Thank you very much, Mr. Moore.
I would only clarify a remark I made earlier. When I talked about the $12 billion in savings by the previous government, 85% of those were internal, not 100%.
I agree. I think there are two ways to raise taxes: one, you do it directly; and two, you borrow money. You then give a tax increase to the generations that follow.
I think one thing we want to do is have a balanced approach, with real tax cuts to put more money into hard-working families that are struggling to make ends meet, debt repayment so that we can leave this country in better shape than we inherited it, and investments, such as the ones I mentioned in health care, which is of particular concern to folks in my consistency. We have to take a balanced approach on all three.
We didn't have the temptation to go on an end-of-year spending spree. In March in previous years they have spent upwards of $5 billion of unplanned money. The previous government set up billion-dollar foundations, often with little accountability and no access to information for the public. We avoided doing that and wanted to present a clearer picture of the finances. When there was a surplus, we didn't go on a spending binge. We paid down debt, which will mean a brighter future for the children of today.
To put that into context, when you think of $13.2 billion, what that equivalent would save, if it was all cash debt, would be about $650 million for this year, next year, the year after, and the year after that.
I think it was a prudent decision and one that I think Canadians welcome.