A long and rocky road ahead for US President-elect, Barack Obama

[madokie]

http://www.presstv.ir/detail.aspx?id=75802§ionid=3510303

By Tahereh Ghanaati

The American people have spoken and Barack Obama, their new president-elect has been given a national mandate. However, now that the euphoria of the win has died down, the placards tossed into the trash bins and the confetti swept up, it is time for a reality check.

Never in living memory has the nation been in such a deplorable state. With a staggering national deficit edging towards a trillion dollars, unemployment soaring to a fourteen-year high and a costly, drawn-out, seemingly unwinnable war being fought on two fronts, the next president of the United States will have his hands full. The question is: can Barack Obama handle it? For that matter, could anyone handle it?

In his first press conference after victory at the polls, Mr. Obama announced that he would make the ailing national economy his first priority. Foremost among his remedies for the crisis, which he has called the "greatest economic challenge of our lifetime", is an economic stimulus package. This package would immediately inject $75 billion into the economy in the form of tax cuts and direct spending targeted to working families, seniors, homeowners and the unemployed.

The plan also includes a further $45 billion in reserves that can be swiftly injected into the economy if it continues to deteriorate. The economic stimulus package is designed for one specific purpose - to jumpstart the economy. If successful, it is only a short-term remedy.