Mr. Speaker, my colleague's question allows me to explain the largest debt in Canadian history measured by deficit to equity ratio was actually in 1984 after successive Liberal governments were in power. It was over 8%, compared to 5% today.
The Liberals and the opposition over the past two years have been encouraging us to spend even more money. So it is not as a result of anything they have been doing.
However, I explain what we have been investing in. We paid down $40 billion of debt prior to the recession, which placed us in a very strong position to tackle the recession when it actually happened. We cut over 100 taxes, putting over $3,000 back into the pockets of the average Canadian family. Over one million lower income Canadians are no longer on the tax rolls. We have allowed income splitting for seniors. We have doubled the age credit amount for seniors. We have raised the age for converting RRSPs to RRIFs from 69 to 71 years. We have introduced the tax free savings account which almost 5 million Canadians have taken advantage of.
I have much more if the House would like me to continue.