2000-2001 Budget / Budget Speech |
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Introduction
Mr. President:
In recent months, Québec has experienced remarkable economic, financial and social success. I am therefore in a position to submit a Budget characterized by hope and pride, a budget clearly geared to the future.
- Following decades of chronic deficit, public finances are at last in order.
- Economic growth is strong and the unemployment rate has been brought down to a level that has not been matched in 25 years.
- Our fight against poverty has also shown appreciable results if we look at the number of households that have given up their dependence on social assistance to rediscover the dignity of work.
- Three weeks ago, Québec's young people participated in a Summit that gave rise, in several areas, to a consensus that will inspire a number of our collective undertakings.
Quebecers in general have regained their confidence in the future and have begun to believe that they can build on their success. Obviously, contrary to the legends, the uncertainty that, unfortunately, still looms over our national status has in no way affected our excellent economic performance. On the contrary, it is clear that, if we had full control over our own affairs, we would do better yet.
It cannot be repeated enough: Quebecers from every walk of life have contributed to this recovery and our renewed growth-our top-notch labour force, our enterprising business community and all the other vital elements of our society. We doubtless benefited from the robust continental economy, but our national government, which has updated the model inherited from the Quiet Revolution, has made a tangible contribution to an almost unheard-of wave of prosperity. Never, in all my life, have I known such a strong economy in Québec, whether judged in terms of its results or its structure. We made no mistake when we chose our strategies for building a modern Québec and undertaking a technology conversion: we have reason to be pleased even if we are not fully satisfied.
The Budget I am presenting before this Assembly proposes that we go yet further down the road to progress and prosperity. The overriding theme of this Budget is growth, but growth characterized by justice and fairness for all.
It focuses on four main areas: taxation, health, young people and the economy, particularly the regional economy. In the first three areas, it is redistributing, in all fairness, the surpluses generated by prosperity, a plus for all our fellow citizens who have helped create them. The fourth component of this Budget comprises the measures required if the economy is to continue to grow and to bring in yet greater rewards.
- First, after having consulted extensively on how best to proceed, we must reduce income taxes more rapidly and more extensively than planned. Our fellow citizens are the main artisans of our newly regained prosperity; they deserve to be the first to profit from it. Accordingly, I am announcing today that we will reduce personal income taxes by $4.5 billion over the next three years.
We will begin this year with a $1-billion reduction. Québec taxpayers will benefit from the impact of this tax cut on income earned as of January 1, 2000. In the past, income taxes have been raised retroactively but I am going to do the opposite and reduce income taxes retroactively.
This downward trend will continue, reaching $1.5 billion in 2001-2002 and $2 billion in 2002-2003.
- The second component of this Budget targets the health sector. I am announcing that we will add substantial amounts of new money for this crucial area. We will invest $2.7 billion-- two thousand seven hundred million new dollars -- in 1999-2000 and 2000-2001.
- Third, this Budget will provide the money required to more than satisfy the commitment we made at the Québec Youth Summit to invest $1 billion to develop education in the next three years. We all surely remember, in passing, the flair with which our Premier played his role as a unifying force. It's surprising he doesn't want another summit in the near future.
- Fourth, we are injecting $675 million into economic development spending initiatives that have been proven profitable in order to foster greater growth and create more jobs, particularly in those regions that, for a variety of reasons, have prospered less than others.