Hon. James S. Cowan (Leader of the Opposition):

Honourable senators, Canada is entering into some very precarious economic times. We are just beginning to feel the effects, but we know that Canada has had the worst economic growth in the G8 in the first half of this year and the worst productivity growth in 18 years. Only a couple of weeks ago the Prime Minister said he saw this economic downturn coming as early as August 2007. If that is so, why did this government increase federal spending by more than $40 billion a year, squander a $13-billion surplus left by the previous Liberal government, eliminate the $3-billion contingency reserve and, on top of all that, recklessly erode the federal tax base?


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