On November 23rd, Finance Minister Jim Flaherty laid out the government’s economic plan, Advantage Canada. The advantage is that after years of fiscal mismanagement, the government is determined to provide Canadians with an economic plan that will lower the debt and reduce the tax burden on Canadians even further.

We have some pressing deficiencies facing our economy including healthcare, the environment, developing a skilled and educated workforce, and building modern infrastructure like roads, bridges and public transit. Labour and infrastructure in particular are key drivers of our economy and if we don’t address the deficiencies, our economy will falter.

When reviewing the country’s expenses, the first place the Finance Minister looked was the country’s debt load and then the interest Canadians are paying just to service that debt. What he found was that Canadians paid $55 billion in interest this year, $34 billion by the Government of Canada and $21 billion by the provinces. That's as much money as all the governments in Canada pay for primary, secondary and post-secondary education in this country.

What he also found was that Canada will be running surpluses for the foreseeable future. In the past, surpluses have been used by previous governments to pay for a slew of pre-election goodies designed to win votes. Not this government.

Minister Flaherty and the Government have committed from now on to use surpluses to pay down the debt. Such a move will free up the money we now pay on interest. Not only will we have more funds to build and improve infrastructure, address skills and labour shortages and other priorities, we’ll be able to reduce the tax burden for Canadians.

Committing to using surpluses solely for the purposes of paying down the debt is unprecedented - as was the $13.2 billion dollars paid on the debt earlier this year for a savings in interest of $660 million. And while some might accuse the government of being too frugal, it’s the same reasoning many of us use when balancing our family budgets at the kitchen table.

Canadians work hard, pay their taxes, abide by the laws of the land and set aside a few dollars for retirement. We know the importance of balancing the books, living within our means and planning ahead. So does the government.

By paying down our debt and reducing interest payments the government has rejected short term gains in favour of long term stability and has created savings that we can invest in the priorities of Canadians. The advantage is a brighter economic future for Canada, one that ensures our hard work will pay off.