In the News Detail
news headline
The Obama Inheritance
SOURCE
National Post
AUTHOR
Derek H. Burney
DATE
November 5, 2008
Barack Obama faces a tall order as he prepares to move into the White House. In today's National Post, Ogilvy Renault's senior strategic advisor, Derek Burney, analyzes the political and economic difficulties faced by the President-Elect.
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Excerpt
The country left to Obama by Bush is broken in spirit, bitter about the economy, and tired of the burdens of leadership. Globally, the U.S. reputation is in ruins, its supporters few and far between, its days of moralizing long past. In these circumstances, the challenges landing on President Obama's desk are by any measure formidable.
The United States is running a massive budgetary deficit estimated to exceed US$1-trillion (7% of GDP) in the current fiscal year. The newly elected Democratic Congress will undoubtedly favour increased stimulus over spending cuts. Meanwhile, Social Security and Medicare outlays are increasingly unsustainable - projected to absorb more than the entire U.S. budget by 2020.
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