So, Barack Obama has just been elected President of the United States. What is he going to do first? go to Disney World? Nope. According to Nobel Prize-winning economist Paul Krugman, the President-elect must use his electoral mandate to forge a new New Deal.

This is not the time for Mr. Obama to think small, according to Krugman. He needs to move a progressive agenda forward, providing economic stimulus to the masses as well as aid to struggling state and local governments so they can continue to provide critical services. Sure, we will run higher deficits in the short term as a result but the long-term implications of inaction cannot be tolerated by an economy already on life support.

Franklin Delano Roosevelt didn't shy away from decisive action during times of war and great economic depression and neither should Barack Obama. These times demand bold leadership and the kind of sensible economics that have been missing in action for the past eight years.