Mr. Speaker, today's Auditor General of Canada report reaffirms what New Democrats have been telling Canadians for years, that the high real interest rate policy is the major reason for our massive debt, not social program spending.
High real interest rates hurt the economy, drive up debt and kill jobs. If the federal debt of $546 billion is a mortgage, Canadians are becoming tenants in their own homes, because 46 per cent of the debt is held by foreigners.
Canada's net foreign indebtedness is by far the highest among major industrialized countries. Even Italy has a foreign debt of less than 12 per cent.
New Democrats have called the Liberal government's high interest rate policy a disaster and the auditor general agrees. High interest rates have created nearly one-third of our debt. More debt should be held by the Bank of Canada. Social program spending has not contributed significantly to Canada's debt.
In view of this evidence, will the Liberals now create a fair economic policy for Canadians, rather than one for foreign investors?