Obama's Political Economy

It's maybe too early to conclude an "Obamanomics", but the 44th President of the United States of America Barack Obama has made it clear about his ideological standing point, particularly in economics.

There are two strong messages in his inaugural speech last night (West Indonesian Time) that clearly indicated his economic perspective, which I also completely agree with him:

The question we ask today is not whether our government is too big or too small, but whether it works - whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public’s dollars will be held to account - to spend wisely, reform bad habits, and do our business in the light of day - because only then can we restore the vital trust between a people and their government.

Very true! Useless debate about the size of government must be ended. It's not about a big or small government, but it's about an effective government! A government that realises the very cause of why we need a government: to serve the public!

Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favours only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good.

Again, very true! Contrary to the neoliberal point of view to 'free the market forces', market must be embedded in the society; to be -back, again- part of the social forces to reach better livelihood for every citizen, not only for the advantaged.

Congratulations, President Obama! Thank you for your inspirational speech. Wish you nothing but success.