Barack Obama's Press Conference

Talks Economy, Takes Shot at Nancy Reagan

Barack Obama conducted his first press conference as President Elect, with Vice President Elect Joe Biden and his Chief of Staff Rahm Emanuel at his side and his economic advisors, looking appropriately dour and serious, standing behind him.

There was not much in the way of news made at the Obama press conference, aside from a shot taken at an old lady named Nancy Reagan. The majority of the questions were about the current economic situation and what Obama intends to do about it. The short answer appears to be the enactment of some kind of economic stimulus package, the shape of which is unclear.

Some components of the economic stimulus package were discussed. There will be some kind of bailout for the automobile companies that will force them to make fuel efficient cars. There will be an extension of unemployment benefits. There will be some kind of "rescue package" for the middle class.

Barack Obama took a cheap shot at former first lady Nancy Reagan, suggesting that she held séances. This was in response to a question of consulting former Presidents. No doubt this will cause Barack Obama's unsavory image among conservative Americans to be soiled even more, at least until and if Obama apologizes.

Barack Obama's stimulus package will be worked on by his team of economic advisors over the next several weeks and will be among the first initiatives of his administration should a lame duck session of Congress fail to pass one of their own. Barack Obama claimed that he was giving a "net tax cut" to the middle class, a claim made dubious by the fact that the Bush tax cuts are due to expire in 2010 and Obama shows no inclination to extending them.

The stimulus package will likely be very light on tax cuts and very heavy on spending. That is the nature of what comes out of Democratic administrations. They prefer spending to tax cuts.