After watching Obama and McCain discuss in Friday’s debate how they would solve the country’s “economy crisis” I had this thought: the nation’s budget woes could be solved just by treating it like we would a budget crisis at home. McCain said he’d make deep, sweeping cuts in all government agencies, save the military and veterans. Obama wants to make some cuts in some departments but rather wanted to make long-range budget improvements by investing in new fuels, better healthcare, etc. that would result in savings in the long-run.
What would actually work, and what I would put into practice if facing a budget crisis in my home, is a combination of the two. I would analyze where I was “wasting” money and reduce or eliminate those things from my spending (McCain’s plan). With the money I was saving by eliminating wasteful spending, I’d contribute a portion into a savings account, a part towards my debt, and invest a part towards long-range, money-saving improvements to my home, vehicles, and other assets (Obama’s plan).
Sounds simple enough. Maybe even too simple. The real issue is agreeing on what is “wasteful.” For that, there’s no easy answer. What is wasteful to one will be viewed as important and beneficial to another. In my personal life, I’d have to rely on God’s direction to help me decipher what is useful spending and what is not. I pray that whoever becomes president does the same.