If you weren’t able to read Part 1 of this series, you should do that first.
PART TWO BE READY TO SACRIFICE
This financial mess is ridiculous. Instead of being a lender to many nations, we have become a debtor to many nations. In order to get the budget to balance, we will need to CUT SPENDING. This means that some great programs will suffer budget cuts. It means that some great programs will be cut out altogether.
We must understand that the cuts do not mean that the programs are not good. It just means that our nation is out of money!
I am a simple person, so let’s make this really simple. If my budget shows a deficit, I MUST balance it to EXACTLY ZERO. After all, it is my trademarked catchphrase: INCOME – OUTGO = EXACTLY ZERO
There are two ways to balance the budget:
- Increase INCOME (raise taxes or stimulate the economy so that more taxes are paid)
- Decrease OUTGO (reduce/eliminate programs)
Experts generally agree that some of both #1 and #2 must happen. BOTH will require personal sacrifice. Get ready.