Mr. Speaker, I have a great deal of respect for that member, but she has again repeated a myth that many people are buying, and that is the Liberals somehow left this government in a wonderful financial position. I would like to set the record straight.
If we look at the financial accounts of the country over the years, we will find that the deficits were due totally to high interest payments in those years. We could probably fault the Conservative government of the day for not taking fast short term measures to reduce that debt and hence the interest payments. Instead, it addressed the long term problem and brought in a number of policies that the Liberal government, over the last 12 years, was able to use to reduce those deficits.
The Liberals did bring down the debt. After they let it go up about another $80 billion, they brought it down about the same amount. I believe that is right.
I see some members over there laughing. As I recall, when the Liberals took over in 1993, the debt was very close to $500 billion and it is still $500 billion. It did go up in the first three years of their regime and then it went down after that. It was a Liberal legacy that left us the debt. This government has actually addressed this issue.
To the credit of the Liberals of the day, they--