There is one important way in which Barack Obama is not the second coming of JFK: Ireland is not even on his list of symbolic (let alone political) concerns. This may be a bitter pill to swallow for the good people of Moneygall, Co Offaly, the president-elect's "ancestral" home, whence his shoemaking great-great-great grandfather lit out for the gold-paved streets of New York in 1850, but it's true.

Even after he ends all the wars in the Middle East, solves the economic crisis and reverses global warming, Obama's not going to care about us, despite Ireland coming right between Iraq and Israel in an alphabetical list of sovereign states.

Considering the state of both those countries, you might think American indifference is just what we need. But reflect on this: Obama's an economic protectionist. Remember all those US multinationals – Dell, Microsoft, Intel – we've come to depend on for export income and tax revenue? Well, he wants to bring their jobs and profits home – his home, not yours.

In other words, all the Irish people deliriously celebrating Obama's victory last week are turkeys voting for Christmas, a fact hiding in plain sight for months, but dawning on commentators only last week.

Give the government credit for recognising this threat early, though: it got tánaiste Mary Coughlan on a flight Stateside the day before the US election to do a lobbying tour of five major cities. The idea is to drum up interest in more US foreign direct investment in Ireland to add to the 480 companies and 95,000 jobs already provided here by our American friends. No doubt she'll be reminding her hosts that Irish firms provide 80,000 jobs on the other side of the pond, too.

Whether Obama enacts legislation to repatriate foreign income from US multinationals remains to be seen. But such a move will play especially well among the blue-collar white voters whose endorsement he didn't win last Tuesday, so it can't be ruled out as part of the Democrats' strategy for the elections in 2010 and 2012.

Enjoy the election hangover while it lasts. We'll sober up soon enough.