies of the Bush administration have taken effect, and it would take a lot of time to have them overturned,

For example:

The economy lost 240,000 nonfarm jobs in October, pushing the unemployment rate to 6.5 percent. Worse is yet to come - this can actually go up to 10 to 15 percent by next year.

So, he really has to be quick - and start moving things.

On the news today:

Incoming US president Barack Obama discussed the financial crisis and other problems with top world leaders ahead of his first public comments Friday since his election triumph. After making the first key appointment to his administration, Obama spoke by telephone with the leaders of Australia, Britain, Canada, France, Germany, Israel, Japan, Mexico and South Korea, hastening the shift in political gravity away from President George W. Bush.

This is a good move - and lets hope it wont backfire.