The Quickie

A bite-sized look at this week's news…

Background: Barack Eyes up the Oval Office

Posted by 19sevenseven on October 30, 2008

According to Barack Obama, the US is facing the “greatest economic challenge of our lifetime”.  He was speaking on Friday, attempting to make Americans feel more secure about their choice about the new President. He assured the citizens of the world’s largest country that he would deal with the economic problems as soon as he was in office.

Game Face

Obama’s game plan is simple; he said to reporters on Friday “We’re going to have act swiftly to resolve it”. This was a speech Obama made with his new chief of staff Rahm Emanuel standing with him, showing the US a front of strength, and courage. He was in Chicago speaking to some of the US’s top business leaders, economists and officials. This was Mr. Obama’s first news conference since the winning the US presidential on Tuesday November 4th.

Rescue Plan

As soon as the new president was elected he met with his 17 member economic transition board to talk about the financial troubles affecting the world’s economies. Obama has asked his team to work out some new plans to assist the beleaguered car manufacturers.  Mr. Obama also wants his team to create a ‘rescue plan’ for the middle classes. He would like to see more jobs created, and provide a financial break for the countries lowest earners.

Meeting his Predecessor

Barack Obama plans to meet the current president George W. Bush shortly and has plans to work closely with the current president to ensure a smooth transition.

Needed Stimulus Package

Obama and is hoping to discuss in detail a “long overdue” stimulus package with Bush. A package that he would like to see actioned before he takes his seat in office.  According to the latest figures from the US Labour Department, there were 240,000 fewer jobs in October. A shocking statistic. Barack Obama would like to see an extension of unemployment benefits to see the mammoth country and economy through these financially trying times. This latest statistic from the US Labor Department will come as a shock to economists and citizens alike. Unemployment is up from 6.1 percent to 6.5 percent. A figure American society hasn’t seen since 1994.

Shocking Statistics

These statistics are not unfounded. Ford has published a loss of $219 million and had to publicize that it will be cutting 10 percent of its Canadian/American work force by the end of January. This news came on the same day that General Motors announced it could run out of cash in 2009 as it lost $2.5 billion in the last quarter.

Barack Obama has overcome a minefield of barriers to get to where he is today. The question is, facing this flailing economy, could his biggest battle be yet to come.

If you want further information, please click here. (Main article)

By Quinn Gormley


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