Recently, the Northern Star examined the issues and events that defined George W. Bush’s two terms as president. President Barack Obama, however, won’t have to search for issues to tackle. With a faltering economy and the United States waging two wars, here’s a look at some of the issues that could define Obama’s term.

The economy: The continuing downward slide of the U.S. economy will arguably be the biggest issue Obama will confront in his first term of office. Economics professor Khan Mohabbat said crises in the financial sector, a slumping housing market, rising unemployment and an overall lack of confidence are the challenges Obama faces.

Obama echoed his call for more regulation of the economy in his speech, but it won’t be easy. Mohabbat described the task as monumental: “These are very large issues. He’s one of the few presidents that have attempted to solve them.”

The war in Iraq: Having voiced his opposition to the war from the very beginning, Obama has ordered U.S. generals to begin the planning stages of a troop pullout from Iraq.

But according Christopher Jones, associate professor of political science, Obama would not have to withdraw within the 16 months that he promised during the campaign. “The fact that there is a signed international agreement [Status of Forces Agreement] and the Iraq issue is a less prominent public policy issue today affords Obama the flexibility to move more slowly if he chooses or confronts constraints,” Jones said.

With SOFA, the deadline for U.S. pullout is December 2011. If Iraq becomes more unstable after the U.S. pullout, Obama will probably not redeploy soldiers there, Jones said.

The war in Afghanistan: As Obama pulls out of Iraq, he will deploy more soldiers into a conflict that was once called “The Forgotten War” a few years ago.

Jones said the Pentagon is committing an additional 12,000 to 15,000 soldiers to fight a resurgent Taliban and other insurgents. The bigger challenge, however, is whether the U.S. will continue cross-border raids into Pakistan, a U.S. ally.

Obama has said he supports the cross-border raids, but Jones said, “it will become an increasing challenge…to continue drone attacks on terrorist havens inside Afghanistan given the resulting collateral damage and his desire to forge a new relationship with Pakistan and other Muslim states and people in the Middle and Near East.”

Health care: Although a major issue during the campaign, health care’s visibility in the media has decreased in recent weeks with coverage of the economy, the war in Gaza and Obama’s transition/inauguration. But this doesn’t mean the issue has gone away. Mohabbat described the fact that over 40 million Americans do not have health insurance as a “shame.” “It really looks bad on the American society,” Mohabbat said. Currently, Obama’s $875 billion economic recovery plan would allow laid-off workers to retain their health insurance and gives states more money for Medicaid.

Energy: Gas prices have fluctuated wildly within the past year, reaching relative record highs and lows, and putting alternative fuel sources on the issues map.

Obama has been a strong proponent of alternative fuels, even declaring that “the sun and the winds and the soil” will power the future. While the issue is important, Mohabbat believes Obama will be opposed in this area by some very powerful groups. “There are interest groups and lobbyists who might hinder his progress,” Mohabbat said.