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November 3rd, 2008

Five Economic Challenges Awaiting the New President

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Disregarding affiliations, personal opinions, and party alliances, whoever the nation elects as its 44th president will face a momentous, uphill battle that will likely leave him looking more like a sinner than a saint. The number one agenda on the minds of voters in tomorrow’s election is the economy. The nation is broke, consumers are broke, and banks are afraid to lend. With all these negative odds stacked against him, here are five basic strategies that should be utilized by the next president of the United States:

1. Develop a Consistent Plan: The 44th president must reiterate a consistent battle plan in terms of his approach to fixing the economy. If the president wants to be successful, he needs to incorporate ideas and solutions that appeal to both parties.

2. Create a New Mindset: From the beginning, the new president should display a mindset of trust and confidence, not only to the people of the United States, but to nations across the globe.

3. Fix the Banking and Housing Markets: Easier said than done. One thing is for sure, for the new president to get any favor in the approval ratings, he must strike a careful balance between rescuing Wall Street versus Main Street.

4. Don’t Raise Taxes: Increasing taxes during an economic downturn, has and will never be, received as proactive. Although the candidates have an astronomical national deficit looming over their heads, he must find a way to balance the deficit along with avoiding future financial burdens. Raising taxes for any economic class could slow the economy even further.

5. Patience: In the past two months the government has issued numerous economic-relief initiatives that must be given time to blossom. Voters and lawmakers alike must also remember a new president cannot solve any of the nation’s problems overnight.

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2 Responses to “Five Economic Challenges Awaiting the New President”

  1. Rebecca Wilder Says: November 4th, 2008 at 9:10 pm

    I think that for both McCain and Obama – “Appoint extremely intelligent Economists to his Council of Economic Advisors” should be number one on the list.

    Really like this post, Tim. Rebecca

  2. Tim Manni Says: November 6th, 2008 at 10:33 am

    Rebecca,

    Yeah I totally agree. No matter who had won the election they will be forced to appoint the most intelligent innovative economists to their team. A key to the presidency: appoint smart people to make yourself look smart. And hey, when you’re the president of the USA, it’s safe to say you have the pick of the litter.

    Thanks as always,
    Tim

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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