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
The 13 most WTF gadgets From the weird to the gross, these 13 gadgets will make you wonder why they even exist. More
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.