Mr. Speaker, I will be sharing my time in this debate with the member for Saint-Boniface.
I am very moved to be taking part today in the debate on the 2009 budget, especially when I think of the difficulties many of our fellow citizens are facing in this time of economic upheaval.
Emotion is triggered as well by the indelible memories marking the history of my riding. Thetford Mines, where I was born, was hit hard in the 1980s by the collapse of the asbestos industry. I can tell you that it was not easy. It was not easy for families or businesses. It was not easy for anyone. The entire community was affected.
This difficult experience taught me quickly that, whatever our age or job, wherever we live in this great country, it is never easy to be the victim of economic upheaval. It taught me as well to never give up. Even in the hardest times when bad news followed bad news, the people of Thetford Mines showed that by joining forces and redoubling one's efforts things can be changed. And today, the region is a fine example of economic diversification.
This is why, today, I believe in our economic action plan. It is the product of the broadest prebudget consultation in the history of Canada. We consulted, we listened and now we are acting. We are acting to protect Canadians' assets. We are acting to stimulate employment and the economy. And we are acting to prepare the future now. Through our good management over the past three years and our economic action plan tabled by the Minister of Finance last Tuesday, we will be able to control the damage and quickly overcome the effects of the crisis.
Over the next two years, we will be injecting an additional $40 billion annually into the economy. As I said, we consulted Canadians right across the country. We looked at all possible scenarios and concluded that the best solution was to temporarily and cautiously allow public finances to go into a deficit position. The real question, however, is whether there was any choice.
In the light of events in recent weeks, a decision to do nothing would have had much more serious, even catastrophic, results in the short, medium and long terms. In this context, we decided to first help our workers, families, businesses and regions already hit directly by the crisis.
For unemployed workers, not only have we extended the benefit period by five weeks, but we have also invested $500 million to help them undertake long-term training. We will ensure that employees whose employer declares bankruptcy receive their full wages, as well as all severance packages due to them. We will also be reducing personal income tax in order to leave families with more money in their pockets and to stimulate consumption.
In all, there will be close to $20 billion in new tax reductions over six years to help individuals and families. There is also help for those wishing to create employment.
Since we came into power in 2006, we have taken steps to ensure that Canadian businesses have the lowest taxation rate of all the G7 countries. Today we are moving still further by lightening the tax burden a little more for our small and medium businesses, which are the driving force behind job creation in this country. We have also created a community adjustment fund of $1 billion over two years. This fund will provide direct assistance to our communities in their innovative efforts to diversify their economy. Finally, there are unprecedented efforts in connection with infrastructures, and these will have an impact that will be as considerable as it is immediate in our communities.
Our primary objective is to work in close conjunction with the provinces and municipalities to put in motion priority projects to stimulate employment in record time. In addition to the $33 billion of past investment in our building Canada fund, we have allocated an additional $4 billion over two years for local and regional projects. There will also be another $1 billion for green and sustainable infrastructure, particularly improvements to public transit systems.
In addition, we will invest $2 billion in the renovation of universities and colleges, along with another $750 million for the Foundation for Innovation, which contributes to the improvement of research facilities in those same institutions. It can be seen, then, that our efforts go far beyond merely investing in bricks and mortar. We are upgrading infrastructures, stimulating employment and the economy, and modernizing the facilities that will ensure our success in the knowledge-based economy.
Once again, my department, Public Works and Government Services Canada, will put its shoulder to the wheel, investing $250 million by 2011 in order to speed up the modernization of hundreds of federal laboratories. These laboratories play a crucial role in ensuring the health of Canadians and the safety of the food they eat. Close to $270 million more will be allocated to the maintenance and upgrading of federal bridges and $212 million to maintain the Champlain bridge in Montreal. Regardless of the future of that bridge, it must be kept safe, not just now but for the years to come.
As the minister responsible for the Montreal region, I am delighted with our additional investments, not just in infrastructure, but also in culture and social housing, three sectors that are a priority for Montreal as well as for a number of other Quebec municipalities.
Our new investments in culture, in the order of $500 million, will contribute to the growth of organizations and events to boost the economic and cultural vitality of Quebec.
Our government has always recognized the importance of culture and we are proud that, over the next two years, we will be putting $100 million into festivals, $60 million into cultural infrastructure and $20 million into arts training. These are considerable amounts that will be invested in effective programs that will benefit our creators, our broadcasters and our communities.
Besides these efforts, we will invest $1 million over two years to renovate 200,000 social housing units in the country.
I could go on listing many other significant investments, but I believe that you have grasped the scope of the plan that we are working to put in place. It is a plan that will benefit the construction industry, job creation and people's quality of life. This plan will stimulate economic activity in our country in order to avoid a prolonged slowdown in our economy. We are investing now to stimulate the economy, but we are also investing in our future, in the future of our infrastructure, which will create a much better legacy for our future generations.
Our plan shows that in the face of this raging economic crisis, our government is acting. Given the scope of the challenge, this is not the time for partisan debates. On the contrary, the time has come for parliamentarians, for everyone in this country, to work together. We are facing an exceptional crisis and we must take exceptional action, which is what we are doing in our plan. This is also why I am asking the members of this House to support this economic action plan, which is a direct response to the needs and expectations of the Quebeckers and the Canadians who asked us to take action.