Mr. Speaker, the member from the other side made some colossal errors in his comments. I want to set the record straight on the history.
He said that Conservative Parties of the 1980s were left with a debt and by extension they had no choice but to massively increase the debt load on Canadians, which is what they did. When our party came to power in 1993, we too, by extension, would have had to increase the debt load massively, but it would not have been our fault. It would have been the fault of our predecessors.
In the 1990s we took the job of getting the fiscal house in order. Sacrifices were made. The current Prime Minister, when he was finance minister, had to make tough decisions and he got the fiscal house of our country in order. Today we are left with the most robust economy of any of the OECD countries.
We have very low interest and inflations rates and low unemployment. That is a result of making touch, decisive decisions in the 1990s when we had to. Interesting comments were made by the then Reform Party at that time and I will remind the Conservative Party on the other side what was said.
Herb Grubel, who was then the finance critic for the Reform Party, said very clearly that he complimented the then finance minister for making the tough decisions to get the nation's house in order. This was not an easy task. As a result of that, he got into trouble from his party for stating the truth.
What has been the result of that? One of greatest threats to our social programs, be they our pensions, health care system, education or array of public expenditures, is deficit spending. If a government spends more than it takes in, it accrues a debt and the debt accrues interest payments that have to be paid on a yearly basis. The interest payments erode the very ability of any particular government to pay for the needs of Canadians.
That is why the Prime Minister, when he was finance minister, took the bull by the horns and made those decisions. He did that in order to save our social programs. He also did it to ensure that we would have an environment upon which the private sector could thrive. If private sectors do not thrive, capital flees. Companies leave an environment where inflation and interest rates are high and where governments do not do due diligence to ensure the finances of the country are in good stead.
One of the responsibilities of a government is to ensure that the prime generator of jobs in our country, which is the private sector, particularly small to medium sized businesses, have an environment of low interest rates, an inflation rate that is under control and regulations that do hinder to them. The current Prime Minister, when he was finance minister, created that environment. It is something that we as a government are obligated to do. That is what we have done in this budget. However, we have gone further than that.
One of the exciting interventions is in the area of smart regulations. All of us know that regulations can get out of hand and they can become onerous and unnecessary. The ministers have put their heads together and have worked with industry. They have established a smart regulatory pattern upon which we will work with the business sector and the provinces to ensure that we remove those rules and regulations that are a hindrance to the private sector. The private sector then can be liberated to work and compete not only within our country from coast to coast but and also internationally.
That is one of the things we seize from it. We intend not only to compete with our compatriots and our friends south of the border, but we also must compete internationally. Why? Because we are a trading country. Why? Because we have a population that is small and a country that is large. If we are to maintain our standard of living and improve of that, if we are to create the jobs for our people, if we are to have the tax base to spend on everything from defence to health and education and other priorities, then we must have an environment upon which we allow the private sector to thrive and compete internationally.
More than half of our GDP is due to our ability to trade. We are a trading nation. To continue to be a trading nation, we need to have competitive tax rates. We have to have an educated population. We need to have rules and regulations that are not onerous. We need to have a regulatory system that is not a hindrance to our private sector. We must be aggressive in going out in the world and competing with other countries on a level playing field.
We are engaging in a number of interventions to ensure that happens. For example, we are working with the international community, through the international regulatory bodies and through the WTO, to remove the rules and regulations and to establish a trading system that will be level. Therefore, we remove those obstacles and barriers to trade that have been a hindrance for a long time.
Also, with respect to this bill, we are making investments in the education system to ensure that students have the opportunities to have the education they require. We know that one of the greatest determinants of employability in the future is the ability of students to access post-secondary education. I say that not only for universities and colleges, but also for the trade sector.
We are working with the private sector and provinces to establish greater opportunities in the trades. One of our biggest problems is the ability to ensure future trades deficits will be filled. We are gripped with this problem and it is one that we have to pursue.
I am very excited to say that we are working with the provinces to try to ensure our students have those opportunities. Not everybody can or wants to pursue a post-secondary education in universities and colleges. However, we would like to work toward having opportunities to fill the deficits that exist within our trades. I know those who are involved in the trades in our country recognize the future demographic challenges we face. As we get older so too do the people in all professions. That is not only a problem in my profession as a physician, but it is a problem in the trades and in a number of other skilled areas.
One thing we are doing is working with our provincial counterparts to deal with it. That is why this budget is important. It will put more money in this area.
We certainly hope the moneys will be used to relieve the debt burden for our students. I know the NDP has been very interested in this, as all of us have been. How do we ensure we relieve the debt burden and ensure income and finances are not an obstacle to acquiring a post-secondary education? That has been happening over the last little while. In some professions it has become an obstacle for some people to gain access to a number of these professions.
One of the things we want to ensure is that people gain access to post-secondary institutions and to professions based on merit, not on the amount of money that they have in their pocket. We are very excited about this. We will work with our provincial counterparts to ensure this occurs.