The Political Inquirer

Fewer than five weeks ago then Senator Barack Obama followed Bruce Springsteen onto a Cleveland stage, characteristically calling for “hope over fear” and “unity over division.” Yet during this November 2nd speech, as in those of the previous week, Mr. Obama qualified his pleas for reform in Washington, arguing—even as he stood by prior proposals for nearly universal tax cuts—that altering the federal government’s social agenda would come with a price. Being only two days from the election, Mr. Obama forestalled estimating such a cost.

Over the past twenty days news of Germany’s first recessionary quarter in five years has surfaced, Treasury Secretary Paulson has unveiled plans for an approximately $300 billion bailout of Citigroup Inc, and stock markets have collectively frowned at the prospect of an Obama presidency. Meanwhile Mr. Obama, coming under fire for not reversing the global economic downturn from his Senate seat, has repeatedly reminded Americans of the Constitution’s strict “one president at a time” policy and resigned his from his elected position.

As supporters reexamine the practicality of Mr. Obama’s proposed quadruple-bracket tax reductions among his ardent support for a second financial bailout, many have begun to worry he will renege on past promises for expanded social and educational programs. Even if Mr. Obama does put his nationalized health insurance plan before Congress come February, he will need to put-off tax cuts in the short term. In the long term—if he governs from the White House the same way he does as President-elect—he will need to footnote President Reagan as a primary influence; the philosophy with which he pursues government intervention in the financial sector—attempting to prop up the economy from the top bracket—more resembles trickle-down Republicanism that he criticized during the campaign than the bottom-up populism he advocated.

For now, Mr. Obama has begun to temper expectations. Perhaps his message of hope and optimism was too successful or perhaps recent financial turmoil has put a ceiling on his own ambitions. Either way, Mr. Obama does realize that he’s up against unrealistic expectations and an angered public looking for executive bloodshed. And if he continues to hand out golden parachutes to departing Wall St. CEOs, Americans might find him a suitable severance package.