Mr. Speaker, during World War II the Government of Canada issued victory bonds as a means to pay for our war effort. Patriotic Canadians bought the bonds and thereby saved their children and grandchildren a legacy of heavy debt.
Today a new generation of patriotic Canadians is offering its financial support to pay down this country's debt.
This government could issue a debt recovery bond and sell it domestically to Canadians. We could set an attractive rate of interest and use the entire subscription proceeds to pay down the debt. Our first priority would be the discharge of our foreign debt obligations.
We owe it to our children to give them a debt free Canada. A debt recovery bond will appeal to both the patriotism and financial self-interest of Canadians. It will have the added benefit of providing taxes on the bond's interest for our federal treasury.