Mr. Speaker, Bill C-48 is a bill that proposes further investments from unplanned surplus funds.
Canada's social foundations are a key to our social identity. In past budgets, the Government of Canada has made significant investments in these social priorities and this bill is merely a natural extension of those priorities. It already builds upon government initiatives taken over the past number of years and budgets.
Before outlining the measures contained in this bill, however, I would like to take a moment and talk about how the government is able to make these investments, or how we got from there to here.
As members know, Canada will record its eighth consecutive surplus in the budget year 2004-05, a record unmatched since Confederation. Indeed, Canada will be the only G-7 country to post a total government surplus in that fiscal year. Canada's much improved fiscal situation has allowed the government to make significant investments in the priorities of Canadians.
Our fiscal outlook, however, has not always been so rosy. When we took over the government from the members of the party opposite here, we were faced with a budgetary deficit in excess of $40 billion. On top of that, the unemployment rate was in the order of 11%. There was weak economic growth and weak consumer confidence, all brought on by the management so-called of the previous administration.
We recognized that something had to be done if we were to ensure a future for our generations to come. That is exactly what we did.
Our government undertook a series of measures to reduce spending and put our fiscal house in order. By 1997-98 we were able to eliminate the deficit.
I know, Mr. Speaker, that you are a bit of an athlete in your own right and without any pain there is no gain. Canadians clearly made sacrifices in support of a goal of improving our fiscal situation. However, in this case, and I know your athletic endeavours are matters of legend, the pain has paid off big time.