Mr. Speaker, when the Liberal government took office in 1993 Canada was saddled with a $42 billion deficit. Four years later that deficit was gone. Achieving it was not without significant sacrifice by all Canadians.
However, that sacrifice led to back to back surpluses for the first time in the last 50 years of $3.5 billion in 1997 and $2.9 billion in 1998.
Continued responsible government and prudent fiscal management have also created another 600,000 jobs since 1998 and our unemployment rate, as announced today, has fallen to 7.2%, its lowest level in nine years. That is good news.
Based on the economic statement of November 2 delivered by the finance minister, our strong performance is also forecast to continue for the next five years. Canadians can now expect more tax cuts, greater support for children and families and more help for education, knowledge and skills.
This is all good news for Canadians. As we enter the new millennium Canada is the place to be.