Mr. Speaker, during the last campaign, the Bloc Quebecois said that, considering the circumstances and the massive debt, it would make sure that the new government struck a special committee responsible for the review of the federal government's public expenditures.
In the motion, we added "in light of the report of the Auditor General of Canada". There is also a mention of the overlap between federal and provincial government programs. Definitely, there are a lot of questions to be asked if we are to cut expenditures equitably and efficiently, in order to come up eventually with a balanced budget.
We all know that each time the federal government goes into debt, it is forcing Quebec into debt also. Quebecers are really concerned about the way the federal government is spending. We are aware of the fact that we are getting poorer and poorer since our debt keeps on growing.
If Quebec ever gains sovereignty, which I truly hope will happen, we will have to take over our share of that debt. That is why we are anxious to see the federal government lower its expenditures, so as not to keep on growing poorer every day. Canada's debt now exceeds $500 billion. If we divide this amount by the number of Canadian citizens, we come up with a frightening figure, but when we divide it by the number of families, the figure is even more alarming.
Once again, for these reasons we need to sit down and take a serious look at the situation and come up with real answers to this terrible debt problem.
During the 1970s we listened to Mr. Trudeau tell us that we could afford to borrow. These years were considered to be somewhat less prosperous ones. We were told that once the country grew more quickly, once economic growth was stronger, then we could pay the money back.
Not only did we take out loans, we also incurred long-term debts which we are still reimbursing. How are we supposed to reduce an annual deficit when we have 30-year commitments? The federal government has incurred all sorts of 30-year debts.
Mr. Trudeau and his government made a blatant error at the time as far as long-term obligations were concerned, one that has proven extremely difficult to correct today.
Throughout these years, from 1970 to 1992 or 1993, we always heard that Canada was a wealthy country and that it ranked first among all industrialized countries in terms of its standard of living. During the referendum, we also heard that Canada ranked first among the industrialized nations of the world. However we would be deluding ourselves if we believed this.
I will give you an example that I have often used to illustrate this point. Take a 20-year old who owns his own house free and clear. The home is valued at $200 billion. He also owns a car free and clear. Year after year for a period of 20 years, this person has had to take out a mortgage on his house to survive.
Twenty years later, in 1993, his house is mortgaged at 95 per cent, because that is the maximum amount he can borrow. He has a loan for the full value of his automobile because it is rented, and he has reached the spending limit on his credit cards. All the while, he has maintained the same standard of living. That person is inclined to say: My standard of living is very good and I have maintained it for the past 20 years. However that person is in debt up to his neck and is on the verge of tumbling into the dark hole of poverty.
This example describes exactly what is happening in Canada today. This is the situation in which we find ourselves. We say we are wealthy, but it is only artificial wealth. We have lived on credit for the past 20 years. That is the legacy left to us by the Liberals and we are still being taken in today.
In 1984, I was elected along with the Conservative government and I said exactly the same thing to my constituents at the time.
In 1984, economic growth was good, around three per cent. In our caucuses we would say: "We must cut expenses. This is insane; the public debt is close to $180 billion". Ministers agreed that cuts had to be made, as long as their department was not affected. So, we kept spending more and more.
In 1985, 1986 and 1987, when economic growth was quite good, we could have cut expenses even at the cost of creating a little unemployment. When cuts are made, the government pumps less money into the economy and this results in slower growth. With a 3 or 4 per cent growth at the time, we could have sacrificed one per cent by cutting spending. But we did not. Why not? Because we did not have the kind of all-party independent committee that we are proposing this morning.
We propose that an independent committee, a committee with no political ties or partisanship, be set up. It is imperative that such a committee, made up of representatives of all official parties, be struck to made recommendations so that the government can act without fearing blame, since it would automatical-
ly have the support of the three or four parties. That is the great advantage of our proposal.
That is why it is so important. If you are the least bit familiar with how things work in politics, how politicians react, you know that there comes a time when we must set our political interests aside and take steps to help the government act without being criticized.
Basically, what we are proposing today is a way to provide support to the government so that it can make some headway and bring the debt down. We must all set partisanship aside and deal immediately with this monstrous debt that is bankrupting this country.