Madam Speaker, my colleague is an experienced member, and I know how much he cares about the economy and his community. Of course he is immersed in these issues, as we all are.
To reassure him, I would point to the December 5 statement issued by the International Monetary Fund. The IMF, one of the most respected multilateral organizations in the world, said a great deal about Canada's current fiscal position. It said that the fundamentals are very strong, first of all. How could they not be with a AAA credit rating and with a debt and deficit that is the lowest in the G7?
If we look at inflation, we find that the rate of inflation is well within the Bank of Canada's guideline and is currently sitting at 2.4%. We have battled inflation over the years. At one point it was, I think, in excess of 8%. We have brought it down significantly through a targeted approach. Granted, that was first pursued by the previous government. Now Canada's new government is embracing fiscal responsibility, making sure that we do exactly what is needed to steer the country during this very difficult time.
Earlier in the House of Commons today, during question period, I talked about a rupture that the Prime Minister articulated very well at Davos. We have a great deal to do, and certainly an approach focused on fiscal responsibility, investment and making sure that we are building up the country, focusing on infrastructure, in particular, to get our goods and resources to market. That is exactly what will secure our future going forward.