Mr. Speaker, I am very proud to rise today and speak about a budget that will continue to propel our nation towards long-term prosperity, not just for now, not just for our generation but for all future generations.
I would like to indicate that I will be sharing my time with the hon. member for Fort McMurray—Athabasca.
For our government, as it is for every Canadian from coast to coast to coast, a budget is a very serious thing. It is an integral part of a responsible way of life. Just as for any family, the budgetary choices we make today define the available opportunities for tomorrow.
By this measure, our government is signalling what a prosperous future in Canada will require, and we are taking concerted action today to make that happen: action by eliminating the deficit; action by investing in public infrastructure; action by providing incentives for hard-working Canadians to develop the skills and training that will provide them with good, high-paying jobs that will make a difference in the economy; action by investing in Canada's youth, who will drive Canada's economy long into the future, by supporting their educational endeavours.
As we all know, Canada is outperforming other G7 nations in economic growth by leaps and bounds. This budget will ensure that remains the case long into the future.
Our Conservative government is squarely focused on what matters to Canadians: creating jobs, supporting economic growth and securing Canada's long-term prosperity.
In fact, through the economic action plan, Canada has achieved one of the best economic performances of the G7 nations, during both the global recession and the economic recovery.
Here are the facts. Canada has created over 950,000 net new jobs since the depth of the global recession in July 2009. This is an indication that our economy is healthy. What is more, 90% of these jobs are full-time and almost 80% of them are in the private sector.
Over this period, Canada has had the strongest job creation record in the entire G7 by far. Canada's unemployment rate is at its lowest level in four years.
The unemployment rate is the lowest it has been in four years, and it is much lower than that of the United States. This is a phenomenon that has not been seen in almost 30 years.
Both the independent International Monetary Fund and the Organisation for Economic Co-operation and Development are projecting that Canada will have among the strongest growth in all the G7 countries for many years ahead.
For the fifth straight year, the World Economic Forum has ranked Canada's banking system as the soundest in the world. Canada also has the lowest overall tax rate on new business investment in the G7. All the major credit rating agencies, Moody's, Fitch and Standard and Poor's, have affirmed Canada's rock-solid AAA credit rating. Our net debt to GDP ratio remains the lowest in the G7 by far.
As we have said over and over again, the Canadian economy is not immune to the economic challenges beyond our borders. We are and will continue to be affected by the ongoing economic turbulence in the United States and Europe, which are among our largest trade partners.
For that reason, economic action plan 2013 focuses on positive initiatives to support job creation and economic growth, while balancing the budget and ensuring that Canada retains a strong economic advantage today and in the future.
We will maintain this impressive record of success by maintaining our focus on balancing the budget.
Before the global recession hit—and the hon. member who spoke just before clearly did not understand this—our Conservative government paid down $37 billion in debt, bringing Canada's debt to its lowest level in 25 years.
As a result of our fiscal responsibility and our debt reduction plan, Canada was in an optimal fiscal and financial position to weather the global economic recession. When the recession hit, we deliberately decided to post a temporary deficit in order to protect our economy and our jobs. All political parties in Parliament agreed.
I have to repeat that in English. All parties in Parliament agreed with that plan in 2009.
While other countries continue to struggle with debt that is spiralling out of control, Canada is in the best fiscal position in the G7. It is very important to note that Canada's net debt to GDP ratio is 35.8%. That is the lowest level in the G7 countries. The G7 average is 80.4%. That is a sign of a healthy economy.
Whereas the NDP and the Liberals want to engage in reckless and risky spending, our Conservative government will balance the budget by 2015.
I have some pieces of information I want to share here. The previous discussion clearly misunderstood what we are trying to achieve for youth, so this information is important, and I will change the order of what I am speaking on to ensure that I am able to address this. Let us not forget that this budget would provide many things for Canada's youth, the next-generation drivers of our economy.
It is vital that we provide young Canadians with the information and the opportunities they need to make good choices about education and employment if we want to create sustainable economic prosperity for Canada.
That is why economic action plan 2013 provides for strategic investments that will ensure that today's youth have the necessary skills for tomorrow's jobs.
We would do this by promoting education in high-demand fields, like the skilled trades, the sciences, technology, engineering and mathematics. We would extend support for Pathways to Education. As a former school trustee who saw the benefit of that to my community, I applaud this investment. It supports students who are at risk of dropping out of high school, through tutoring and mentoring.
We would support more internships for recent post-secondary graduates by investing $70 million to support 5,000 more paid internships for recent post-secondary graduates.
We would support post-secondary education for first nations and Inuit students by investing $10 million to Indspire, an organization that provides scholarships and bursaries to first nation and Inuit students.
We would also support youth entrepreneurship. These are the commercial leaders of tomorrow and, by providing $18 million to the Canadian Youth Business Foundation to provide mentorship, advice and start-up financing, we would be helping many young entrepreneurs between the ages of 18 and 34.
These investments are part of our government's solid support for Canadian youth. Since 2006, we have increased funding for the Canada social transfer and, since 2008, we have added $800 million a year in order to strengthen the competitiveness of the post-secondary education system.
Investing more than $330 million per year through the youth employment strategy is critical to help young Canadians get the skills and work experience they need to transition to the workplace.
We would add $123 million to streamline and modernize the Canada student loan program. We would allow full-time students to earn more money: doubling the in-study income exemption, benefiting approximately 100,000 students; increasing the eligibility threshold for part-time students; and reducing the in-study interest rate for part-time students to zero.
Canadians can have confidence that there are many specific issues in this budget whereby we would help Canadians who are going to make a difference in this economy. I am proud to be part of a government serving the constituents of Winnipeg South Centre, who will make a difference with this economy.