Congratulations, President Elect Obama
Barack Obama ran a smart, disciplined presidential campaign against formidable political opponents. He won the election by a comfortable margin because Americans believe in his values, his ideas and his leadership abilities. And his astonishing rise from humble circumstances to the highest office in the land serves as an inspiration to all generations of Americans. US voters made a course correction last week.
Jobs, Energy and Health Care
Mr. Obama will have many opportunities to improve the lives of working Americans next year. The Democratic Congress will probably seek to accelerate public works projects as a means of creating jobs. They’ll follow that up with an extension of unemployment benefits and a minimum wage increase. Since unemployment is a lagging indicator of economic downturns, the job market could be shaky for awhile despite these expenditures.
Expect more investment in industries that reduce American dependence on foreign oil. Solar and wind energy producers will benefit. Congress may either require American automakers to build more fuel efficient cars through new regulation, or demand it as part of a federal loan package.
Meaningful health care reform won’t come easily, as the insurance and pharmaceutical industries will fight any legislation that hurts their bottom line. At least Congress can now expand children’s health care without worrying about another presidential veto.
Bush Tax Cuts Set to Expire
Back in 2001, all projections indicated that George Bush’s tax cuts would lead to massive new debt by the end of the decade. That’s why the cuts were given expiration dates. Now that the national debt exceeds $10 trillion, Congress should allow those tax laws to expire on schedule.
May 23rd, 2009 at 3:44 pm
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