The first few weeks and months of an Obama administration will be “like nothing we have seen before” writes New York magazine.

“The circumstances Obama will confront are infinitely more daunting than those that Clinton faced at the outset of his administration. The recession that facilitated 42’s rise was shallow, and by the time he took office, it was already in the rearview mirror. And although the mounting deficit compelled Clinton to abandon much of the new spending he’d envisioned, the fiscal situation he inherited was nothing like the house of horrors awaiting Obama. Add to that the collapsing real-estate market, the credit crunch, a weak dollar, and rising unemployment, and Obama will find himself staring down the barrel of a downturn so steep and ugly that it could easily consume his whole first term. Oh, and did I forget to mention that the country is at war—in not one but two countries?”

Read the full story here.

Peter Fray

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