By Bob Morgan, Jr.

This is written on the day of President Barack Obama's inauguration, a day long awaited by his supporters.

I have never heard an inaugural speech that I disliked, and Mr. Obama's speech was no exception. Certainly all Americans agree that we must choose "hope over fear, unity of purpose over conflict and discord" and that it is time for a "new era of responsibility". The new president's issued a welcome warning to terrorists that "our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you." The speech was probably at its best with its invocation of the spirit of revolutionary America in the cold winter of 1776, "let us brave once more the icy currents, and endure what storms may come."

Of course, Mr. Obama's ascendancy to the highest office in the land is both historic in itself and an inspiring success story. The new President came from relatively humble roots and became chief executive by his inspiring oratory as well as an ability to articulate programs and solutions that appeal to the average American. Needless to say, his election is a milestone for racial equality in our country.

Nevertheless, it is important to remember that no matter how rich in symbolism is the inauguration of the new president or how eloquent are Mr. Obama's words, his legacy will be based far more on his real world responses to the challenges of our day.

The economy is in recession and Congress has already appropriated a bailout package of $700 billion. The Congressional Budget office estimates the 2009 budget deficit at $1.2 trillion, even before a new "stimulus" package. Will the new president take decisive action to prevent the federal deficit, which we pass on to our children and which can have enormous potential to create inflation, from spiraling out control? Or will Mr. Obama catch a severe case of bailout fever, the bipartisan Washington malady which causes sufferers to throw large amounts of money at problems (regardless of effect) and lets the government rather than the marketplace choose economic winners and losers? Will he propose even more massive federal programs, such as a major health care overhaul, which will balloon the deficit even further?

On national security, Mr. Obama will inherit the solemn duty of keeping Americans safe in a hostile world. Whatever his failings, President George W. Bush was able to prevent another attack on our country after September 11, 2001. Mr. Bush's "surge" in Iraq measurably improved the situation and gave the United States a chance to achieve most of its goals. And, as Vice President Joe Biden suggested during the campaign, there is every possibility that our enemies will try to test the new leader. Will Mr. Obama be able to take the tough measures, some of which are sure to unpopular with his supporters on the left, to keep our enemies in check? On Iraq, will Mr. Obama understand that while his 16 month general withdrawal deadline may be feasible in light of recent successes, he may have to alter his goals if the situation warrants?

Americans of all political persuasions admire Mr. Obama's personal gifts and respect what he has accomplished. All of us wish him well in struggling with difficult challenges. Whether he will ultimately succeed will depend on his ability to make tough and sometimes unpopular choices in uncertain times.