Obama, the first black to assume the nation's highest elected office, took the oath on the same Bible used for the 1861 inauguration of Abraham Lincoln, the president who led the U.S. through the Civil War and freed the slaves. As many as 2 million people flocked to Washington to witness the event.
The new president paid tribute to the gathering, and to the historic nature of his ascendance.
"This is the meaning of our liberty and our creed, why men and women and children of every race and every faith can join in celebration across the magnificent Mall, and why a man whose father less than 60 years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath," Obama said.
Economy in Turmoil
The nationwide revelry surrounding Obama's inauguration is tempered by the monumental tasks ahead. The country's economy invites comparisons to the Great Depression; programs such as Medicare and Social Security face funding crises; and soaring costs for health care, energy and education have no easy solutions.
The U.S. lost 2.6 million jobs last year, the most in any year since 1945. Stocks fell today, pulled down by financial shares, on concern that the global recession will further cut into profits. The Dow Jones Industrial Average sank 332.13 points to 7,949.09, the worst Inauguration Day drop in the history of the index.
"The challenges we face are real," said Obama, who will meet with his economic team tomorrow. "They are serious and they are many. They will not be met easily or in a short span of time. But know this, America -- they will be met," he said, to roars from the crowd.
Obama asked Americans to "set aside childish things" like partisanship and ideology, and adopt a spirit of service.
"For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies," he said.
Government's Role
Still, he said government has a major role to play.
"The question we ask today is not whether our government is too big or too small, but whether it works," he said. The market's "power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control."
Obama will also be taking on responsibility for wars in Iraq and Afghanistan. He devoted a significant portion of his address to foreign affairs, pledging to renew efforts to fight foes, work with friends and help the world's poor.
"To all the other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: Know that America is a friend of each nation and every man, woman and child who seeks a future of peace and dignity, and we are ready to lead once more," he said.
American Power
Obama, an outspoken critic of the war in Iraq, also directed his remarks at people who say the U.S. has overstepped its role, with an indirect criticism of the policies of his predecessor, former President George W. Bush.
"Our power alone cannot protect us, nor does it entitle us to do as we please," Obama said. "Our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint."
By returning to such values, he said, the U.S. will show the world "that we are ready to lead once more."
Obama vowed to stand firm against terrorism, saying: "For those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken. You cannot outlast us, and we will defeat you."
At the same time, he offered the Muslim world "a new way forward, based on mutual respect."
regards
ravikiran kr.
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