That is right. Nothing is perfect and no budget is perfect. However Canadians generally accept that the budget is tough and fair and that the cuts undertaken were necessary.
Let me come to my constructive criticism that I have had the opportunity to make personally to the Prime Minister. In certain cases we could be selectively tougher. That is the way I would put it.
I hope future budgets will be a little tougher on wealthy individuals and corporations. I applaud the move to be tougher with the banks, but perhaps we will have to go further. Quite frankly the signal I hear from the minister and from the government. There is a message in the budget for the banks, for wealthy individuals and for corporations that there are other budgets to come and if they are not going to do more to help the economy of the country get going tougher measures can be brought in. This is something I will be watching closely as a Canadian and as a member of Parliament on the government side of the House.
The specifics of the budget are well known, but let me recall for Canadians two or three of the most important points. The key interim deficit target, as I said, was met and exceeded as my colleagues have pointed out: 3 per cent GDP by 1996-97.
The debt to GDP ratio, the size of the debt relative to the economy, begins to decline in 1996-97. The cartoon many of us saw was very appropriate. It was of Canada moving along the road, suddenly hitting something called the Martin budget and making a significant turn in the road. The budget represents a significant turn in the road. We are now on the path to getting out of the deficit and debt spiral we have put ourselves in for too long as a country.
For every dollar in new tax revenues $7 in expenditure reductions were made. That is the kind of downsizing Canadians are looking for from government.
To those who say that the budget was too tough, I say reflect on the debt load of the country. We do not want to see a collapse of our social programs. The cuts that were undertaken are necessary to ensure the social programs put in place by past Liberal governments, with I acknowledge many ideas coming from the NDP, will be preserved.
To those who say the budget was not tough enough, I say consider the reduced spending, the downsizing of government and the hitting of our targets. Indeed it was a job well done. Seventy per cent of Canadians support the budget. That is the reality.
I know it is not politically popular in certain parts of the House to acknowledge that fact. I understand that, but the reality is that it has been a widely accepted budget. It is one that Canadians can look forward to seeing repeated in years to come by the minister and the government.