In forming a strategy to deal with the severe economic downturn, President-elect Obama and his evolving brain trust of economic advisers should recall the largely sucessful and innovative efforts by the federal and state governments to avoid a projected steep post-World War II recession - in particular, the key role of higher education.  Demand for higher education generally goes up during economic downturns.  Expanding higher education funding and enrolmment capacity may be as important as any other policy lever to cope with an economic downturn, including funding for infrustructure.  Yet most state and local governments are in the midst of wholesale cutting of their budgets.  Some 75 percent of all students in the US are in public institutions  Feeling the effects of repeated cuts in budgets, many multi-campus public systems are threatening to cap enrollment despite growing demand.  Would it be smart to constrict access to higher education just when unemployment rates are potentially peaking?  An exploratory Commission on Higher Education, not unlike what President Harry Truman formed in 1946, but with more urgency and possibly an initial budget, might provide a larger vision and contemplate a range of options.