Properly managing the finances of any successful enterprise starts with one simple principle: spend less money than you take in. From the family budget to the corporate balance sheet, spending wisely and minimizing debt are basic keys to economic prosperity. When the economy starts to slow down, this principle becomes even more important for households and businesses to follow. Scarce resources cannot be squandered, or you might find yourself in a deficit that you are unable to correct.
Right now, Maine's state finances are in a big mess. Thirty years of mismanagement in Augusta has created one of the worst business climates in....