Madam Speaker, one of the things the Reform Party has done is lay out the details of our expenditure reductions. We placed before Canadians a week ago Thursday last $10 billion of expenditure reductions. First, we went into the details and presented that to the committee.
Second, we made this available to the media and anybody else who wanted the details. We went into the specifics, beyond the presentation of the finance committee, and made those available to show that there was credibility to any of the numbers we presented. If one reads any of the media reports in the Financial Post , Globe and Mail and a long list of others, there is tremendous support for the presentation we made.
We recognize that after economic growth of some $16 billion we still have to eliminate on average about $14 billion over a three year period. We see $24 billion of expenditure reduction over a three year period. On average that is about $8 billion per year.
That is approximately 6 per cent to 8 per cent per year which was not in the business community when there was a downturn after 1982 and a downturn after 1984. Some of those business people cut their business costs by anywhere from 15 per cent to 25 per cent. The expenditure reductions we are talking about here are minor and can be accomplished.
Where are they? In the social program areas, we will be outlining by the first week of February for Canadians specific expenditure reductions. The focus of our expenditure reductions will take the dollars that are left. There will be some $50 billion to $55 billion in what we call the social program area. I could define that but it would take a few moments so I will not do it. However, in that $50 billion to $55 billion we will be reducing the expenditure of that area. We have already reduced it from $67 billion because there was $67 billion in that social program area that I am talking about.
However, we will give specifics to the Canadian people as to where we will do it. Nothing will be hidden. The $50 billion to $55 billion that is left will be used for positive programs to help those people who are in true need in Canada. We will show compassion because we care about our responsibility to those people in need across this nation.