Paul Martin

[Canadian Economy, November 5th, 2001]

Mr. Speaker, every government, be it the Government of Canada or a provincial government, must make choices as required by circumstances. That is what Ms. Marois did.

[The Economy, October 31st, 2001]

Mr. Speaker, I simply would refer the hon. member to the kinds of economic policies that he used to recommend when he was not speaking from such a far back position.

What he advocated were tax cuts that any economist in the country would say would take us into deficit. What his party has advocated in the last three weeks are massive spending increases that would put us into deficit.

The fact is that the actions of his party belie the words he is expressing. If we had listened to that party our balance sheet would be in tatters and the country would be in terrible shape. As it is, our fundamentals are strong.

[The Economy, October 31st, 2001]

Mr. Speaker, there are two pieces of good news. One of them is that the fundamentals of the Canadian economy are very strong. That is why the debt repayments and the large tax cuts are so important. That is why our growth rates are higher than in the United States. That is why when we compare our economy to those of others in what is a very difficult period, Canada, unlike previous slowdowns, is coming through this very well.

The second piece of good news is that I would like welcome the hon. member back to the finance portfolio on his side.

[The Economy, October 31st, 2001]

Mr. Speaker, I support the Prime Minister's position which is that we will bring down the national debt by $35 billion, which is what we have done. I support the Prime Minister's position when he says that as a result of this there will be two and a half billion more dollars in the Canadian economy.

I support the fact that we have brought down unemployment rates. I support the Prime Minister's position in increasing productivity. I support the Prime Minister's position in giving the country hope for the future. That is what we have done and that is what we will continue to do.

[The Economy, October 31st, 2001]

Mr. Speaker, in 1990 what I condemned was the total discord between economic policy, fiscal policy and monetary policy. What we condemned on that side of the House when we were there was the incredibly high interest rates that were being imposed on Canadians as a result of the failure of the then Conservative government to engage in reasonable and acceptable economic policies. That is what I condemned. What I condemned was an 11.5% unemployment rate which is what was in existence then. What I condemned was the absolute failure of the then Conservative government.

[Finance, October 31st, 2001]

Mr. Speaker, one of the reasons we are bringing down a budget is certainly to give projections and provide full details, which is what I intend to do.

[Finance, October 31st, 2001]

Mr. Speaker, there is not one economist in the country who will agree with the projections that the member just made.

I just said, and I have said repeatedly in the House, that there was a downturn prior to September 11. The terrible consequences of September 11 will most certainly be felt by the end of the year.

That being said, there will be a debate on the budget tomorrow. If the member would like to explain how she arrived at those figures she is free to do so.

[The Economy, October 30th, 2001]

Mr. Speaker, there is no doubt that when the bank moves one wants to see all interest rates come down, which is why mortgage rates are virtually at an all time low.

The Bank of Canada was able to act in this way because of the elimination of the deficit, because of the pay down of $35 billion in debt and because of the significant tax cuts brought in by the government.

There is tremendous confidence among central bankers as to the governance of this country by the government and it is reflected in the drop in interest rates.

[Finance, October 30th, 2001]

Mr. Speaker, if the member is so proud of his plan, perhaps he should present it to the Standing Committee on Finance, of which he is a member. I look forward with enthusiasm to the report.

I also suggest the member submit his plan to Ms. Marois, who is to present her budget on November 1.

[Finance, October 30th, 2001]

Mr. Speaker, there is no doubt that as of July we had a surplus of over $11 billion.

That said, the member must know, if he has not realized, that the economy was slowing down before September 11. After the 11th, it must be said that the attacks on the World Trade Center had a significant effect on the Canadian and American economies.

That said, there is no doubt that the surpluses will shrink, and, unfortunately, substantially.