News
Release
September 26.2006
$13.2 Billion Debt Pay-Down Good News for Young Canadians
OTTAWA
- MP James Moore is applauding the announcement of the elimination
of
wasteful and ineffective programs, reducing government spending and,
in particular, the massive pay-down of the national debt.
"Young Canadians need to know that their government is looking out
for the next generation, not the next election," says Moore.
"Debt pay-down is essential to
protecting the
financial future of young Canadians."
Canada’s New
Government is also reducing the national debt by $13.2 billion, one
of the largest debt reductions in Canadian history. Finance Minister
Flaherty explained that this debt reduction is the result of strong
revenue growth, reflecting the
strength of the economy, and lower-than-expected program
expenses.
A
strategy is in place to secure $1 billion in savings this year and
next as promised in the spring Conservative budget. The savings are
being identified in government program spending as well as through
tighter management.
"In fact, this is
the first time in nine years that program spending has actually
declined,” said Minister Flaherty. “We have been able to reduce the
debt, cut taxes and invest more resources in programs that are
important to ordinary Canadians such as child care and safer
streets. This is possible in part because we have put an end to the
previous government’s end-of-year spending spree. Our government has
adopted an approach that is responsible, accountable and inspired by
a clear sense of priorities," added Minister Flaherty.
Canada’s federal
debt at the end of 2005-06 is now $481.5 billion, down $81.4 billion
from its peak of $562.9 billion in 1996-97. Federal debt as a
percentage of gross domestic product (GDP) is now at its lowest
level in 24 years. Owing to Canada’s New Government’s commitment to
on-going debt reduction, the country’s debt load is set to shrink
further in years ahead.
Says Moore, "In
the election campaign we promised to pay down our debt and we have
delivered. This is about securing the future of young
Canadians and I am proud our government has delivered."
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For more information,
James Moore MP at 613.992.9650
