Mr. Speaker, I am disturbed to note that the Canadian dollar dropped by more than half a cent yesterday, continuing a rapid decline which started after the last election.
Since the end of October 1993 the dollar has lost more than two and a half cents, raising the cost of imports and increasing the risk of rapidly escalating interest rates in the near future.
The Minister of Finance has not publicly set a target level for either the dollar or interest rate levels. I urge him to do so as soon as possible so that Canadian businesses and citizens can make plans for future spending.
The minister must be aware that upward pressure on the cost of living will result from the decline of the dollar. I hope that he is not trying to inflate his way out of an impending debt crisis rather than take positive action to reduce government spending.
The message from the people of Canada is clear. Cut out entire segments of government and grants to special interest groups rather than raise taxes or permit a major decline in the Canadian dollar.