Mr. Speaker, I would like the member to address the issue of the cost of the millennium fund. I suggest the whole idea of this millennium fund is nothing more than to create some kind of movable shrine for the Prime Minister when he finally retires so that it will have his name on it.
Let us assume the finance minister determines he is going to put $3 billion into the fund. Let us further assume that fund will theoretically throw off a certain number of dollars. Let us pick a figure of 5% or $150 million a year that would be directed toward these scholarships. Let us also take into account our national debt is approaching $600 billion. By taking $3 billion that could be used toward paying down that $600 billion debt, by not paying down that $600 billion debt, that $3 billion still has interest payable on it.
Guess what? At 5% the cost of that $3 billion is $150 million, indeed the amount of money the government wants to spin off to the students through this millennium fund, this great moving shrine for the Prime Minister who at some point in time will be the ex-prime minister.
This millennium fund is nothing but smoke and mirrors. If you do not pay down the $3 billion, you have to pay interest on the $3 billion. How can you pay interest on the $3 billion when you have already put the interest back into the bond market? It is just smoke and mirrors.