Dave Ramsey advocates a two-pronged approach to tackling the nation’s $36 trillion debt: cutting excessive government spending and boosting revenue by lowering taxes to stimulate the economy.
What Happened: Responding to a caller’s question on tackling the national debt on an episode of ‘The Ramsey Show,’ Ramsey says, “It is kind of fun to watch them take a machete to the ridiculous spending,” Ramsey observes that even though running a government of any size is “a different endeavor” to personal finance, he remarks that “the principle of being debt free still stands.”
Drawing from personal finance’s “get an extra job” strategy, he applies it at the federal level. “If you want to get out of debt, one of the things we tell you to do is get an extra job, right?… …