A member opposite says it is nonsense. Unfortunately, the member probably has not read the OECD report and of course it is nonsense if it is something he has not read.
Let us look at other issues. When we want to have strong fiscal anchors, private sector economists expect Canadian growth will average 3.5% this year compared to our friends south of the border where it looks like it will be about 2.3%.
The fact is that we will lead the G-7 in economic growth this year and next. This is an important legacy. The opposition talks a lot about a legacy. The most important legacy under the Prime Minister has been the economic record of getting the fiscal house in order. I know my colleagues would agree that is what is extremely important.
Regarding the debt, the fact is that by paying down the national debt, we save between $2.5 billion and $3 billion a year on interest, this year, next year and every other year. Why is that important? It gives us the opportunity to deal with some of the urban issues, rural issues, social issues, family issues in this country because the government has been fiscally responsible. That is something Canadians appreciate. That is something Canadians expect their government to do and we are doing it.
There are two areas I want to touch on briefly. One is with regard to urban areas, an area of particular concern to me. I live in a very fast growing area of Ontario, an area where there is a lot of congestion and development.
Over the years I have spoken out very strongly about the need for a solid partnership of all orders of government and the private sector with regard to urban issues. When I was president of the Federation of Canadian Municipalities I talked about the need for a 10-year program for urban infrastructure. In fact my good friend from Saint John was there with me. She also supported that and I know she is pleased to see that in the Speech from the Throne. The fact is the government has delivered.
I would point out that between 1993 when this government came in and 2000, the government funded over 21,000 projects with over $15 billion in urban infrastructure along with our provincial, municipal and private sector partners. This is a major accomplishment. When there is a hole in the roof and it is not repaired, it gets bigger and the same is true with urban infrastructure. If we do not deal with it today, it is going to get worse. We have been responsible in working with our partners to deal with that.
We also have announced $2 billion in major strategic infrastructure projects dealing with sewer, water treatment and local transportation. These are very important. The Speech from the Throne recognizes that. That is why there is a 10-year program for infrastructure, to accommodate long term infrastructure needs.
Helping our urban communities respond in a fiscally responsible manner is important. It is important that we have cities that are safe, efficient and environmentally friendly. That is what the government is doing in helping to reduce congestion in our cities.
Extending investments in affordable housing is extremely important. It is another area where the government is stepping up to the plate and doing its part. It is an important signal in the Speech from the Throne.
Extending the supporting communities partnership initiative is something that cities have said is extremely important to them. The government has listened and responded accordingly.
I would be remiss if I did not recognize my good friend the Minister of Labour and her tremendous work on the homeless file. Our government came up with the necessary dollars to assist communities across the country in dealing with the homeless issue, knowing that we alone could not solve it, but in partnership. In the Speech from the Throne we talk about partnership and helping Canadians help themselves. This is all in the context of the strong fiscal anchors that I have outlined.
Canadian families are looking to the government. Families sometimes need the tools to care for family members. We are an aging society. There are family members who are getting older and responding to that issue is important. The government has recognized that in the Speech from the Throne. The government will continue to increase its support for families.
One of the most important policy initiatives is the issue dealing with the child tax benefit. This is very important. The family will benefit by more than $2,500 for the first child in 2004. We had an early childhood agreement with the provinces and territories. Again we are working in partnership.
These are not policies or programs that we are pushing on people. We are working and listening, and by listening we are able to develop these important programs. There is the Canada prenatal nutrition program with $27 million to help pregnant women at risk. Again, this is a very important program. We want to make sure we have strong families.
I should not leave out tax cuts. We brought in the largest tax cuts in Canadian history, over $100 billion. This year alone we are seeing a $20 billion cut by the government. It shows that we are responding. We are bringing down corporate taxes. We are bringing down income taxes. At the same time we are responding to the social needs. A nation is not just a balance sheet of figures; it is about real people and real needs. We can be proud as a government in responding in that way.