44th Parl. 1st Sess.
September 22, 2022 10:00AM
Madam Speaker, it was refreshing to hear a detailed economic presentation from the hon. colleague across the way, and one that is not putting forth simple answers.
The hon. member mentioned the targeted programs trying to do one-time transfers to people who are getting hurt the worst in a way that will not stimulate inflation, and that balance is very difficult for us to make and for the Bank of Canada to make in conjunction with us. The constrained supply cycle that we are in right now is one that is unusual for us to deal with.
Could the hon. member comment on how we need to be nimble in the months ahead, knowing that we could be facing higher unemployment and we could also be facing other challenges on the road ahead?
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Madam Speaker, I thank my colleague from Guelph for his comments and his question. I quite agree with the issues he raised.
The global economic outlook is uncertain, especially considering the central banks' fight against inflation and the entire context that I referred to. Most economists expect there will be a recession in Europe, especially with the war in Ukraine, which is having serious consequences there. It will be very difficult to get out of. China is also experiencing a major economic slowdown. The unemployment rate among young people is especially high in the major cities. It is very concerning because China is still the workshop of the world, or at least a major production centre. Then there is Canada and the United States. What will happen? We expect a slowdown. The latest figures are less encouraging.
In the meantime, I believe that the labour market is going through a transformation, and comparing current job market statistics with the ones from a few years ago is tough. We have to be very alert and careful for the next steps.
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Madam Speaker, I know the Prime Minister does not like to think about monetary policy. I know the members of the Bloc do care about money policy because I have discussed monetary policy with some of them.
The reality is that it is generally accepted that, when the money supply is increased, it causes inflation. I am not an economist, so do not take it from me, but the reality is that just two days ago, in a speech, Mr. Beaudry, the deputy governor of the Bank of Canada, said that in hindsight, governments and central banks should have actually withdrawn stimulus measures earlier to keep a lid on inflation.
I am asking, after $400 billion in stimulus spending over the last two years, why would the Bloc agree to throw fuel on the fire of inflation? The people of Quebec, just like all of the people of Canada, are suffering from inflation. These benefits will be eaten up by additional inflation before they have had any effect.
I would appreciate an answer to that question.
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Madam Speaker, I look at today's legislation as relief for millions of Canadians. It is going to have a very positive impact on the issue of inflation. I would note, even though we recognize that inflation affects us all, it affects some more than others.
One of the things that I think is missing in the debate is the fact that, when we compare Canada to the rest of the world, our inflation rate is doing quite well. That does not mean we should ignore it. It is the reason it is important that we take measures, such as this legislation, to provide direct relief and money to support Canadians from coast to coast to coast. Would the member not agree that is a good reason for this bill, and that members should all be supporting it?
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Madam Speaker, I think that the member for Winnipeg North basically just answered the member for Charleswood—St. James—Assiniboia—Headingley's question.
Our citizens do not live outside the country. They live here. We need to have the decency to put caring for people and their health ahead of any considerations pertaining strictly to inflation. It does not do any good to control inflation if people are starving to death.
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Mr. Speaker, it is a very good moment for New Democrats when we can finally talk about the issues that most Canadians are already experiencing at the pumps or in the grocery stores, and that is corporate greed.
I heard the member speak a bit about that, which I would like him to elaborate on, but I will give some facts. Pasta has increased 30%, coffee 20%, oranges 16% and bread 16%, and there has been $3.5 billion in profits by big grocery stores. The NDP is the only party talking about the real cost of inflation, which is corporate greed.
Would the member please elaborate on how this cost of corporate greed is affecting Canadians in his riding?
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