In his press conference he said, “: It is not going to be quick, and it is not going to be easy for us to dig ourselves out of the hole that we are in.”
Check out this article from the New York Times
U.S. / Politics
Obama Aides Tamp Down Expectations
By ADAM NAGOURNEY and JIM RUTENBERG
Published: November 6, 2008
President-elect Obama and his aides are looking to temper hopes that he would be able to solve the nation’s problems or reverse Bush administration policies quickly and easily.
Give Obama a break.
What ever President Obama does is going to take time.
I look at the article “Belief that country heading in right direction is at all-time low” November 10, 2008 at CNN.com. The poll reveals “Two-thirds of all Americans have a positive view of what he [Obama] has done since he was elected president, and three-quarters think he will do a good job as president.” But in the same article we see that 60% don’t have a clear idea what President Obama will do.
I don’t think Obama had a clear idea what he was going to do either. Look at his economic meeting he had the Friday after the election. With that many people giving their view, he still would not have a clear idea what to do. Obama supporters will need to sit back cross your fingers and hope he does something helpful. He is going to need keep high approval ratings in order to have a chance to keep an over exuberant congress from getting out of control. If people jump ship because he delays tax increases for the highest income earners, he will have to veto legislation by congress, or cave in to the congress. Rahm Emanuel is not just chief of staff but is also going to be helping to keep the House under control while Biden will be working with the Senate. A sharp dive in Obama’s approval rating will not help Biden and Emanuel do these jobs.
4 Ways to Turn a Recession Into a Depression September 18, 2008 gives some ideas of what Obama should not be doing.
A good strong economy can handle tax increases. Now is NOT the time to increase taxes on anyone. It would be good to name a Treasury Secretary some time soon. Having a good strong voice will help to stabilize Wall Street. By delaying it seems as if he is hoping for the stock market to hit bottom, so when he does something at the same time as the markets start to rise he could claim responsibility. But it may just continue to take a dive until he can assure the nation that tax cuts will be for all Americans. Obama has read Lincoln but it would be good to look at some of Kennedy’s speeches.
“The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system; and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes to be enacted and become effective in 1963.”
“Corporate tax rates must also be cut to increase incentives and the availability of investment capital.”
John F Kennedy Address at the Economic Club of New York, December 14, 1962
A speech by Obama to the Economic Club of New York that spells out a wiliness to cut taxes would be a good start. To continue to “kick the can done the road” on this issue of taxes will just allow the economy to sink more. Obama supporters need to allow him the room to do the right thing. That mean an across-the-board, top-to-bottom cut in personal and corporate income taxes to be enacted and become effective in 2010.