Mr. Speaker, I will be sharing my time with the member for St. Catharines. I will use the next ten minutes to meet two objectives. I will prove that Canada is on the right track and then I will go on to illustrate that there are ten reasons to believe in a brighter future in Canada.
October 25 marked three years since our Liberal government took office. A tremendous amount of change has taken place since then. Over 650,000 new jobs have been created. The deficit has decreased. The crime rate has dropped. People are paying less for their mortgages. Small businesses are exploring more and more emerging global markets. The United Nations pegged Canada as the best country in which to live. Those are a few of the reasons I believe Canada is on the right track.
Our fiscal house is indeed in order. By 1998-99 the deficit will have been cut to $9 billion. That is a reduction of $33 billion or 80 per cent in five years. A recent OECD report stated that Canada will rank first among G-7 countries in employment growth both in the years 1996 and 1997.
What are these ten reasons to believe in a brighter future? First, the unemployment rate has gone down from 11.1 per cent in October 1993 to approximately 9.9 per cent in October 1996. This figure is still a bit high, but when we consider that we are going through global restructuring here at home and abroad it is very positive.
That we have been able to exceed our deficit reduction target is also quite impressive. I stated the statistics earlier, but I also want to make sure Canadians understand that the deficit has been reduced through spending cuts, not tax increases. By 1998-99 program spending will be at its lowest level since 1949-50.
Canada, as I said earlier, is expected to rank first in economic growth among G-7 countries. In part that is because of our deficit reduction action. There is no question that has increased investor confidence in our country and improved the overall economic environment.
Over the past three years Canada's inflation rate has been the second lowest among G-7 countries and among the lowest in the industrialized world.
Short term interest rates have declined 4.5 per cent since early 1995. That means that someone renewing a $100,000 mortgage for one year will save over $3,000 annually.
Also we are blessed to have youth who are the most educated and technologically advanced generation in our country's history. With a strong entrepreneurial spirit and a very positive eye on technology, Canada's young people are ready to face the challenges of the new economy. We are doing our share to ensure they can compete in the global marketplace.
Since April 1994 over 760,000 young people have taken advantage of federal government programs and services. Locally, in my riding, over 13,000 young people have accessed federal programming.
There have been recent amendments to Canada student loans. The government has realized that the provinces, universities and community colleges have increased tuition.
We feel it is our responsibility to respond to those changes. It is for this reason that we have increased Canada student loans allocation by $2.5 billion over the next five years. That accounts for approximately a 57 per cent increase at a time when the government is, like many governments throughout the world, dealing with the deficit and the debt.
We have also increased government funding associated with youth employment services by $315 million. That means that we are clearly not only stating in our speeches that young people are a priority but we are acting on it.
Another issue related to building the type of economic infrastructure required to remain globally competitive is technology and how this government is helping in this technological revolution.
Through technology partnerships Canada, the federal government is providing approximately $250 million to lever additional investment from the private sector and strategic technology sectors.
Strategis, Industry Canada's web site and one of the largest Internet sites in the world, is a business oriented data base of connections and opportunities.
We have also increased support to the Business Development Bank. That will result in an additional $350 million in bank loans to growing knowledge based, export oriented businesses.
We have also modernized Canada's social security net. I have personally been involved in this. The new employment insurance system will provide results that will help people get back to work. We have measures such as the wage subsidies, income supplements, self-employment assistance, skill and loans grants that will help unemployed Canadians re-enter the workforce, not to mention the new seniors' benefit. It will fully protect low and modest income Canadians.
Those receiving the guaranteed income supplement will get $120 more per year. Seventy-five per cent of single seniors and couples will receive the same or higher benefits. Nine out of ten
seniors, women, will receive increased benefits under the new system.
Going back to the issue of economics and global trade, the international trade strategy of this government is opening doors to greater opportunities. Team Canada trade missions to China, India, Pakistan, Malaysia and Latin American have brought home approximately $20 billion of new business deals for Canada's firms. When we think about it, every $1 billion of new exports protects or provides approximately 11,000 jobs for Canadians.
The Canada infrastructure program is a $6 billion cost shared program between the municipalities, the provinces and the federal government. This initiative has been quite successful because it deals with local priorities. It really speaks to the issue of when we pool resources as a government we can achieve great things locally.
Over 80,000 to 100,000 jobs have been created as a result of this program. We have not forgotten that there is something in this country that we all cherish as Canadians, that in many ways is identified quite clearly with our country. It is the issue of health care.
There is no question, based on the budgetary measures we have taken as a federal government, based on the excellent work done by the Minister of Health, that we are and we will continue to uphold the Canada Health Act ensuring that the system remains accessible, comprehensive, portable, universal and publicly administered.
I think I have clearly outlined to the viewers and members on both sides of this House that Canada is on the right track. I have clearly outlined 10 reasons why Canadians ought to believe in a brighter future not only for themselves but for future generations. We are certainly better off than we were four or five years ago. Our country is more optimistic about the future. Consumer and business confidence is up. The future looks bright.
I leave Canadians with one fundamental question. Is there any other country they would like to live in?