We are now discussing clause 1. When examining these provisions, we first discuss substantive issues. It is important to remember that the Parliamentary Budget Officer acknowledged that he did not account for provincial legislation now protecting pension plans. That would have made a great difference and would have placed our bill in a very different context.
We are more familiar with Quebec legislation—Bill 30—which now requires 115% funding of pension plans. Ontario has similar legislation. I believe the Parliamentary Budget Officer should have underlined this point rather than analyzing the bill as if only the federal government were involved. This changes the context of the issue.
Rather than laughing at the situation because things seem to be going their way, members across should consider the case of the workers who came here to testify because they were losing their pension. This is what all this is about.
Personally, I think the maximum estimate established by the Parliamentary Budget Officer, that is $50 million, is totally unrelated to the $10 billion representing the total of all pension plans. In my opinion, this is a reasonable amount even in the absence of a complete analysis of the situation in each province.
We cannot abandon people who are so distressed. If we agree on the intention of the bill, we should pass it.