If Obama decides to go in this direction on economic policy, it's about time. Let's be blunt: it's long overdue. He's been in a war since he was inaugurated; he's got nothing to lose by facing that fact. We all might have something to gain if he does.
On the other hand, he could (in the process) reach beyond the taxes-versus-cuts dynamic of our current debate and have everyone face a more fundamental fact: that we're running out of planet, and we need an entirely different approach to economics: one based on the renewing and reuse of resources and not just their consumption. It's a debate that is just beginning, but Obama could do a great deal to advance it.
Provided, of course, that he can get over his concept of himself as the Great Mediator. We can only hope--and, in some cases, pray.