Time to choose : Canadian Taxpayers Federation 2007/08 pre-budget submission

Further, with the arrival of a robust private sector mortgage insurance industry, CHMC should be privatized and the proceeds from the sale applied to the national debt. [...] Flaherty continued: “The government is committed to keeping the growth of program expenses below the growth of the economy over the medium term.” In Parliament he repeated: “. our new economic plan proposes to keep the growth rate of program spending on average below the rate of growth in the economy.” And why is this important?. [...] The minister reported: “To the extent spending growth is kept below the growth in the economy, this will contribute to further reductions in public debt and in taxes given the commitment to dedicate interest savings to tax reductions.” The message is clear – tax and debt reductions are conditional on spending restraint. [...] It is time to address the real fiscal imbalance – the one between Ottawa and the taxpayers of Canada. [...] This will require a change of course by resisting the urge to “spend down” the surplus and instead deliver broad-based income tax relief to Canadians in the 2007 Budget.