Mr. Speaker, in spite of the tired rhetoric, flawed logic, incorrect facts and the insults to the millions of Canadians who are employed in jobs that are not McJobs, I am going to answer this question as I have been asked to do. I might point out in beginning my response that in my city of Toronto 70,000 people work for the banks.
The government is delighted with the low rate of unemployment in Saskatchewan. I applaud the Saskatchewan government's partnership approach to developing the economy. Successful as that government's programs have been, we must recognize that other factors have played a substantial role in Saskatchewan's low unemployment rate. Bumper grain crops and strong grain markets have been an important part of the province's success this year. Furthermore, Saskatchewan has historically been blessed with one of the lowest unemployment rates in the country.
Like the Government of Saskatchewan, this government believes it is only through team efforts that we can harness the financial resources and the knowledge needed to implement effective strategies for continuing growth. That is why partnership is also a key part of the federal government jobs and growth strategy. The strategy has three main elements.
The first is to set the appropriate macro-economic conditions. This has been done by setting and achieving inflation control targets and meeting and exceeding those targets. The pay-off is evident in the dramatic declines in interest rates to levels no one thought possible even a year ago. Even in the hon. member's province, he will know that mortgage rates, car loan rates, small business rates, are substantially less than they were when we took
office in 1993. Those are real savings, real dollars back in the pockets of his province.
Second, the government is also helping the private sector to create jobs in the near term to bridge the gap to stronger growth and the full impact of lower interest rates take effect. We have extended the Canada infrastructure works program, a program that involves partnerships between all levels of government and the private sector. We have reduced the EI premium to $2.90 in 1997, the third successive decrease in as many years and we will reduce it to $2.80 in 1998.
We also introduced a new hires program, giving EI premium relief to small firms that create new jobs in 1997-98. We have extended the residential rehabilitation assistance program for another year. We are increasing support for tourism and youth employment in partnership with the private sector. All of these things benefit the people of his province.
Third, we have made strategic investment in new technology, worker's skills, labour market social reforms to increase employment opportunities for Canadians. The government is the first to admit that unemployment is too high. While no one can be satisfied with the pace but progress recently is important to recognize. We are making substantial progress.