Great expectations

America and the world have great expectations of Barack Obama. But the new president of the United States willl have to disappoint at least some of them. We look at comment in the business press.

The Economist

… Under George Bush, America’s international standing has sunk to awful lows. [On 4 November] Americans voted in record-smashing numbers for many reasons, but one of them was an abhorrence of how their … reputation has been tarnished. Their country will now be easier for its friends to like and harder for its foes to hate. …

With such a great victory come unreasonably great expectations. … Abroad, this 21st-century president will have to grapple with the sort of great-power rivalries last seen in the 19th century. At home, he must try to unite his country, tackling its economic ills while avoiding the pitfalls of one-party rule. …

Mr Obama will be constrained by the failing economy. He should not hold back from stimulus packages to help America out of recession. But he has huge promises to keep as well. He has pledged tax cuts to 95% of families. He has proposed near-universal health care — an urgent reform, as America’s population ages and companies restrict the health insurance they offer. He proposes more spending on infrastructure, both physical and human. But if he is to tackle all or any of this, he must balance his plans with other savings or new revenues if his legacy is not to be one of profligacy and debt. He has to start deciding whom to disappoint. …