Mr. Speaker, what is left out of that analysis is the importance of revenue in balancing a budget. The corporate tax rate went from 28% in the year 2000 to just 15% today. Every point of the corporate tax rate is worth over $2 billion, and he talks about the magnitude of deficit.
The fact is that the Conservatives and Liberals both got there together. That decrease in taxes started under Chrétien and Paul Martin and it was finalized by Stephen Harper. The story was that private industry would take those tens of billions of dollars and invest them in the Canadian economy. That did not happen.
The promise of what those tax cuts were meant to do was never realized. The fact is that money could be better spent. There is no way that we will ever balance a budget if we do not raise enough revenue.