Madam Speaker, the hon. member will recollect that in 1993 the Wall Street Journal designated Canada as an honourary member of the third world because it did not control its finances. Therefore, it was with some great difficulty that cuts were made to programs, transfers, et cetera, and that did have an impact on people.
However, we cannot have it both ways. We either have a financial system that is coherent, a financial framework that works, or we do what the current government has done, which is let it run and run and go into chronic deficit.
I actually addressed this question with the finance minister when he came to committee. He has said that he will not raise taxes, that he will not to cut transfers and that he will not to cut pensions. That only leaves programs. His program spending is running at 7% or 8% on an annualized basis. He has said that maybe the government could get $100 billion of it to 3% on an annualized basis.
If we parse that answer, we will have deficits for the foreseeable future, as far as the eye can see. That is what we get with a Conservative government, no fiscal discipline. The fiscal framework for the country is a wreck. We are at the edge and we are about to go over.