Good luck, Barack!

With President Obama’s upcoming inauguration, we all can’t help but look into the future with hopeful spirits that everything will work out just fine. But the looming economic crisis leave us awake at night thinking of what will happen in the next few months. Bills are pilling up but income is getting scarce. How long can we stay put as the recession pulls the world apart.

This week, Nariman Behravesh, IHS Global Insight chief economist said that the unemployment rate of 7.2% is the highest level in over 16 years. With over half a million jobs lost in the last month of 2008 (and counting), it will be pretty hard to digest that President Obama and his guests this coming January 20 will be toasting champagne in DC.

Not that they shouldn’t. The transition is an occasion that will be written down history books. It’s like a new chapter for the U.S. and the world after George W. Bush. With Barack Obama stepping into the White House the world will be watching closely as his new administration will be battling its greatest foe—not Iraq—but the world’s downsizing economy.

It’s not easy to lose a job. And finding a new one will be a lot more difficult. It may take some time for us to see a “Help Wanted” sign posted on classified ads because companies from all industries are cutting down production expenses. All states are feeling the pain most especially in the five states with the highest unemployment rates: Michigan, Rhode Island, South Carolina, California and Oregon.

Perhaps we should be thankful that the President-elect is truly honest about the current situation. He quoted that the economy is likely to get worse before it gets better. And he vows to create millions of jobs with his upcoming stimulus plan worth $775 billion. And as we wait for the plan to push through, forecast from economists spell out a grimmer future ahead.

So now the question is, how do we brace ourselves for the crisis’ impact? That is a tough question to answer when we all fear losing our jobs, our homes and bank accounts. Perhaps NOW is the right time to reduce dependence on money spending. It may take some time getting used to it but the present time calls for everyone to tighten each and everyone’s belt.

It’s understandable that we all look forward to Mr. Obama’s leadership. Yet we need to keep in mind that the new president does not posses extraordinary super powers. He and his administration will be there to guide everyone throughout the ordeal and the rest will be up to your self.

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