President-elect Barack Obama is poised to assume office under bleak economic conditions. With many Americans nervous about the country’s financial situation, Obama has outlined a number of measures he hopes to undertake to restore confidence and help families that are struggling.As more and more people struggle with the aftereffects of layoffs and lost jobs, Obama hopes to extend unemployment benefits that could otherwise run out before the recipient found work again. He has also mentioned improving health care and education benefits. These changes in particular are likely to have a big impact on the middle class, a segment of the population that has been hit especially hard by the recent downturn.
Help for the American auto industry and its suppliers has also been proposed. The decline in American auto sales in recent times has led to widespread factory closures and unemployment. In turn, families with reduced incomes are less likely to buy new cars, so the industry suffers more. With government aid, American companies could focus on developing newer, more fuel efficient vehicles that have become popular since the price of fuel skyrocketed over the summer.
Those fuel prices put an unexpected burden on many budgets, including those of small businesses and state and local governments that maintain service vehicles. Another important tenet of Obama’s plan is to focus on the issues that both small businesses and local governments are facing to ensure that they can continue serving their communities.
--Bridget O'Sullivan
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