Finance committee  I just want to highlight two issues. There's been research by economist Tammy Schirle that has found that the universal child care benefit has had a significant negative effect on women's participation in the labour market. I think this income splitting could have even a more significant negative effect on women's economic participation.

Finance committee  Well, I'm a micro-economics professor. In a global economy, the links between domestic savings and domestic investment are seriously weakened.

Finance committee  Right now I'd like to see the federal government in surplus. I think things over the longer term are not good. There's no right answer to what the budget balance should be; it all depends on the context.

Finance committee  There are lots of obstacles to savings. I think the kind of obstacles...a lot of it is psychological, things like people who get into credit card debt. Savings are important, but I don't think expanding the TFSA is a good way of helping the people who need to save more, save more.

Finance committee  Of course.

Finance committee  If you cut my taxes, do you know what I'll do? I'll put the money in the bank. It's not going to do anything for the Canadian economy. If you give money to lower- and middle-income Canadians, they spend that money in local businesses, and that is much better for economic growth.

Finance committee  I would rely here on the PBO's analysis, which suggests that yes, this is a very serious issue.

Finance committee  That's a tough question.

Finance committee  I'm very worried about the long-term fiscal situation of the provinces. Right now, even though the first baby boomers have already hit retirement age, we're still in a sweet spot demographically. The provincial budget situation over the medium and long terms is not good. The federal government is much better at raising taxes than provincial governments are.

Finance committee  Yes. I think the big changes are with investment income. Going outside of what we're talking about today, I think one of the big changes in this act that's not regressive is the move from.... The introduction of the family tax cut.... One of the best things this government did when it was first elected was the introduction of the child tax credit amount.

Finance committee  Thank you, Mr. Chair. I would like to thank the chair and the members of the committee for inviting me today and giving me the opportunity to speak about the budget. The 2015 federal budget is intended to be a balanced budget, a low-tax plan for jobs, growth, and security. U.S. experience shows that low taxes are no guarantee of jobs and growth.