Bob Shapiro: Andover resident and Republican

The most immediately important issue America faces today is the economy, and more narrowly, the budget deficit. The deficit, feeding into a $14 trillion and growing “official” national debt, and (according to Boston University’s Laurence Kotlikoff) a real national debt over $200 trillion, has the potential for destroying our country in two to three years.

I see four possible policy paths:

1. Ignore the problem: let the debt continue to pile up… until it stops in default! China has been a net seller of U.S. treasury bonds for more than a year. Eventually, there will be a stampede for the exits, as the realization spreads that the U.S. is unable to repay its creditors.
2. Raise taxes: The Democrats are trying, but it is established economic fact that, in a high-tax economy such as ours, raising taxes actually produces lower revenues, so this is not a real option.
3. Print more currency: The Federal Reserve already has tripled the monetary base, from $800 billion to $2.5 trillion, and a second round of quantitative easing of $5 trillion more is in prospect. This is the worst possible policy choice, as it could lead to a hyper-inflation on a par with Germany, Argentina, Brazil, or Zimbabwe.
4. Cut spending: Balance the budget, and even run a surplus.

Notice that all choices involve pain. Be aware that the pain is not caused by the choice of policy, but by the irresponsible spending and deficit policies of the last few decades. The best that can be achieved today is to generate the least amount of pain. There is no good choice available.

Also note that “ignoring” and “printing” choices involve massive pain, with possible destruction of the economy.

I support cutting spending—and I am talking about massive cuts. To balance the budget and get into a surplus will require cutting spending in half…a $2 trillion reduction.

To get there, I propose a two-step zero-based budgetary procedure.

1. Look at every line item and see if it is authorized in the U.S. Constitution. If it’s not, it’s gone.
2. Make a second pass, deciding which items are must-haves. If that doesn’t get us to $2 trillion, then prioritize and add in the rest—the nice to haves—until we reach our number.

In the process, a lot of business-stifling regulations would disappear. To this deregulation and ending of the deficit’s crowding businesses out of the credit and capital markets, I would also include business tax reductions as possible items to include in step 2 above. These will work to encourage new job creation.

Specific measures I would introduce include:

• Balanced budget amendment
• Line-Item veto amendment
• Retiring of national debt amendment
• Dollar limit on federal spending amendment
• Limit bills in Congress to 100 pages
• Constitution Committee to identify where every provision of every bill is authorized in Constitution
•  Congressmen must certify to reading bill before voting “Yes”

About Bob Shapiro:

Bob earned a degree in pharmacy from Fordham University, with graduate level courses in business administration, software engineering, and education. He is self-taught in Austrian School Economics. For more information visit www.shapiro4congress.org.

Tom Weaver: Westford resident and Republican

The most important issue facing the country is the debt; each child owes over $300,000 in unfunded liabilities. We are bankrupting our children, grandchildren, and our nation.

We know how to fix this problem—look at your checkbook. The government revenue must be greater than government spending. When that happens, the debt decreases.

We need to release the economic engine of individual freedom and personal responsibility. It is time that we empower the citizen, not the government. Government must get out of the way and allow the private sector to take control of the recovery.

As your congressman, I will push for a comprehensive jobs bill, because increased private sector employment holds the key to individual prosperity and deficit reduction.

The Weaver Jobs Bill is simple and it increases certainty, which minimizes risk.

• Reduce all personal and corporate tax rates; eliminate estate taxes and any tax on the dividends earned in savings and retirement accounts.
• Cut government spending, including “Obamacare.”
• Eliminate needless regulations, in other words, stop government growth.
• Allow these steps to hold firm for a period of years by law.

Certainty is the key. As a small manufacturing business owner for 25 years, I know that small businesses will not risk their capital to increase profits, unless there is certainty with regard to future government intention.

When capital is invested, private sector jobs are created. As business restores the job market, individual prosperity grows and tax revenue increases. The new tax code promotes savings, which provides more capital for business growth. Decreased regulations and government bureaucracy decrease the cost of production, allowing businesses to compete more favorably in the global market.

In order to grow the economy, more energy is required. We need to tap all national energy sources in an environmentally conscious manner to meet future demand and eliminate dependence on foreign oil. As a nuclear engineer, nuclear power promises the bridge to the future. As an environmental steward who designed and installed over 300 wastewater treatment systems, this can be accomplished without adversely affecting the environment.

We must solve another huge problem: entitlements and government pension plans. The programs are simply unsustainable and account for 50 percent of all federal spending. Proposed solutions must be openly discussed without screaming. The solutions must protect the benefits of those who cannot modify their situation, stop paying benefits to those who have not contributed, and eliminate guaranteed pension plans for federal employees and elected representatives.

National defense impacts government spending. There are groups that want to harm us. When we commit troops overseas to destroy evil, we must allow them to win, as quickly as possible.

We can turn this around. It will be difficult but it is possible. As an Eagle Scout, a graduate of the Naval Academy, and a former officer in the US Navy, I have been trained to lead. I have the experience necessary to solve difficult problems with common sense solutions. Working together, we can do anything.

About Tom Weaver:

Tom is a small business owner in the water treatment industry, who has held high-level positions in other companies in this field. He holds an M.S. degree in mechanical engineering from the Massachusetts Institute of Technology, and a B.S. degree in aerospace engineering from the U.S. Naval Academy. For more information visit www.tomweaverforcongress.com.