13 of 15
BACKNEXT
Reduce the nation's debt
Name: Jeff Oviedo, 52
Profession: Owner, JOA Group
Location: Costa Mesa, Calif.

"Worried about the economy, I have prepared both my personal and business finances for a sour economy. I have no debt, and my wife and I are conservative with our spending - even with four kids. As a result, my green consulting and engineering business is steady, and I'm living comfortably.

Sure, I'd love to trade in my eight-year-old car for a new one, but I know that right now that's not a wise decision. The incoming Obama administration should take a lesson from those who have managed to keep business and personal finances in check and apply them to the U.S. on a macro level.

Unfortunately, he will push the economic stimulus. That means more debt that we simply cannot afford. We were already in debt before this mess started. Debt is a four-letter word, and I'm really not sure how we'll be able to pay it back.

Instead of throwing money at the problem, the administration should do what I've been doing in my personal and business life for years: Cut the fat. I have sold my house, downsized my business, and I am still functioning very well. The solution lies in trimming the expenses.

Obama is already making steps to do this by pushing for greener buildings, which could save a lot of money. I hope he applies this mentality to other endeavors so that we can come out of this with less debt." - as told to Emily Maltby

NEXT: Reform Social Security and Medicare
Last updated April 29 2009: 6:43 AM ET
More Galleries
World's worst cities for rush hour traffic So you thought your city had the worst rush hour traffic in the world? More
America's best-performing female CEOs These women run companies whose stocks surged in the past year -- significantly beating the S&P 500. More
Tech's highest paid women Silicon Valley isn't known for its diversity, but it is home to a handful of highly paid female executives. More

Special Offer