But what Mr Obama really needs right now is a television superhero to help him to rescue the US economy. His inauguration as president in 11 days’ time will take place in what can be described, without hyperbole, as the worst economic conditions the US has faced in at least 70 years. Data due from the Labor Department this morning is likely to show that the US lost more jobs, net, in 2008 than in any year since the Second World War. Economic activity in 2009 is likely to decline at its fastest since the same historic landmark.<\/p>\n
Most alarming, not only is there no obvious end in sight, the evidence suggests that things are getting worse. Despite the bailouts last year, the financial system, crippled by the housing market disaster and folly, remains clogged and more big financial institutions are likely to be in trouble in the next few months.<\/p>\n
The American consumer, the hero of the global economy in every period of weakness in the past decade – from the Asian financial crisis to 9\/11 – has gone on strike.<\/p>\n