Mr. Speaker, I am delighted to have the opportunity to speak during this portion of the 1996 budget debate.
I would like to begin with a brief overview of where the nation stands financially, where it has been and what the goals are as Canadians for a common future.
When assuming office in the late fall of 1993 this government was soon to comprehend the realities associated with an immense $42 billion deficit for the 1993-94 year, a $500 billion plus debt, a $6 billion deficit in the unemployment insurance fund, and overall what had progressively become an uncontrollable financial catastrophe which was headed for disaster.
Should the government have been a business at that time, the creditors would have been looking to place the locks on the doors.
Canadians from across the nation voiced their concern and their demand for change to be focused on deficit reduction and debt control. Canadians demanded that the government begin a process which would initiate the stabilization of our economy.
The proud citizens of this great nation grew tired of the threatened economy. Canadians desired financial stability so they could hold their heads high in the face of world economies, proud and united under a strong financial force, a country that could very efficiently manage its finances.
Canadian citizens deserve the assurance of knowing that our children and our grandchildren will have future opportunities. That can only result from a well-managed country.
The Liberal government accepted the challenge, fully aware of the difficulties and the obstructions which might lie ahead. It began a process known as program review, which would review every line of expenditure of every department, not excluding government operations, in order to ensure that the necessary expenditure reductions would be established.
Establishing goals that were challenging and far-reaching, the government has now begun to see the gradual reduction of the deficit, while at the same time protecting and supporting the valued Canadian social programs.
Not only did it meet its established goal of reducing the deficit to $39.7 billion, it exceeded that goal by an additional $2.2 billion, for an overall reduction to $37.5 billion in 1994-95. The goal for the 1995-96 fiscal year, which just ended this past March, was to reach a further reduction to the $32.7 billion mark. I am optimistic that
once the auditors complete their work we will once again exceed the established goal.
The new fiscal year of 1996-97 which began April 1 calls for the government to meet a further reduction goal toward a new deficit level of $24.3 billion or 3 per cent of gross domestic product.
What could this figure mean to Canadians other than it is a yardstick or a metre stick used by many countries as a measurement of sound economic management? This measurement represents the future success and prosperity of Canada and the probability of job creation and economic stability both for our generation and generations to come in the future.
Many Canadians ask: "What has the Minister of Finance done in the 1996 budget to further meet his original goals and obligations?" The Minister of Finance has introduced another new goal, another new challenge for the 1997-98 fiscal year. That challenge is to continue the downward trend to a new and lower level of deficit, to 2 per cent of gross domestic product or approximately $17 billion.
Interestingly enough, the goals we have accomplished and continue to accomplish are somewhat similar to the goals that were brought forward by the previous administration. However, the goals set previously were never met in whole or even in part. This government will not follow the example of the previous administration. It will continue to meet and exceed our goals for deficit reduction and our commitment to Canadians to balance our budget.
I believe these thoughts are best summarized by the remarks made in the 1996 budget by the Minister of Finance: "In the budget we are keeping the course, we are maintaining our pace, we are not letting up. Indeed, this government will never let up. The attack on the deficit is irrevocable and irreversible. Let there be no doubt about that. We will balance the books".
Such a statement, sincere and based on facts, demonstrate that our recent success in reaching our goals is quite irrefutable. Mr. Speaker, would you not agree?
What could be the result of the minister's actions? Confidence. Confidence in the Canadian economy. Confidence that has allowed financial institutions to lower interests. Mortgage rates are lower today than they were when I bought my house some 28 years ago. Interest rates in Canada are lower by 2 to 3 per cent than they are in the United States. When was the last time that happened? Certainly not in more recent years.
Although many accomplishments have been achieved, there is still a lot of work to be done. This work will be continued in the same balanced fashion to ensure that spending reductions do not come at the expense of the poor. The 1996 budget actually targeted increased resources to youth, to low income seniors and to the working poor. All of the government's accomplishments have been made in light of other priorities, namely economic growth and job creation.
Canadians have voiced their demand. Citizens want increased employment opportunities. In order to satisfy this objective indirectly, in the long term, the government continues to support economic growth through deficit reduction strategies. More directly, government is pleased to announce the creation of over 500,000 new full time jobs since assuming power. Canadians have asked for more economic growth and additional jobs. The government is responding each day by creating more new jobs and promoting economic growth. The task at hand is a difficult one, particularly since we have partly alleviated decades of deficit and debt in a few short months.
This past Friday I had the opportunity to be part of the announcement of a new plant that when completed this fall will create 25 new jobs. This number does not include the spin-off jobs in transportation or in construction of the plant. Once again, congratulations to CANUSA Foods Limited, of Centreville, New Brunswick.
Further expansion and job creation in Carleton-Charlotte was recently announced by McCain Foods a few weeks ago, detailing the upcoming expansion of their data processing centre. The facility will double in size, creating 30 or more new jobs in Florenceville, New Brunswick.
Sabian Cymbals has recently moved to its newly constructed larger and more modern facility in Meductic, New Brunswick with the expansion encompassing an additional 12 to 15 persons.
In York Mills, Briggs & Little Woollen Mills have recently constructed a new facility after surviving a severe fire in the fall of 1994. It will soon be reopening with employment once again available for many area residents.
In addition to the many industries in Carleton-Charlotte that are expanding, congratulations are also extended to the many industries that continue to maintain numerous stable, full time jobs. Our sincere congratulations are extended to all those industries. I am delighted to support the 1996 budget. I am very proud of its accomplishments today and for the future.
