“It’s the economy, stupid!” But there are other issues: In a world where American foreign policy has enraged friends and foes alike, addressing cheering Europeans, elated Africans, applauding Latin Americans, giggling Canadians and even Middle Eastern forces that never felt that they could ever speak to America again – well, for Barack Hussein Obama, that’s a heck of a lot easier to address than it might have been for any other candidate in recent years.
High on the list of international issues are bringing the Iraq War to a close, the completion of “our job in Afghanistan ,” the engagement or containment of Iran ’s nuclear aspirations and embracing movement in the Israeli-Palestinian peace process. To the rest of the world, even Russia, a promise of “communication” and “partnership,” a well-timed global tour in the second quarter of next year and a diplomatic team charged with bridge-building should be more than enough to start the Presidency. With bipartisan support, a necessary precursor to a one-party victory to have sticking power, America should do better than it has done for years in this arena. It seems like John McCain is on board, so one would believe that we can in fact seem like Americans again, all on the same page.
But there is this elephant in the room that is inexorably linked to every other issue that the new American President will face: the economy. The President-Elect made clear what we must already know: there is no immediate short term solution to this historic financial collapse. “The road ahead will be long. Our climb will be steep. We may not get there in one year or even in one term,” he said in his victory speech. The Great Depression, which began with a market crash on October 29, 1929 (our “crash,” not as precipitous, happened after Lehman Bros. declared bankruptcy on September 15, 2008) ended, most scholars agree, with the onset of World War II a decade later (the U.S. involvement followed several years later).
President Franklin Delano Roosevelt employed massive social programs, infrastructure development, and created government jobs under this “New Deal” programs. His administration implemented new financial restrictions and legislation, new administrative agencies to watch over the markets, but it literally took a global war to shake the world back to economic growth. The stock market did not return to pre-Depression levels until late in 1954, well after the War was over and years after Roosevelt himself had died.
A President-Elect is not the President. He cannot yet issue orders or actually appoint cabinet advisors without the advice and consent of the Senate. If he issues edicts or suggestions, he is then plagued with the reality that circumstances might change in the next 75 days before he takes office. So he must work quietly, perhaps behind-the-scenes, with a lame duck Congress.
What the President can do is identify those individuals whom he is likely to appoint to key cabinet and sub-cabinet posts. Even if those appointments are subject to Senate confirmation after the Inauguration, the quality of the appointments, their depth and experience – particularly with economic issues – can have a calming factor on the anxiety-ridden markets (the Dow plunged in a quagmire of uncertainty the day after the election, even though Obama seemed to be a certain victor). Knowing that there will be people in charge who “know their stuff” and have the clout and foresight to lead us in the correct direction, taking appropriate time to reconcile our vision, our capacity to re-ignite growth and absorb loss, with a plan that Americans (and the rest of the world) can believe in, will go a long way to create a platform that fosters stabilization.
So to those who want the path clearly identified now, I remind them that January 20 is two and a half months away. Look at the people Mr. Obama selects, and if his choices are wise, understand that he cannot make the implementing decisions until he is President. He has a lot to think about and much to plan. Give him the time to do it right.
I’m Peter Dekom, and I approve this message.
Posts
No comments:
Post a Comment