President-elect Obama spoke briefly about what he expects his first moves to be in his first
press conference since winning the election.
He outlined a far-reaching and extensive stimulus package that he intends to push through
Congress as fast as possible (I note that the newly elected more heavily democratic majority that would speed his proposals through isn't in office yet) He mentions the credit crisis, increased unemployment insurance, job creation, help for the Automotive industry (While I would applaud more fuel-efficient cars, the government does not control either the laws of physics or consumer preferences). He also mentions thatstate and local governments are facing a crunch: They must raise taxes or cut services. This neglects the fact that the Federal government has a similar problem, because if the economy doesn't improve instantly, tax revenues will also decline, and with all these stimulus programs in place, spending will increase. Maybe he has a plan to deal with this, but I've seen more slogans than economic wisdom from his campaign.