Mark Skousen

All workers, whether they are employed in the private or public sector, should avoid living 'paycheck to paycheck.' Studies show that every household wastes 10% or more of its salary or income on unnecessary expenditures or by not taking the time to shop for better prices. It's all a matter of proper budgeting.

Who uses funds more productively - private citizens or the government? I dare say that Warren Buffett can use his surplus funds more effectively in private business and creating jobs than the government can.

In my lifetime, as a younger man, you were assumed to be an honest person. Your word was your bond, and a handshake was as good as a contract in business.

The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.

It is business that generates the jobs, income and taxes that keep a country going.

Our society does not give nearly enough credit to business leaders who create jobs, behave ethically and provide products and services that enhance our lives.

Balance in life is the key, as Aristotle taught us. Nobody likes a naive Pollyanna, but neither do we like to be around people who are constantly complaining and finding fault.

Life is full of joys and sorrows, much of it our own making. Sadly, the West has voted time and time again for bigger government, more inflation, higher taxes and excessive regulation - all policies that have kept us from Adam Smith's vision of an opulent society.

In my book, 'The Big Three in Economics,' I found that the press has frequently and prematurely written the obituary of Adam Smith and his free-market philosophy, only to see a new and more vibrant global marketplace reemerge after being savagely attacked by Keynesians, Marxists, and assorted socialists.

The true principle of taxation is the benefit principle - those who benefit from a government service should pay for it. It's also known as the 'user pay' principle. Every effort should be made to link the payment of taxes or fees to the cost associated with the government service.

Remember, gold and silver always have had value and never have gone to zero. Can you say the same for stocks and bonds?

If you are wealthy enough, use part or all of your Social Security proceeds to invest in a favorite cause or two. Invest 10 percent or 100 percent of your monthly Social Security check in your favorite charity, foundation, think tank, church or synagogue, or other good cause.