Obama's economic moves are likely too little, too late

The news conference will cap a week of appearances in which the president is rolling out new spending and tax cut proposals aimed at helping the economy. Obama unveiled a US$50 billion transportation infrastructure proposal on Monday in Milwaukee.

Obama showed little life on the economy through a summer that his administration said would witness a major recovery as a result of the nearly US$800 billion stimulus he pushed through Congress shortly after taking office in early 2009.

As the economy continues to languish, support for Democrats in Congress has declined in lockstep with backing for Obama. The president's popularity decline is notable given what were his very high ratings when he swept into the White House on a message of hope and change in the midst of a fiscal crisis and near collapse of the country's financial system.

The big changes Obama now wants to make, while they ordinarily would find philosophical support among opposition Republicans, stand little chance of congressional approval in the toxic pre-election atmosphere. Republicans have been near unanimous in voting “no” on Obama initiatives in Congress. What's more, many of the president's fellow Democrats are wary of voting for more spending so close to the election.

Even if the measures passed, they would do little, if anything, to quickly improve the dismal economy.

Republicans, however, have made significant political gains by accusing Obama of extravagant spending and expansion of government that will burden taxpayers and their children for years to come. That has led to wide expectations that the Republicans will take a least 40 House seats from the Democrats.

Expectations are so low for the Democrats, however, that even holding on to a slim majority would be called victory.

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