Mr. Speaker, I am pleased to rise in the debate on the government's economic and fiscal statement delivered in the House Thursday last.
Mr. Speaker, I should also let the House know that I will be splitting my time this morning with the member for Barrie.
Certainly, the last several days since the statement was delivered by the finance minister have been filled with political intrigue and the kind of drama that one does not normally associate with Canadian politics to be sure. I am sure that political watchers and many more Canadians are captivated by the developments in the last few days. Aside from the spectre that has brought to the airwaves and print media these last few days, there is much at stake for all Canadians.
At home in my riding this weekend I heard from more constituents than normal. They expressed their concerns, their fears and their frustrations that the House is posturing toward the brink of an unknown path ahead. This is at a time when they look to us for stability and prudence.
It is no surprise that they are anxious. One only needs to consider the exceptional situation in which we in Canada and indeed the economies around the world find ourselves. We are facing an unprecedented deterioration in the world economy. The slowdown has been sudden and dramatic. No government and no economist could have predicted the speed at which it would intensify these last few months. The crisis has brought some of the world's largest economies, such as Japan and the United States, into recession.
Yet while we observe these developments around the world, our situation here in Canada is not quite as dire, at least not yet. We must be ready to respond, and as and if our economy weakens, we must take some solace in the fact that we entered this downturn in a much stronger position than most of our international partners.
It is a unique position to be in. While I can understand why the opposition parties and some commentators across the country are looking for massive bailouts and government interventions, let us remember that doing so would necessitate borrowing which would put the burden of these interventions on the next generation. That is something this government has signalled it would be prepared to consider doing, that is, running a deficit in the short term--