Basically, Mr. Speaker, their defence is that they are as bad as the Conservatives were.
In a fit of honesty, the Minister of Finance admitted that small municipalities would not really benefit from the infrastructure bank.
The minister said that private investors were looking to invest in major transformational projects that will produce revenues with a high rate of return.
Michael Sabia talked about a rate of 7% to 9%. These investors will not be interested in bridges or roads if the return is not so great.
Why take $15 billion that could have been used by municipalities such as Rimouski or Jonquière, and hand it over for projects that are tailor-made for Toronto or Montreal?