Mr. Speaker, when interest rates are high economic slowdown and recession are inevitable.
Statistics now show the inevitable has occurred. Economic growth in this quarter at an annual rate is essentially stagnating; there is no economic growth. The tragedy is these problems could have been avoided if the deficit was smaller and had produced lower interest rates.
Does the Minister of Finance admit Canada's economy and employment situation would be better today if spending cuts in the last two budgets had been greater and the elimination of the deficit had been put on a definite time frame?