President-elect Barack Obama gave another press conference today to discuss his plans for the economy and his idea's on government intervention. The President-elect stated quite clearly that some spending cuts will be needed. Mr. Obama used today's news conference to continue to define the two objectives that will guide his economic policy: properly invest the peoples money and not waste the Federal budget.
With the economy in crisis, Mr. Obama said, "Budget reform is not an option. It's a necessity."
Later he echoed Abraham Lincoln, "I will ask my economic team to think anew and act anew."
For some Obama's focus on careful federal spending is a contrast to yesterday's discussion about a stimulus package. I do not believe this is quite the contrast the talking heads will try to make it. Restoring the economy to health will be the priority over the budget deficit, but there is a lot of waste in our system. There is a lot of money that could be better targeted to help the economy.