" You don’t lock into a ten-year family budget. You take it a year at a time – maybe even six months at a time. And then if the income really comes in the way you hope it does, then you can make some of those expenditures that you’ve been waiting to make. We think that same principle should apply to the national family we call America. "
- Dick Gephardt

In simple terms, Dick Gephardt's statement emphasizes a flexible approach to financial planning, both on an individual family level and for the nation as a whole. He suggests that instead of setting rigid long-term budgets or spending plans, it’s better to adjust according to current income levels and economic realities, making incremental decisions over shorter periods such as months or years.

Digging deeper, Gephardt's words highlight the importance of adaptability in financial management. By not locking into long-term commitments without considering future uncertainties, individuals and governments can avoid potential pitfalls caused by unexpected changes in income or expenses. This pragmatic approach encourages a more fluid and responsive strategy to budgeting, allowing for adjustments based on actual performance rather than speculative projections. It also underscores the value of patience and prudence, suggesting that significant investments should be delayed until financial stability is confirmed.

Dick Gephardt, the author of this quote, is an American politician who served as a U.S. Representative from Missouri for 20 years before his term ended in January 2013. He was also known for his roles in the Democratic Party leadership and as a candidate for various political offices, including the presidency. His experience spans decades of public service, during which he advocated for policies that support economic stability and fiscal responsibility.