If we asked the question ‘Who is the man burdened with the highest expectations in the world at the moment?’, the most likely name to come up would be that of the American president-elect, Barack Obama. After his landslide victory, the bar for Obama has been set high, both at home and abroad. The whole world is hopeful that he will be a true agent of change, the call for which was a recurrent topic in his more than successful campaign. There are at the same time fears that the bureaucracy of Washington might weigh him down. And the challenges he is facing are indeed daunting. In the words of the president-elect himself: ‘We know the challenges that tomorrow will bring are the greatest of our lifetime – two wars, a planet in peril, the worst financial crisis in a century.’
Even before taking office on 20th January 2009, he will already have the power to enact some of the changes he has promised. It is expected that he will overturn some of his predecessor’s controversial executive orders, such as the ones concerning restrictions on embryonic stem cell research or abortion. By using executive orders, new presidents can quickly put their stamp on Washington. Unlike laws, which require months to be drafted as well as the consent of Congress, the executive authority allows new presidents to order federal agencies to implement current policies.
However, there are some more pressing economic issues which simply cannot wait until he is sworn into office. Since about one in 10 jobs in America is tied to the automotive industry, their call for a government bailout has to be addressed without delay. If not, bankruptcy of just one of the Big Three U.S. automakers will have a massive spillover effect in the credit industry and the entire economy.
