Spending less-than-you-make
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Tommy Greer argues that the timeless principle of spending less than you make should be applied at all levels of government and society. Both political parties share blame for failing to balance budgets and reduce deficits. The current situation may only change during a crisis. Greer advocates starting with basic budgeting that cuts spending to balance budgets, raises taxes to fund surpluses, and uses surpluses to pay down debt.
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Spending less-than-you-make
- 1. Spending Less Than You Make by Tommy Greer 1. As financial advisors, we would be very concerned about a client in this situation. 2. The principle of spending less than you make is timeless, powerful, and works whether it is applied to individuals, families, businesses or governments. 3. Republicans and Democrats are equally to blame for the situation. Where are the men and women that examine issues and then vote strictly on what is the wise thing to do, rather than how the party is voting? 4. The last hope for change, many times, is a crisis. I think were about there. This magazine cover made a huge impression on me last year. In about twenty words, it sums up a pretty depress- Again, I definitely dont have all the answers to this ing financial picture. I dont claim to be smart enough to complex issue, but at least we could start by actually understand the complexities of this new global economy budgeting surpluses instead of deficits. we now operate in or the ins and outs of our own govern- ment, but I do know a few things. Ive heard great personal testimonies about people who have taken second jobs and cut personal spending to slowly but surely get out of debt, and theyve never been happier. So we need to CUT SPENDING to balance the budget and RAISE TAXES to fund a surplus and use the surplus to pay down debt. As a country, lets please start with the basic, simple prin- ciple of spending less than we make! Source: Congressional Budget Office CBO.org 2