Nov 20, 2008 7:13 pm US/Central
CHICAGO (CBS) ― President-elect Barack Obama and his inner circle fear that some voters expect him to turn around the economy, wind down the war in Iraq and, perhaps, cure cancer -- all by the Fourth of July.
They know they must manage and lower those expectations, CBS 2 Political Editor Mike Flannery reports.
A top economic advisor to Obama had a glum warning for the rest of us Thursday morning: Neither the job market nor the stock market will be turning around any time soon.
"This might be a long haul," said Robert Reich, who was President Bill Clinton's secretary of labor. "2009 is going to be a very hard year. Some economists say we won't be out of this for two years, others are saying it may be three, or four, maybe five years."
Now on Obama's transition team, Reich worries about what happens after the new president is sworn in Jan. 20.
"We all have to be very careful about the expectations that we are putting on this man, our president-elect," Reich said. "If we all assume it's going to be the first 100 days, we're going to be disappointed."
The man who was Obama's chief campaign strategist is moving to lower expectations, too.
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