Mr. Speaker, once again we are talking in some similarities. We know we are going to have to cut spending. All my Liberal Party colleagues have talked about cutting spending, so this is not new.
To start off on a little study of economics, the Keynesian philosophy was basically correct. The problem with Keynesian economics is that we did not take the other side of it which is that during periods of expansion in the economy we save. We continued to spend during good economic periods and we are paying the price for that.
Having said all that, Keynes also talked about levelling off the areas of the ups and downs of the business cycle. These are the things the Reform Party does not understand. In other words, we cannot have a situation where we create a tremendous contraction in the economy so that there is no growth. In fact there would be negative growth. There would be a recession.
By moving too quickly on the deficit, this is where the Reform Party will take us. We will be going nowhere. We will be in a worse situation because we will not have any tax revenues and our deficits will continue to spiral. It is very important that we continue to foster growth in the economy, to create certainty and to keep and meet our deficit target.