President-elect Barack Obama has his work cut out for him as he enters office with the weight of financial trauma, tumbling stocks and exchange traded funds (ETFs) and a gaping deficit.

No question: there’s a lot to do. But some things are going to take priority over others.

Very few health care analysts expect the new president to act upon health care issues any time soon. The Democrats are expected to abandon the Bush administration’s positions on Medicare and other issues. This could give Medicare the power to negotiate directly with pharmaceutical companies, reports Reed Abelson for The New York Times.

  • Vanguard Heath Care (VHT), down 25.9% year-to-date

Health Care ETF

Like health care, the energy area may see delays as other pressing financial woes need to be dealt with first. With Obama’s leadership, the energy industry faces a shift with the emphasis on conservation and renewable power. But bigger issues, such as global warming, could once again stew on the back burner.