As he's sworn into office this evening, there will be many around the world hoping that will be his answer when asked the most pressing question he'll face as he gets down to work in the Oval Office tomorrow - can we can solve the current global economic crisis?
The president-elect has created a huge swell of optimism across the world, and many hope an `Obama bounce' may help the US struggle out of the present gloom.
Analysts believe the US could be one of the first countries to emerge from recession, creating opportunities for businesses and investors - but how will that affect us here in the UK?
Ismail Erturk, senior lecturer in banking at Manchester Business School said: "The US economy, in spite of the historic crisis that engulfs and has almost paralysed it, still dominates the world economy because of its role as `consumer of last resort' and the size of its financial markets.
"The rest of the world needs the US consumers to spend money and its financial institutions to circulate capital around the world. However, Obama's announced economic policies concentrate on infrastructural investments in energy, technology, education and health, not on increasing consumer spending or consumer debt.
"The US financial sector will serve to achieve these objectives, rather than thinking `internationally'.
"Therefore, I expect little immediate positive impact on the UK economy from Obama policies.
"Obama's announced policies are domestically driven and there is little the UK economy can export or provide services in the areas where Obama wishes to spend money.
"But as the Conservative Party has already proposed the kind of economic recovery plan that Obama said he is going to follow in the US, Obama's economic policies can shape the strategic thinking on the economy in the UK and Europe."
Professor David Leece, Professor of Financial Studies at Manchester Metropolitan University Business School said:
"It has become clear from the UK's second bank bailout and the proposed buying up of so- called toxic assets, that the fundamental problem of these assets on the balance sheets of banks had not been addressed.
"In the case of the US it has received attention, but in a rather ill-planned and faltering manner.
"If rhetoric matches reality, Barack Obama is willing to courageously address the ills of the US, and the global banking system, and may therefore further redirect the US Troubled Asset Relief Programme (TARP) towards its original aim of removing the toxic assets from the system.
"This and his commitment to fight US recession with a greater fiscal deficit may also help to overcome some of the problems arising from the tragically late timing of both UK and US policy initiatives."
Obama will inherit a country suffering its worst recession in generations and his main challenge will be to introduce a stimulus package that sticks.
He has already acknowledged the need to hit the ground running, stressing a commitment to fast action on plans to rescue the economy, save the US car industry and drag the nation out of the doldrums.
The president-elect has successfully campaigned for US politicians to approve use of the second half of a $700bn financial bailout fund.
The first half was spent injecting fresh capital into banks in an effort to prop up their balance sheets and encourage them to resume lending.
Money has also gone into bracing the insurance giant and Manchester United sponsor, American International Group (AIG) and the distressed car industry, including General Motors and Chrysler.
Obama has his own rescue plan up his sleeve. The scheme is designed to breathe life into the faltering economy with a combination of federal spending and tax cuts and is expected to cost around $800bn.
Richard Hunter, head of equities at Hargreaves Lansdown, believes Obama's inauguration itself will have a cheering effect on markets.
"There is going to be a certain element of euphoria in the short term," he said.
He believes the stimulus package - and the fortunes of the American economy as a whole - could have a profound effect across the world.
"The US is the world's largest economy and what is going on at a local level is going to impact the wider world, as it did on the way down," he said.
One area that could be affected is the pharmaceuticals industry, if the Democratic administration looks to reduce the cost of drugs.
David Buik, of BGC Partners, said GlaxoSmithKline and AstraZenec a could suffer in the long term `because of the president's attitude towards cheaper drugs'.
But one industry unlikely to struggle in the economic crisis is arms manufacturing.
Despite a US pact to pull all its 150,000 troops out of Baghdad and other Iraqi cities by the end of June, it is still committed in the country until 2011.
Obama is also expected to announce an increase in the number of American troops in Afghanistan, as stability there appears ever more elusive.
This, coupled with concerns that the conflict between Israel and Hamas could spread tensions across the region, points to another busy year for military providers such as defence technology firm Qinetiq and BAE Systems, which also derives a significant amount of its profit from the US.
Experts predict that even without Obama's further rescue package, the deficit could rise to an eye-watering $1.2trillion this year.
But it is not yet certain that President Obama will get his way on the economic stimulus package. The banking bailout has not proved overwhelmingly popular - with the Bush administration's distribution of the first half of the funds attracting anger in Congress.
Critics claimed the money was disproportionately spent on helping banks, with little aid for those facing repossession.
Mr Obama's successful bid to persuade senators to release the second half of the funds followed a pledge by Democrats to use around $100bn of the cash to help struggling homeowners.
Simon Laing, fund manager at Newton Investment Management, said Mr Obama had an enormous task ahead of him.
"We are in unprecedented times and so nobody can say for certain whether his policies will work," he said.
"We think he is heading down a better course then the previous administration and hope his actions are the right medicine for this very sick patient."
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