The best policy announcement this weekend has not come from any of the political parties. It has come from Jay Currie and it is his plan to pay off the Federal debt in a timely manner:

Instead of throwing away eight billion dollars on pre-election promises or 4.5 billion on a GST cut, we are committed to spending every nickle of that on killing the federal debt. Every dollar of debt paid today is a dollar on which we will never again have to pay interest and that interest can be used to retire more debt. This year Canada has a ten billion dollar surplus. If that amount was paid against the debt we would reduce our debt service charges by a little less 500 million dollars annually. With reasonable growth, a "hold the line" position on new spending and no tax cuts, in nine years we should have managed to repay at least 150 billion of the current total. At that point a wonderful thing will happen: the remaining 350 billion dollars will be paid down, depending on the rate of economic growth, in four or five years. Compounding is a lovely thing when it is running in your favour. Once the debt is paid there will be lots of room for tax cuts and spending programs. More importantly, a resource rich, debt free, hard currency nation is going to be an investment magnet for the rest of the world.

When the polls indicate that the population are not clamouring for tax cuts, though they will be taken if offered, it is because the population recognize the need to pay for what needs to be paid. And the late 60s to early 90s spending spree shortfall is something most realize needs to be settled. Every dollar we do not spend on interest and other fees related to the debt can be spent on social programs, the military or paying off the debt. That helps everyone.

I would not go far as Jay. I would take 50% to 75% of each years surplus and put that to the debt. The rest would provide a reasonable increase in necessary Federal services that would confirm that there is gain being made. But Jay is right making it the issue. We have achieved much in paying off something around 12% of the national debt. Getting rid of it more aggressively will only help Canada. Time to put the issue on the table. Jay has done just that.