Barack Obama has won the presidency, and we wish him well—for his sake, the country’s sake and for the world’s. America, in addition to being (still) a crucial factor for global economic growth, remains a beacon of hope and inspiration for liberty. All of that is on the defensive when the U.S. stumbles, as it clearly has in recent years on a number of fronts, including the economy.
The interregnum is traditionally a period of relatively calm political transition, reflection and celebration. But the honeymoon for President-elect Obama is effectively over before it’s even begun. Two wars, a hornet’s nest of other foreign-relations issues and the onset of what promises to be a painful and perhaps lengthy economic contraction insure that yesterday’s history-making election will soon give way to the immense challenges that await. Make no mistake: the challenges are of a breadth and depth that are rarely waiting on the doorstep of new presidents. No doubt he’ll be tested like few before him.
Some have compared Obama’s start with the opening of the Lincoln and FDR presidencies. That’s a bit much. Comparisons to the arrivals of Nixon, Carter and Reagan are closer to the mark. Any way you slice it, Obama will have his hands full, and the odds are high that he’ll have to make tough and unpopular decisions for the next few years.
The stakes are indeed high—higher than at any time in recent memory for a new government. The fact that the incoming president’s resume is a bit light doesn’t inspire. And so we must wait, somewhat anxiously, to see his decisions on a host of subjects. One topic that he can’t afford to fumble is promoting growth, which is really the only solution to what ails America domestically speaking.