Congratulations to President Obama.  One can only hope that the new administration is up to the many challenges that lie ahead, particularly with respect to the economy.  As Obama said today in his inaugural speech, "Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age."

Entitlement reform is no doubt one such hard choice, and we have been encouraged thus far by the president's comments about Social Security.  Obama is putting together a fiscal responsibility summit next month and, according to the LA Times, will address entitlements directly after health care.

Still, it is hard to know how seriously to take Obama's intention to reform Social Security.  First, entitlement reform isn't easy.  So while a fiscal responsibility summit may be a good idea, what will be its objective?  Gray-haired experts on entitlements would be happy to gather in a room and discuss reform for a couple days (especially if there are TV cameras), but what good would that do our generation? 

Second, there is a desire on the part of some to wait and see how much change the new president offers.  Though Obama spoke during his campaign about providing substantive change that would prove cynics wrong, some of us are probably reluctant to believe in a new way of politics just yet for fear we will be disappointed.

A new age?  Let's hope so.

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