Mr. Speaker, before I start my remarks, I would like to follow up. The debt grew quite large under the administration of the Conservative government of Mr. Mulroney. Under our administration, the debt as a percentage of GDP dropped from 68% to 38%. That is a substantial accomplishment. We started out, as my hon. colleague from Egmont said, with a $40 billion plus annual deficit. In fact, this is a great segue for my own remarks.
My own very large and beautiful riding of Algoma—Manitoulin—Kapuskasing in northern Ontario, some 110,000 square kilometres, is an area filled with creative people, about two dozen first nations communities and Métis people. We have tourism, forestry, mining and a potential for the future, which is fabulous. However, the budget, introduced for the first time by the government a few days ago, is one without any vision. In fact, when I was contemplating whether it was a vision that was a bad vision for the future or whether there was any vision at all, I really was not certain.
Let me just build a bit on some of my colleague's remarks. We should consider what our administration did over the last 12 years with the national unemployment rate. In 1993 it was at 11.5%. Now it hovers in at just over 6%. I mentioned the huge drop in the debt burden of the country. Employment insurance premiums dropped from over $3 per $100 of earnings back in 1993 to now under $2 per $100 of earnings. It is a fabulous boost for small business and workers across the country.
I could go on and on. In fact, a very important statistic is that Canada's foreign debt as a percentage of GDP dropped from 45% in 1993 to only 17%. We were able to put the books of the country in shape for the first time in a long time, I think eight successive surpluses. Thankfully, the Conservatives now are the beneficiary of a great set of books. We encourage them to use those funds wisely. Do not bring us back into deficit. That would be the worst thing for the future of the country, and I worry about that. Conservative governments in the past have proven to be fiscally incompetent.
For example, Conservative governments in the U.S. have proven themselves to be fiscally incompetent. The competence that the Liberals brought to the financial affairs of the country is a model for the world. Ask our G-7 and/or OECD colleagues about that. That is not even to mention inflation.
Over the time that we were in office, inflation was brought under control. This was not done just by the government itself. Nor can the new government take all the credit for what it does, bad or good. It does involve a lot of other people. Canadians worked hard, along with us over the last 12 years, to accomplish what was accomplished.
I would like to go back to the division thing. What really concerns me is that the budget is much more about short term expediencies, what will happen in the months ahead. I am, as are my colleagues, more than ready to face the electorate at the appropriate time.
I mentioned that I had roughly 24 first nations in my riding. We had the Kelowna accord, an accord that was signed, sealed and delivered by the premiers of the provinces and territories, by the aboriginal, Métis and Inuit leadership and by the prime minister of the day. To see that accord tossed out the window is a damaging for the relationship between Canada and its aboriginal peoples.
Our aboriginal people deserve respect. They deserve to be at the table. It was a historic meeting in Kelowna where provincial, territorial, national and aboriginal leaders were together for the first time. They made breakthroughs that were historic. I really hope that the very small down payment that the government made in its budget is followed up with further action and a commitment to follow through on the over $5 billion that was committed to in Kelowna. We are really counting on that. We will give the government the benefit of a little more time, but it is barely 20% there on that commitment.
I am worried about our regions. There was no mention that I recall about regional economic development. In northern Ontario--