We will soon celebrate the selection, election, inauguration, and for some the coronation, of America’s 44th president, Barack Obama. These events mark quite amazing progress in achieving ideals articulated in our Declaration of Independence, in several of Lincoln’s addresses, and by Reverend Martin Luther King, Jr.

America has suffered a political analogue to the doctrine of “original sin,” a stain plaguing the conscience of many Christians. Ours is the hypocrisy of accepting slavery, and then Jim Crow laws from Reconstruction through the voting Rights Act of 1964 and beyond.

We did all this while proclaiming each Independence Day, as slave owning Jefferson did so elegantly in July of 1776, “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.” (It’s a tradition for Ramona and me to listen to NPR regulars read our Declaration each Independence Day. We strongly recommend it.)

In 1854, during a speech in Peoria, Illinois, Abraham Lincoln protested slavery, stressing that the unalienable rights of “Life, Liberty and the pursuit of Happiness” included all, not merely whites. Lincoln’s invocation at Gettysburg still defines the interpretation of Jefferson's preamble to our Declaration.

Progress toward reconciling the ideal with the actual took generations. For example, in 1906, white fears of African Americans’ increasing economic and social power, sensationalized rhetoric from white politicians, and stories about a black crime wave, together generated great racial tension in Atlanta. It exploded in September’s Atlanta Race Riot. At least 25 blacks and two whites died and several black communities were destroyed.

Alas, such sorry events were not restricted to the South. In 1908, a similar, although smaller, event marred the capital of Illinois. “Lincoln freed you, we’ll show you where you belong,” was a cry of the Springfield mob. This was to have initiated “a permanent warfare with the negro race.”

Blacks were driven out of Springfield. Among those killed was a barber who stayed to protect his home. (Lincoln’s former home was vandalized.) It’s pleasantly ironic that this state elected Obama to the Senate and one hundred years after the “permanent warfare” riot, it voted for him in November. It’s hard to imagine stronger testimony to the vitality of the ideals of our Declaration.

People of good will may well believe that January 20th marks America’s absolution from the original sin of slavery and the shameful deeds and misfortunes that followed. I find this an important tribute, independent of whatever success follows Obama’s inauguration.

Let’s celebrate—while tempering our economic expectations for the next administration. The problems we confront are decades in the making and no administration, however talented, dedicated and lucky, will solve them. For a multiplicity of reasons it is extremely unlikely that our economy will soon rebound. If expectations are not lowered, disappointment will likely follow.

Many of the financial promises and guarantees made by governments cannot be met. But Obama is not at fault. Our unfortunate situation is the logical consequence of past politics, policies, and the relentless working of demography.

Over the past 25 years, we have had unprecedented material prosperity. With this came the mining and degrading of cultural and institutional resources. Concurrently, ever more entitlements were welded into place. These promises are intractable impediments to the fundamental reforms required for a resumption of economic progress.

The Obama Administration has promised to make serious efforts to arrest our recession and recreate the prosperity of the past generation. I am astounded by the number of well-informed, public-spirited individuals who anticipate success. To them, I offer a sincere suggestion: Place hopes and expectations in separate baskets.

Financial stimulations will increase our deficit and may bring some temporary rebound. However, prudent souls will be skeptical. Fundamental and constructive transformation and renewal of an economy is rare indeed. Rather, governmental efforts to manage an economy are subject to failure. Planning an economy carries a fatal conceit.

Even with the best intentions and discounting opportunistic political intrusions, we shouldn’t expect economic progress to flow from politics. It’s a huge disservice to our president elect to pretend away problems inherent to the process.