Paul Martin

[The Economy, September 27th, 2001]

Mr. Speaker, the leader of the Bloc Quebecois should know that only this year we put over $17 billion into the economy in the form of tax breaks.

This is a lot more help than anything the American government has given. At the same time, we have announced massive spending for health, education and provincial transfers. Again, this is a boost to the economy. So far, this is what has helped Canada weather the storm.

[The Economy, September 26th, 2001]

Mr. Speaker, the very unfortunate events and the consequences that flow from them obviously are the result of the tragic events that occurred on September 11. Obviously, the government is very concerned. I have said that the government will act when all the information is in and we are in a position.

The hon. member quoted the IMF. What in fact the IMF said in its report is “It is probably best to wait a little to see how events develop. Frantic, ill-focused actions to stimulate the economy risk being counterproductive”.

We do not want that to happen. We want to make sure that Canada comes through this downturn and takes advantage--

[Terrorism, September 26th, 2001]

Mr. Speaker, given the rather arbitrary time limits which you impose on us, one will engage in shorthand.

The answer is very clear. If there are assets in Canada within a few of the institutions, they have been frozen. Let me point out to the Leader of the Opposition that if those assets do not exist, it is pretty darn hard to freeze them.

[The Economy, September 26th, 2001]

Mr. Speaker, we have already said that spending or deep tax cuts, which could lead to a deficit, would never work as a means of curbing a global slowdown. Furthermore, this is precisely the position taken by the other G-7 finance ministers.

We know what our responsibilities are. We lowered the unemployment rate from 11.5% to 7% and we will continue to assume our responsibilities.

[The Economy, September 26th, 2001]

Mr. Speaker, the government has already said that, in the case of transportation, the Minister of Transport is reviewing the situation.

As soon as that review is complete, the government will take action, if necessary. In the case of insurance, we have already done so. We have seen the Bank of Canada lower interest rates.

When we look at U.S. spending on the military or national security, the government will eventually implement its plans. The bulk of the $40 billion is actually to rebuild the Pentagon and New York City, which were hard hit.

[The Economy, September 26th, 2001]

Mr. Speaker, yesterday, during discussions with the G-7 ministers of finance, the U.S. secretary of the treasury spoke of measures the American government had in mind, and I can say that they are the very measures we have already put in place.

They involve lowering interest rates and personal income tax to stimulate the economy. This is just what we have already done.

[The Economy, September 26th, 2001]

Mr. Speaker, we are very concerned by the loss of jobs, following the events of September 11.

Now, we are dealing with a period of terrorism. It is clear that it will take some time before the economy recovers. In the meantime, the government will do everything to help those who have lost their jobs.

[Terrorism, September 26th, 2001]

Mr. Speaker, I made it very clear that we were talking about freezing assets, as the Minister of Justice has just said.

If he would like me to substitute for the research department of the Alliance, Mr. Speaker, I make reference to the Canada Gazette , part II, volume 135, No. 6. They should go read it.

[The Economy, September 25th, 2001]

Mr. Speaker, this morning, I spoke by telephone with the G-7 finance ministers. All agreed with our view that the global slowdown will undoubtedly have an impact on Canada in the third and fourth quarters of this year.

But we remain very confident with respect to the medium and long term outlook because of the strength of the Canadian economy and because we have our fiscal house in order, both federally and provincially.

[The Economy, September 25th, 2001]

Mr. Speaker, I think that everyone realizes that the Canadian economy, and indeed the global economy, has been affected by the events of September 11, certainly the third and probably the fourth quarter of this year. But I will again quote the Prime Minister and all the G-7 finance ministers, who still have great confidence in the medium and long term outlook.