Obama faces daunting challenges

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Source: CCTV.com | 01-15-2009 09:22

Special Report:   Inauguration of Barack Obama
Special Report:   U.S.Presidential Election 2008
Special Report:   Global Financial Crisis

In five days, Barack Obama will be sworn in as the 44th President of the United States. But political analysts say the timing couldn't be worse, with Obama facing the challenge of inheriting a recession at its peak.

US president-elect Barack Obama at Obama's transition  office in Washington, DC. The US House of Representatives  Wednesday set the stage for an early White House victory  for Obama, passing a bill extending health care to an  extra four million children.(AFP/Nicholas Kamm)

Workers are putting final touches outside the Capitol building in Washington for Obama's Inauguration ceremony.

But once the festivities are over, the new president will be confronted immediately by an economic crisis with no parallel in recent history.

Obama knows it won't be easy.

Barack Obama said, "We start 2009 in the midst of a crisis unlike any we have seen in our lifetime."

And things are only getting worse unemployment in the US has jumped to 7.2 percent, the highest in 16 years. Major industries like auto manufacturers -- once the economic backbone of the US -- are struggling even to survive.

Obama faces the unique challenge of kick-starting his administration with no time to waste.

Thomas Mann, Senior Fellow Brookinigs Institute, said, "We simply haven't seen anything like this with both the financial meltdown and the continuing problems within the credit markets and the recession itself."

The focus on just getting the economy back on track is raising concerns among advocacy groups... fearing the crisis may destroy Obama's chances of reforming healthcare.

Obama campaigned for health insurance for all Americans, something one in six Americans currently don't have. Some of his fellow Democrats say job losses will likely cause that number to grow.

Obama's campaign promises also focused on energy and environmental issues, such as regulating carbon emissions.

Faiz Shakir, Director Center for American Progress, said, "That's going to be hard because we are now talking about a time when the economy is in recession and auto makers are in a very difficult spot."

Brookings Institute analysts also believes there is an upside to the tremendous pressure -- the good will Americans feel toward Obama, and about his election.

 

Editor:Du Xiaodan