Madam Speaker, I want to make a comment about surpluses and ask the member a specific question relating to EI. I know he is very knowledgeable on that side and maybe he will be able to answer.
Often in debate it has been said that, to the extent that surpluses exist, it reflects the overtaxation of Canadians. I would simply like to point out to members that to the extent that there is a surplus, which is determined about six months after a year is completed, which is how long it takes before the financial statements of the Government of Canada are finalized, that under the Financial Administration Act the amount of the surplus goes toward paying down the debt.
Therefore, to the extent that a surplus exists, it is still applied to the reduction of debt which, since 1997, actually has resulted in annual savings to Canadians of about $3 billion of interest expense.
It is important that we continue to keep our eye on the debt. We used to pay about 42¢ on the dollar for debt servicing. It is now down to something like 22¢, which is important to keep in mind. The debt does have to be serviced and Canadians want us to not only not go into deficit but to in fact create surpluses to pay down a little of the debt as we go along.
I know the member has raised this issue before, which is the issue of the percentage of people who pay EI premiums who are not entitled to benefits. The member is aware that the program is built on the basis that people must put in a certain number of hours to qualify for any benefits. Obviously someone who only works for one day cannot automatically collect full benefits. What percentage would the member expect not to qualify for benefits with a reasonable waiting period before one would qualify?