Paul Martin

[Finance, November 25th, 1997]

Mr. Speaker, the hon. member ought to look at the facts. If he would take a look at what happened to medium and long term interest rates following the last Bank of Canada increase of 25 basis points, he would find that long term rates went down virtually across the spectrum.

They went down because inflationary expectations went down. That is what really important. People invest on the basis of long term rates. Mortgage rates are at a record level. It is because of both the fiscal and monetary policies being pursued by the government and the Bank of Canada.

[Canada Pension Plan, November 24th, 1997]

Mr. Speaker, the government has made it very clear that the auditor general will be given complete access to all the information he requires to complete his audit. He will be auditing the Canada pension plan.

If in fact the legislation is not sufficiently clear we have indicated that we will make it clear in order to ensure that very thing.

The investment board will have the option of either choosing an outside auditor or the auditor general. The fact is it may well decide, because the provinces are also involved, that an outside auditor would have far greater expertise in that specific area. That is a decision for the board to make.

[Taxation, November 24th, 1997]

Mr. Speaker, $1.4 billion may be nickels and dimes to the hon. member. To Canadians that happens to be real money.

At the same time the $850 million my colleague, the Minister of Human Resources, put forth in terms of the child tax benefit, the second $850 million that will be coming, also happens to be real money.

The tax relief that is being provided to students happens to be real money. The fact that the government has succeeded as a result of a clean-up of the balance sheet in bringing down mortgage rates and bringing down car purchase rates happens to be real money.

[Canada Pension Plan, November 24th, 1997]

Mr. Speaker, first, there will be complete public scrutiny. All of the information will be made available. The auditor general will have it all made available to him and he will report on it.

The investment board has the option of either appointing an outside auditor who has greater expertise than the auditor general or in fact of appointing the auditor general. The member should read the legislation.

Why does the hon. member refuse to talk about the $600 billion liability? Is the Reform Party going to renege on the obligations to Canadians? Why is it afraid to stand up and say what it is prepared to do? Do Canadians have a reason to be afraid of what the Reform—

[Canada Pension Plan, November 24th, 1997]

Mr. Speaker, first, that option is open to the investment board.

As to the reference made by the member for Calgary—Nose Hill that the $600 billion liability would be made up by an income tax increase, that income tax increase is 25%. This statement is a matter of public record. If that is not the case, will the hon. member now stand up and tell us how they will fund the $600 billion liability or is it their intention to renege on the contributions and obligations to Canadians?

[Employment Insurance, November 24th, 1997]

Mr. Speaker, I really believe that the finance critic for the Reform Party has a responsibility to Canadians to do his homework. The premiums for the Canada pension plan do not go into the government's coffers. They go into a separate fund which is invested for the benefit of premium contributors.

If he is so upset in his question about income taxes, would he please explain this to his colleague from Calgary—Nose Hill who has suggested a 25% increase in personal income taxes in order to make up for the $600 million liability.

[Employment Insurance, November 24th, 1997]

Mr. Speaker, that is a tax cut which represents one billion four hundred million dollars. It is the second largest reduction in UI premiums in the history of the fund. It follows, as my colleague has said, three previous years, in each and every one of which there was a reduction in EI premiums. The fact is we have reversed the tendency toward increasing these premiums which were created by the previous government.

[Employment Insurance, November 24th, 1997]

Mr. Speaker, let us be very clear. It is unworthy of the hon. member and I would hope that he would withdraw the allegation that any official of this government would mislead a committee.

That being said, let me say that the auditor general will be given complete access to all the information in order to perform his audit. There is an opportunity for him to be chosen as the auditor. The fact is that will be up to the independent investment board, which is arm's length from government. I would remind the hon. member that it is not only a federal government initiative but it is also a provincial government initiative.

[Taxation, November 21st, 1997]

Mr. Speaker, perhaps the hon. member missed the announcement by my colleague, the Minister of Human Resources Development. Let me repeat it.

As a result of his announcement that the employment insurance premiums will drop from $2.90 to $2.70, we have just provided Canadians with a tax cut of $1.4 billion.

[Finance, November 21st, 1997]

Mr. Speaker, that is not the auditor general's position. In any event, the auditor general's position will be clarified.