Mr. Speaker, as I was saying, we balanced Canada's books in 1997, brought down eight consecutive surplus budgets, with at least five more balanced budgets projected for the future five years.
We reduced federal debt, in absolute terms, from $63 billion and, as a proportion of the total economy, by 45%. The debt is now in a steady downward track, scheduled to decline to 25% of GDP by 2015 and then to no more than 20% of GDP by 2020.
Under the Liberal government, we obtained the AAA credit rating. Inflation declined, interest rates came down and remained low and stable. Federal taxes were reduced by more than $100 billion since 2000 and another six-year $50 billion tax cut was initiated in 2005. I should also mention, we indexed the income tax system to give Canadians tax breaks each and every year.
The Canadian economy has generated more than 3.5 million new jobs since 1993. Participation in the labour market is at near record level highs, while unemployment has plummeted to a 32-year low. Business and consumer confidence is up. Investment plans are robust, housing markets have been impressive and both domestic demand and export sales have continued to be very positive.
Canada has enjoyed 12 straight years of unprecedented economic growth. We can properly claim the best fiscal performance in the G-7 group of world-leading economies and the best fiscal record of any Canadian government since 1867.
Ten years ago, there were 12.8 million jobs in Canada. Today there are 16.4 million. The unemployment rate was 11.5% 10 years ago. Today it is 6.3%, the lowest in 32 years.
I could go on with statistics, but there is more. It is also important that a government invest. So what did the government do? We did that, too. We invested in the strongest ever support systems for children, families, seniors, the disabled and their caregivers.
We invested in the highest ever transfers to provinces and territories, as well as direct federal programming to advance health care, more than $42 billion for health care alone over the next 10 years, plus education, a clean environment, public infrastructure, safe and vibrant cities and communities, the agriculture and resource sectors, new Canadians, first nations and aboriginal peoples.
We also invested in science and innovation, talent and brains, so Canada could remain number one in the G-7 for publicly-funded R and D and so Canadians could succeed in the knowledge-based, technology-driven, skills-intensive and highly-competitive global economy in the 21st century.
We also invested in foreign aid, diplomacy, national defence, security and public safety.
Our track record in this regard is very enviable.
What about children and families and those in most need in our society? We introduced the Canada child tax benefit and the national child benefit supplement, which will help more than three million families annually, providing $3,000 a year per child, totalling about $8 billion a year in family benefits. We expanded the child care expense deduction to $7,000 per year for children under seven, $4,000 for children seven and older and $10,000 for children with disabilities, totalling some $500 million per year in benefits.
We have enhanced the broad range of tax and other supports for children with disabilities, including a major improvement in the child disability tax credit. We expanded parental leave from six months to a full year. I am pleased to say it was my bill. We created the registered education savings plan, the Canada education savings grant and learning bonds for every newborn child in our country. We launched the head start program to help ensure a good beginning in life and at school for our aboriginal children.
In the 2000 health accord, we established an early childhood development framework, which is now providing provinces and territories with about $500 million every year, through the Canada social transfer. We also invested in a multi-year $100 billion tax reduction plan, which began in 2000 and emphasized cutting the personal taxes of middle and low income families. It brought down the federal tax burden by some 27%.
Our further plan to cut taxes would increase the basic personal amount, which all Canadians can earn tax free, reduce federal taxes across the first three brackets and also institute a new working income benefit to help low income families get over and stay over the welfare wall, representing an overall tax savings to Canadians of close to another $30 billion over six years, with the vast majority of benefits focused on middle and modest income Canadians.
I would be remiss if I did not mention probably one of the most important acts that I participated in along with most parliamentarians in 1993, and that was the Clarity Act. Over the last decade that act became the hallmark and an important legacy of the Government of Canada in that it addressed up front the problem with regard to having referendums on the issue of Quebec separation. Now we have legislation in place, thanks to the Liberal government over the last 12 years, that will ensure that this problem will not be the same kind of problem we experienced the last go-round.
We know where the Conservatives were before 1993. We know where the Liberals have been over the last 12 years. What do we see now? Very honestly, when I look at the budget as a package I do not see a vision for Canada. I do not see nation building. I do not see investment in post-secondary education. I see an abandonment of the climate change file, which is probably one of the most important files that we need to address.
On the Kelowna accord, who in our society is more deserving and more in need than our aboriginal and first nations people? I have visited at least a dozen reserves. I have been there so I know. We have talked very passionately. The member for LaSalle—Émard has been doing excellent work to advance those issues.
We need a vision for our country. I understand every government can make its choices, but I can say that in the next budget some $22.5 billion in programs that Canadians need in order to live in dignity and respect are going to have to be cut. I am afraid for seniors. I am afraid for children. I am afraid for Canadians at large. We have heard so many examples of how the budget has not told all of the story with regard to the implications of the tax increases. If members were to check with the Conference Board or look at the Caledon Institute report, they would see that this is clearly a budget that is dedicated to short term gain for long term pain for all Canadians.