Economic advice

I was reading a set of questions and answers with Robert Riech, and really liked this one:

Q: What should the U.S. government change in its current fiscal policies in order to lead by example?

A: The federal budget should be divided between past obligations (Social Security and Medicare), current expenditures (Medicaid, food stamps, national defense), and future investments (infrastructure, basic research, and education).

Past obligations should be funded by past and current contributions for these purposes. Current expenditures should be paid for by current revenues. Future investments may generate a deficit if the estimated future benefits from such investments exceed the estimated future borrowing costs. Families should do the same, no?

Something I think I need to look at and see if I am doing or not.