Let's say you're in debt and about to lose everything. What do you do? What steps would you take?
Tuesday on The Glenn Beck Program, Glenn and his co-hosts listed what most people would do to take control and get out of debt:
• Cut spending with lifestyle changes
• Cut spending by reducing fixed expenses
• Increase income by changing jobs or getting a second job
• Increase income by selling unneeded or extra belongings
• Realistically define wants and needs
These basic, common sense steps apply to any debt --- even the current national debt of $19 trillion.
Glenn recently had an encouraging conversation with Sen. Ted Cruz who shared his optimistic outlook.
"Glenn, we are not lights out as a nation. We are just not lights out. Now, we may be soon, but we're not now. We have a $17 trillion economy," Cruz said.
So what is Cruz's plan to rev up the U.S. economy?
In part, growing it 5 to 8 percent, which would be a staggering improvement over the disastrous 1.2 percent growth we've seen under Barack Obama. Lower taxes would also spur new business and increase revenue.
"They always say with a flat tax, you're going to have to cut spending like crazy. No. Taxes always show that no matter what you do --- you lower the taxes, you raise the taxes, no matter what happens --- the government collects about 18 percent," Glenn said.
Another key factor is creating new business. In 2008 under George W. Bush, 150,000 new businesses were started. Now, under Barack Obama, 70,000 businesses are failing.
"So how do you pay off debt? Well, the first thing you do is you cut spending. And you define the difference between needs and wants," Glenn said. "Eighty percent of all jobs come from small businesses in America. You have to reduce the regulation on them. You have to reduce the taxes on them. You have to do the things that will help small businesses grow because that's the only way to grow the economy."
Enjoy this complimentary clip from The Glenn Beck Program:
Featured Image: Photo Credit: The Independent Report