Mr. Speaker, when the Liberal Party came to power 13 years ago today, Canada was facing economic disaster. The previous Conservative government had racked up nearly $50 billion in debt per year, inflation was out of control, and the unemployment rate had reached record highs.
We got right to work and paid off $63 billion of the debt, which saved us $3 billion a year in interest.
Both the unemployment rate and the inflation rate are now low. In 2005, the Liberal government recorded its eighth budget surplus. Thanks to our excellent economic record, Canada has become a world leader.