Mr. Speaker, I want to respond to my friend. He might be playing a little bit of politics here, but I think it is a question that deserves a serious answer on my part.
How has our accumulated debt occurred? Fifty per cent of our accumulated debt comes from the result of compound interest because of our high interest rate policy. Forty-four per cent of our compound debt is as a result of tax exemptions. Six per cent of our compound debt is as a result of government expenditures.
Let us recognize that in some areas we have overspent, but in my judgment in some areas we have underspent. There are some areas where we should be spending now to encourage people to find ways and means of getting back to productive work. Let us
recognize that the best social program in this country is for someone to have a decent paying job.