ALEX WONG/GETTY IMAGES
Voices
Regardless of where we are in
the election season, more needs
to be done now to maintain forward progress.
This is not just about battling
the internal headwinds created by
the triple legacy that Obama inherited: too much debt; too little investment in education, job training
and infrastructure; and too great
a loss of competitiveness vis-à-vis
other countries. It is also about
building better defenses against the
additional collateral damage that
will hit us in the next few months
from Europe’s ever-deepening debt
and growth crises – especially at
a time when the usually-buoyant
emerging economies seem to be
hitting their own soft patch.
This is not the time to risk yet
another mid-year economic slowdown that could even risk a recession. And Washington must realize
that the urgency of the situation is
heightened by what is happening
beyond this country’s borders.
Now I recognize that the extreme
polarization of Congress will stand
in the way of a proper policy response out of Washington. Indeed,
realism dictates that, unfortunately, we should not expect to see a
“first best” policy response. It will
certainly not materialize in the run-
MOHAMED A.
EL-ERIAN
HUFFINGTON
06.17.12
President
Obama
inherited a
deep mess
that won’t
help him in
November.
up to the November elections.
Fortunately, there are steps that
the administration can implement,
and do so with or without the cooperation of the highly divided and
divisive Congress. And while White
House officials are only in a position to kick the can down the road
for a while, this would avoid us tipping into an even worse situation.
Whether or not the administration succeeds in maintaining the
growth and job momentum over
the next few months is clearly an
important question. And it is one
that can only be answered if the
administration shows greater resolve and if Congress stops standing in the way of virtually every
policy proposal, big or small. Yet