Perhaps I am optimistic about Israel's ability to defend itself, but I expect the biggest challenge Obama must face during the next four years is the "Entitlement Crisis".
Here are two essays introducing the problem.
UPDATE: The second link is now broken. Here is an archived copy. Scroll down a bit to get to the start of Michael Tanner's article.
Todd Zywicki, at the Volokh Conspiracy, noticed how Congress is not pulling its weight in resolving the current mortgage/liquidity crisis. Who can say which people, by choice or necessity, will lead the country out of the Entitlement Crisis?
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