Education: Rensselaer Polytechnic Institute, BS; Tufts University, MS; Massachusetts Institute of Technology, PhD.
Occupation: professor; elected official.
Political training and experience: Massachusetts House of Representatives, 1968- 72; Massachusetts Senate, 1972- 91; US House of Representatives, 1991-present.
Question: Given the current economic climate, what are your priorities for the budget surplus and why?
Answer: I believe we should devote approximately 50 percent of the federal budget surplus to protecting Social Security and Medicare and paying down the debt. This would leave 25 percent to be invested in a prescription drug benefit for seniors and other critical health care and education initiatives, with the remaining 25 percent reserved for targeted tax cuts.
Currently, it is estimated that Medicare will run out of money in 2025, and Social Security will be insolvent in 2037. In this time of economic prosperity, we must use a portion of the projected surplus to guarantee the future solvency of Medicare and Social Security.
We should also begin to pay down the national debt. Allocating a portion of the surplus to debt reduction will not only reduce the interest paid on the debt, but will also keep consumer interest rates low. Such a policy frees up capital for private investment and economic growth.
There is also sufficient money in the federal budget for tax cuts, but the benefits must reach middle-income working families. We should eliminate the marriage penalty and end the estate tax for small businesses and family farms. We can also afford to expand the earned income tax credit and help working families pay for health care, child care, and college tuition. With a balanced approach, there is enough money within the projected surplus to achieve all of these goals.
