Reversal of fortunes

Where were you the first week of November 2008? It's likely for generations to come, that question will be asked by people both here in this province and abroad.

Last Monday, Premier Danny Williams announced during a press conference that Newfoundland and Labrador was officially a 'have' province.

Not since entering confederation almost 60 years ago has the province been able to survive without the financial help of federal equalization payments. But thanks to oil revenues, prudent financial planning and a robust economy, the province's 'have' status comes a year earlier than expected.

And it's a quite an exclusive club to be in - British Columbia, Alberta and Saskatchewan are the only other 'have' provinces.

Of course, this doesn't mean Newfoundland and Labrador's economic situation is all roses and puppy dogs. The province still has a massive debt load of $11.6 billion.

In an Auditor General's report from earlier this year, it stated the province has to have a budgetary surplus of $300 million a year for 40 years to eliminate existing debts.

Even with the economic windfall from oil production since these figures were released, we're still a long way from having a completely healthy economy.

In the meantime, it certainly feels good not to be the 'poor cousin' in confederation anymore. But let's not bash on the rest of Canada too much. When Newfoundland and Labrador entered confederation in 1949, such things as the dole, tuberculosis and starvation were common concerns. We've come a long way since then, both the province and the rest of the country. As Premier Williams said last week, "We've worked so hard in this province. We are a proud people ... Now we can really hold our heads high."

And while this is reason enough to note the first week of November 2008 in our collective history books, there was even bigger news coming from the United States.

Last Tuesday, millions of Americans cast their ballots and voted Democrat Barack Obama as their next president.

His presidency will be judged on how he and his government handles such issues as the troubled economy and the war in Iraq. But for the time being, it's the symbolism of becoming the first black president in American history that's truly caught the attention of people in the country and across the world.

This is no small feat, when one remembers it was only 53 years ago that Rosa Parks refused to give up her seat on an Alabama bys to make room for a white passenger. As well, it was 40 years ago that civil rights activist Martin Luther King, Jr. was assassinated in Tennessee.

With winning this election, Mr. Obama has proven that race is no longer a barrier to achieving one's goals in America.

"If there is anyone out there who still doubts that America is a place where any things are possible, who still wonders if the dream of our founders is alive ... who still questions the power of our democracy, tonight is your answer," said Mr. Obama on election night.

In addition, the White House for the next few years will truly be a young family's home. Mr. Obama, 47, and his wife Michelle, 44, have two daughters - Malia Anne, 10, and Natasha, 7.

Once Mr. Obama takes office, Natasha (often referred to as Sasha) herself will be the youngest White House resident since John F. Kennedy, Jr. in 1963. One can only expect that the first family will lighten the mood in the White House over Mr. Obama's term as president.

The American people voted for change, and with all likelihood, that's what they'll be getting. Whether or not it's the change that's needed remains to be seen.

But for the time being, it's safe to say that the first week of November, 2008 has given many people - both here at home and abroad - reasons to be optimistic for a better tomorrow.