Mr. Speaker, I know it has been so wonderful having us in office that it seems like we have been here a lot longer but we have only been in office since 1993. In fact, the inflation creep to which the hon. member refers was put in place by the previous government in 1985.
If we look at the increase in revenues anticipated between 1993-94 when we took office and 1997-98 of some $23 billion, $17 billion of that is due to increased economic activity. Over $2.2 billion is due to the closing of loopholes, the vast majority of which the hon. member and his party would like to see stay in place, but we closed them.