Barack Obama was elected the forty fourth president of the United States of America on November 4, 2008. He is the first African American president to ever be elected.
President Elect Barack Obamas cabinet has begun to take shape. He has started to form his economic team. It is crucial for him to have a strong and capable economic team because the economy has been suffering for the last few years.
President Elect Barack Obama has selected Timothy Geithner to be his treasury secretary. Geithner earned a Bachelors Degree in 1983 from Dartmouth College. He also earned a Masters Degree at John Hopkins University in 1985. He has been the President of the Federal Reserve Bank in New York since 2003. He has worked with current Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, and Wall Street firms. He has worked for many years at various jobs related to the fields of finance and business. He was a key economic adviser to Barack Obama.
Lawrence Summers has been selected to be the new Director of the National Economic Council. He earned a Bachelors Degree in 1975 from the Massachusetts Institute of Technology. He also earned a PhD. in 1982 from Harvard University. He has held many high profile jobs in the field of economics. He is a former U.S. treasury secretary. He is currently an economics professor at
Harvard University.
Christina Romer has been selected to be the Chair of the Council of Economic Advisers. She earned a Bachelors Degree from the College of William and Mary in 1981. She also earned a PhD. in 1985 from the Massachusetts Institute of Technology. She is currently employed as an economics professor at the University of California-Berkley. Romer has studied the history of the U.S. monetary policy from the Great Depression to today. She was an economic adviser to Barack Obamas presidential campaign.
Melody Barnes has been selected to be the Director of the Domestic Policy Council. She earned a Bachelors Degree in 1986 from the University of North Carolina-Chapel Hill. She also earned a law degree in 1989 from the University of Michigan. She is currently employed as Co-director of the Agency Review Working Group for the transition. From 2003-2005 she served as Senator Edward Kennedys chief counsel on the Senate Judiciary Committee. She also worked from 2003-2008 as the Executive vice president for policy at the
Center for American Progress.
President Elect Barack Obama has given news conferences about the economic crisis. He has said that reviving the economy is his top priority. He wants to invest in creating alternative energy jobs. There have been so many manufacturing jobs lost so he wants to invest in creating alternative fueled automobiles to help boost the struggling automobile industry.
Another thing that Barack Obama wants to do to help the economy is to invest in rebuilding our infrastructure. We need to fix our badly damaged bridges, roads, and streets. This could better the economy by producing more jobs that are necessary to build the necessary infrastructure.
The President Elect wants to
give small businesses a tax credit if they do not outsource jobs which would help produce more jobs in the United States of America. The administration also wants to focus on fair trade which will open up foreign markets to help support American jobs.
He has asked his economic team to have an economic package put together so that he can sign it on day one of his administration. President Elect Barack Obama campaigned on giving a tax cut to ninety five percent of Americans. If this is purposed and passed then it could help give Americans some necessary tax relief and give a tax credit for Americans who earn less than $250,000 dollars a year.
President Elect Obamas economic team will work to help propose and pass the necessary economic policies that will help to heal our long suffering economy. They will all advise the new president on how to deal with economic problems that have occurred and will occur in the future. They will come up with ideas on how to rectify the economic crisis and prevent future problems such as issues with
banks and financial institutions failing.
Hopefully, the new president and his economic team will help get the United States on track. We will need help from other nations to help boost not only the United States economy but the worlds economy. The economic crisis needs to end so that everyone can have some financial and economic relief.
