Mr. Speaker, the reason we would not want to go back to 1997 is that we might not have the CPP today if the government had not stepped in and done something about it.
At the time, it was not an easy decision. We could talk about the returns that have been year to year, but back in 1997 we were in desperate trouble. Canadians today would have had a lot less money to look forward to in their retirement years.
I commend Prime Minister Chrétien and Finance Minister Martin and the others. The member does not have to take my word for it. The Caledon Institute, which I am sure my colleague knows well, which does tremendous work, said in its report that this huge reduction in poverty among seniors is due largely to improvements in public pension programs, including OAS and GIS but also the Canada and Quebec pension plans.
I think it was a very positive thing for Canadians that we did that. It provided a basis for some financial foundation today in spite of the difficult markets and difficult circumstances that Canadians are facing.