It's Obama - Now let's get to work!!
I just got off a plane from Denver, where I spent yesterday working - and then celebrating - the Obama victory. There are countless reasons I am excited for the next administration. The sense of seriousness and authenticity that the President-Elect exudes about his future office, and the deep responsibility to improve the lives of millions - even billions! - around the world is clearly felt by this man who was chosen for history. But in my bleary-eyed state, here in San Francisco's international airport, where I write this entry, I cannot help but think of all the opportunities that lie ahead. Liz asks what the most important issue on the agenda is for President Obama - the simple answer is the economy. If Obama does not reverse the economic deterioration that the United States has experienced in recent months, then any greater ambitions for his presidency will be lost. But improving the economy can be approached through countless avenues. The one I recommend: bring the world together to solve problems collaboratively, while investing VERY heavily in US infrastructure. The infrastructural investsments should rely on every American to be implemented but should have a 21st century flavor. Water treatment plans, mass transit, new roads and efficient energy technologies must be built - and lessons from that process must be learned and offered to the world so they can have an easier time building their own infrastructures. The logic follows that if the US makes investments that are 30-50 years overdue in rebuilding the long-term infrastructure of the US, causing the US to be equipped to grow again in the 21st century, then it will also increase demand for engineering, math and secience related work that the US is sorely falling behind in creating and developing. Supply and demand will kick in quickly here and youth will go learn these skills. The US will also, invariably, identify new technologies that can help improve the world - if shared. Thus, an opportunity for international collaboration at a level never seen before. These are my early post election thoughts. If the economy picks up, the US can make the needed changes in foreign policy and foreign aid that will eventually reduce proverty, while creating sustainable livelihoods.
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Change we get
If this weekend's G20 meeting in Washington has shown us anything, it’s that symbolic actions matter. The gravity of the current financial crisis (not to mention the "rising" global challenges of climate change, poverty, commodities scarcity and non-proliferation) have not escaped leaders from Buenos Aires to Beijing. And the need for international coordination beyond the G8 to tackle global problems has become the first inescapable political reality of the Obama era.
If movement in policy in major capitals is any indication, we can expect a coordinated burst of short to mid-term fiscal stimulus packages that 1) increase consumption (in countries like the US, China and Japan) and 2) create jobs through public and private sector entrepreneurship (the US and Germany). On the second point, the potential for infrastructure development, and particularly IT and sustainable development infrastructure, is high and not just in the United States. The Obama administration might have to shape the second stimulus package as a sort of Green Deal or iDeal while also investing in water, highway and other basic domestic infrastructure needs.
As a recent analysis from the Bertelsmann Foundation has indicated, Keynes is king (again). And that might be the best medicine that the world could hope for.
Change it!
Of course, all of us are looking forward to positive change. I am really hoping that great change will go to happen, to end up the crisis we are struggling today. Ever taken a good look or at least heard about Barack Obama’s “Blueprint for Change?” If you happen to be an employee of the federal government and are wondering how the 44th President’s policies may affect you. According to Lois Romano and Eric Pianin of the Washington Post, there are “dozens” of proposals amid Obama’s Blueprint that could change the career path of scores of workers from among America’s 1.8 million federal employees. He plans to look at everything line by line to discover and cut waste. “I am not a Democrat who believes that we can or should defend every government program just because it’s there,” says the President Elect. Keep in mind that Obama does have a very broad domestic agenda that could move skilled employees from threatened divisions into new programs formed because of his idealist civic policies, though while that may sound scary for some and send others running for personal loans. Additionally, Obama plans to encourage young public servants who share his sense of idealism to get involved in restoring faith in the American dream through service.
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Quite agree
Infrastructure is tricky to use as a stimulus, because it takes a little while to kick in. However, even under optimistic scenarios, we're probably going to be in a recession for a while. So infrastructure spending can both accomplish green goals, I'd specifically highlight high speed rail in addition to everything mentioned by Saul Garlick, and will help the economy in the medium term.
We'll probably still need a stimulus package for the short term, but nothing says we should limit ourselves to a single approach to a complex problem.
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