Wilson, The Hon. Michael
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A joint meeting of The Empire Club of Canada and The Canadian Club of Toronto.
One week after the presentation of the speaker's sixth budget as Minister of Finance. A tough budget; not a good news budget. The taking of hard but unavoidable decisions to get Canada's financial house in order. Canada entering the new world of the 1990s. A broad-based program over the next two years to reinforce efforts to control government spending. Control without the raising of taxes. Cutting the deficit in half in three more years with a further reduction in the year after that. The buying back of bonds and Treasury bills by the government in five years. A coherent and comprehensive plan to build a solid foundation for Canada's economic future since November of 1984. Details of progress. The public debt. Canada's progress compared to other major industrial countries, with some figures. A new expenditure control plan to ensure a continued operating surplus. Prospects for lower inflation and interest rates. How the budget will help get inflation down. Some remarks on business subsidies. The deficit as a national problem. Ontario, British Columbia and Alberta, as the three wealthiest provinces, making an extra effort. The introduction of a range of policies to improve the efficiency of the economy. A continuation of privatization of Crown corporations. An increased capacity of the Canadian economy to produce goods and services. Maintaining our resolve to build the Canada we want for ourselves and future generations.