Across America yesterday, people queued for hours to cast their ballots – some for as long as six hours. Despite the fact that Obama had less experience in national office than any of his opponents in either the Democratic primary or in the general election, his soaring rhetoric of change ultimately won him the vote.
Now the world will be watching – and waiting. Obama faces the daunting task of confronting foreign policy challenges (the Israeli-Palestinian deadlock, a soon-to-be-nuclear Iran, the outbreak of violence in Congo) and restoring confidence in the economy. He has already pledged to inject $175bn, which is to be used for school repairs, roads, bridges and cash dole-outs to consumers to offset the rise in energy costs.
So what’s in store for small businesses? Obama says he’ll eliminate all capital gains taxes on start-ups and will support small business owners by providing a $500 “Making Work Pay” tax credit to almost every worker in the States. Obama also plans to create a national network of public-private business incubators to support entrepreneurship and spur job growth.
Let’s hope Obama can fulfill the American dream.
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