Mr. Speaker, when the hon.
member for Eglinton rose to make his point of order I was in the process of quoting this editorial concerning the budget. The quotation started out with the statement:
The budget is pretty good. It falls, admittedly, a long way short of the sternest standards of financial wisdom. But it towers miles above the irresponsible standards of political profligacy which,-
I will have to stop there. I will not identify whose profligacy is referred to.
By the rough test of practical politics, the budget is excellent and it is certainly courageous. Warm praise is due to Mr. Harris for it.
Then further down some further comments are made about the budget:
Mr. Harris has chosen a half-measure between that and the dissipation of the surplus, which would have earned more immediate political dividends. The half measure must be counted, just before the elections, as courageous.
Once he had decided on a middle course, Mr. Harris had about $150 millions to dispose of. The ways he has chosen for the disposal may not be ideal but they are not at all bad. The main tax cut, indeed, is highly commendable. It applies to everyone the principle of tax deduction for pensions which hitherto has been restricted to employee pension-plans.
Everyone will now be freed from taxation on all payments, up to 10 per cent of income, which he puts into genuine provision for his income on retirement. This will be a powerful stimulus to private saving, of which the country badly needs more. It is the very best sort of tax cut, and Mr. Harris is to be warmly commended for preferring it to any of the flashier kinds-
Subtopic: ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE