Mr. Speaker, I am proud to rise in the House today and speak in favour of our Conservative government's 2008 budget. I will be splitting my time with the member for Nanaimo—Alberni.
I am especially honoured to support the budget for my constituents in the great riding of Palliser. Canadians like them will benefit most from the government's economic plan. I have already received a lot of positive feedback from my constituents about the budget. These constituents, like other Canadians who watched the unveiling of budget 2008 on television or who heard it on the radio, found something in our economic plan for them.
The budget offers all Canadians a reason to celebrate, regardless of age, income level, geographic location or marital status. Even though budget 2008 has something for everyone, it is also balanced, focused and prudent.
Aptly entitled “Responsible Leadership”, it lays out our Conservative government's blueprint for careful stewardship of the Canadian economy in the face of challenges presented by global economic uncertainty. The Regina Leader-Post stated in its editorial yesterday:
This was not a sexy, free-spending budget that saw the federal Conservatives buy Canadians' votes. It allowed them instead to say they are managing Canadians' hard-earned money well.
The budget builds on our decisive, pre-emptive action taken in the 2007 fall economic update and during winter 2008 to lower taxes for people and businesses, pay down debt and provide targeted support for troubled industries. We are building on a record of soundly managing Canada's finances.
Since the Conservative government came to office in 2006, we have reduced the overall tax burden in Canada to its lowest level in nearly 50 years. We have paid down our federal debt by $37 billion and instituted a tax back guarantee to ensure that any interest savings on debt repayment would returned to Canadians in the form of personal income tax cuts.
Under the Conservative government, Canada's unemployment rate is at its lowest level in over three decades. If we want to continue this economic success, it will require a steady hand on the rudder as we navigate the current volatility in world markets.
Our Prime Minister, the Minister of Finance and our Conservative government have demonstrated our commitment to the required prudence in budget 2008.
In this fiscal year we will pay an additional $10.2 billion down on our national debt. By 2012-13, our Conservative government will have reduced the debt by $50 billion. We believe that future generations should not be shackled by the debt of previous generations.
We are taking the same responsible approach to federal finances that Canadians apply to their own family finances. In times of economic uncertainty, people do not overextend themselves by running up bills that will need to be paid later. Instead, they pay off their bills to give themselves and their families peace of mind and security in the future.
In budget 2008 we have also given Canadians an inventive new tool to allow them to save and also an incentive to save. Our new tax-free savings account is the most significant personal financial innovation since the RRSP. It will allow all Canadians over 18 to invest up to $5,000 per year for their own priorities. They can withdraw that money whenever they need it and any interest, dividends or capital gains will not be taxed. Any unused contribution room will be carried forward to future years and no amount earned in or withdrawn from the account will count against Canadians when determining their eligibility for federal income tested benefits, such as the child tax credit, GST tax credit or the age credit. This tax-free savings account offers all Canadians a powerful incentive to save for their individual future goals and priorities and watch their savings grow tax free.
Through the establishment of this account, our Conservative government has truly provided something for everyone. All adult Canadians can benefit from this measure: young people saving for their first car; couples saving for their first home or a wedding; families looking to fund home renovations; or seniors who want to stretch their retirement savings further or save for a trip south in the winter. This is great news for all Canadians who want to invest in their goals, their families and their futures.
Through this budget, our government is also investing in the future. We know that one province with a very bright future is my home province of Saskatchewan. Budget 2008 introduced several measures that will help sustain that growth.
Our Conservative government is committing $240 million for Saskatchewan to develop one of the first and largest clean coal and carbon capture demonstration projects in the world.
According to the Government of Saskatchewan's announcement yesterday, the proposed SaskPower demonstration project is a seven year, $1.4 billion government-industry partnership that rebuilds and then re-powers a major coal-fired power generation unit at Estevan's Boundary Dam. I am very proud to say one of my first summer jobs was at Boundary Dam in Estevan, Saskatchewan, the sunshine capital of Canada, so I take particular pride in this investment.
In terms of carbon capture, there has been some very exciting work done in this field at the University of Regina. I am encouraged to see our government's commitment to this kind of endeavour for Saskatchewan and for our environment. The new Government of Saskatchewan has asked our federal government for funding of this nature and we are delivering. With this commitment, we see the dawn of an encouraging new era of cooperation between the Government of Canada and the Government of Saskatchewan.
Budget 2008 delivers for our communities in Saskatchewan and across Canada. We are making the gas tax fund a permanent funding measure for our municipalities to allow them to better plan and finance their long term infrastructure needs.
Also, Saskatchewan will receive $36 million through the community development trust to help vulnerable communities adjust to global economic uncertainty. It will receive $15 million over two years through the public transit capital trust 2008. Saskatchewan will also receive $64 million for infrastructure initiatives, $15 million for labour market training, and $10 million for the Canadian Light Source synchrotron.
Budget 2008 is also investing in the future of Saskatchewan's agricultural producers. Since 2006 our government has provided $4.5 billion to farmers. With this funding, we have put in place an improved package of farm income stabilization programs that are responsive, predictable and bankable.
In this budget, our Conservative government is providing funding of $72 million over two years for farm programs. We have also improved producers' access to $3.3 billion of cash advances, a move that will help our livestock producers in particular. In addition, Saskatchewan will receive $4.2 million through the cull breeding swine program to alleviate financial pressures faced by the Canadian hog industry.
This is all very good news for the agricultural producers in my riding, in communities such as Pense, Avonlea, Caron, Rouleau, Wilcox and Mossbank, who are so vital to Saskatchewan's economy.
The good news for Canadians does not stop there.
Our Conservative government has introduced new measures in this budget to assist our valued senior citizens. The budget provides for a full exemption of the first $3,500 of earned income from the guaranteed income supplement, or GIS, calculation for seniors. This is up from a previous maximum exemption of $500, a significant increase that will make a difference for many seniors.
I am proud to have the military base 15 Wing Moose Jaw in my riding of Palliser. As such, there are many families in Moose Jaw and area who are survivors of war veterans. Budget 2008 will provide $282 million over this and the next two years to expand the veterans independence program, or VIP, to support those survivors. This is a move that I know will benefit many seniors in my riding.
Further, budget 2008 will continue this Conservative government's commitment to fighting the largely hidden problem of elder abuse. We will direct an additional $13 million over three years toward this issue.
I would like to congratulate Senator Marjory LeBreton, Secretary of State for Seniors, for ensuring that this important initiative was included in budget 2008. When Senator LeBreton recently visited my riding and with seniors in Regina, elder abuse was a key concern discussed at those meetings.
We are also funding other initiatives to keep our communities safe. In budget 2008 our Conservative government is giving the province of Saskatchewan $12 million to recruit frontline police officers to protect our citizens. In addition, we are providing over $60 million for crime prevention and prosecution nationwide. I could go on, but my time is almost up.
It is worth mentioning as well that we are investing in our Canadian Forces, providing stable and predictable new funding to ensure that our CF members--