Mr. Speaker, a recent edition of Taxpayer magazine reported on the Canadian Manufacturers Association study of Canada's debt.
The president of the CMA, Mr. Stephen Van Houten, said that given the track record of previous governments the debt could soar to $965 billion by the year 2001. He observed that governments have a bad habit of seriously overestimating economic growth and tax revenues. The government has a narrow window of opportunity to deal with this impending debt crisis.
Mr. Van Houten also noted the dramatic growth in the underground economy shows that Canadians are fighting back against tax increases. The only viable option for the government is to cut spending.
The CMA notes that the money markets are reacting negatively to yet another high deficit. Many Canadians are concerned about our financial future.
It is time to take a serious look at our financial problems. It is time for this government to stop leading Canada further into the red. It is time to cut spending.