President-elect Barack Obama named Arne Duncan as nominee for Secretary of Education Tuesday, the latest addition to his cabinet. While education was the focus of the press conference, Obama also commented on the economic turmoil, noting that the Federal Reserve may be running out of "traditional ammunition" with which to fight the recession as markets anticipate another 50 basis point cut in the federal funds rate.
The cut would bring the funds rate to 0.50 percent, its lowest level in over half a century.
Obama and Vice-president elect Joe Biden framed the focus on education as a long-term strategy for a better economy. In prepared remarks delivered at the Chicago press conference, Obama stated that "in the long run, the path to jobs and growth begins in America's classrooms."
Overseeing the efforts to improve the nation's education system will be Arne Duncan. Duncan has been a central figure in education in the city of Chicago, serving as the city's public schools chief since 2001. Duncan graduated from Harvard University and played professional basketball in Australia from 1987 - 1991, an achievement that prompted Obama to joke that his cabinet will collectively be the most skilled at basketball in history. The president-elect himself enjoys the game.
Obama focused on the importance that education policy will have in the next few years. President George W. Bush's major education legislation, the No Child Left Behind Act, received mixed reviews. Obama has not yet indicated whether he plans on continuing the program.
"In the next few years, the decisions we make about how to educate our children will shape our future for generations to come," Obama said. "They will determine not just whether our children have the chance to fulfill their God-given potential, or whether our workers have the chance to build a better life for their families, but whether we, as a nation, will remain in the twenty-first century, the kind of global economic leader that we were in the twentieth."
Obama's stance in support of charter schools has been somewhat different than that of most Democrats. He said it was important to keep an open mind, something that Duncan shares.
"If charter schools work, let's try that - let's not be clouded by ideology when it comes to what helps our kids," Obama said.
In terms of the economy, he warned that the Federal Reserve is running out of "traditional ammunition," or lowering interest rates used to fight a recession.
However, the "Fed is still going to have more tools," Obama assured. He added that it is "critical that the other branches of government step up" to fight the economic downturn.
"We are going through the toughest time, economically, since the Great Depression," he said.
When faced with a question about his campaign's relationship with disgraced Illinois Governor Rob Blagojevich, Obama simply said that a full repot of his team's communications with the governor's office would be released next week, as per the request of the U.S. attorney general.
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