Education: Master 's degree in Public Administration, Barney School of Business and Public Administration, University of Hartford, 1976; BA American International College, 1972.
Occupation: Member of Congress.
Political training: Member of Congress, 1989-present; mayor, city of Springfield, 1984-1989; Springfield City Council member, 1977-1983; president, Springfield City Council, 1979-1981.
Question: Given the current economic climate, what are your priorities for the budget surplus and why?
Answer: The expected budget surplus is $4.6 trillion over the next 10 years. Since this number is based on estimates, we must be very cautious before committing to any large spending or tax reduction program.
Our first goal should be to pay off the $3.4 trillion publicly held debt during the next 12-15 years, in order to be better able to respond to the demands on Social Security and Medicare systems that will result from the retirement of the baby boom generation. All parties agree that current excess Social Security receipts must be saved to pay for future Social Security benefits. In addition, the publicly held debt should be paid off in order to prepare for demands on the Medicare system that will increase significantly when this same generation retires, even while we modernize the system by adding a prescription drug benefit.
Our second goal should be to make the investments most necessary to maintain productivity growth, which has led to low inflation, low unemployment, and high economic growth. This includes additional federal dollars for education to help local government build or modernize schools, and add teachers to reduce class size. We must also increase federal funding for basic scientific research, as well as for the National Institutes of Health.
Our third goal should be modest tax relief, centered on simplifying the federal income tax code, tax cuts for education and health care expenses, and tax incentives for low and moderate income housing, and for first-time home buyers.
