Mr. Speaker, I first want to indicate to my hon. friend that the super RRSP solution is in our judgment not the answer. Somehow there is the implication that the super RRSP would not be a cost to the Canadian taxpayer. It would be a huge cost. Even the present RRSP system is costing $18 billion a year in terms of lost revenue to the federal government.
To answer my friend specifically, if he listened carefully he would have heard me say that the assumptions on which Bill C-2 is based were based on a model that we believe is incorrect. We feel it is inappropriate that Reform based its recommendations on what we feel is a worst case economic scenario over the next 20 years. A much more modest set of changes along these lines would be acceptable.
We believe in the public pension plan system. My friend would know that while his plan was based on an example in Chile, we are suggesting what almost every European country that has gone through this process has adopted. It is fair to say that the lifestyle in Europe is somewhat superior to the lifestyle in Chile without saying anything negative in particular about that country.
We believe in a public pension plan. We believe that the Canada pension plan has worked well until recently. The changing economic times require some changes. I have yet to find a single Canadian who says they are not prepared to provide more premiums if they are guaranteed a pension when they retire. Let's face it, the modest increases over the years have not kept up with the realities of the economy and the growth in the pension fund, but I find Canadians by and large quite accepting of this notion.
We believe the government has gone excessively too far. That is why I say that we have a number of concerns we want to see addressed in committee. We want to see the bill come back to the House after committee with a set of changes much more in tune with the economic reality of the future of the country.