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Decentralized Democracy

House Hansard - 107

44th Parl. 1st Sess.
October 4, 2022 10:00AM
Context: House Hansard - 107 - Oct/4/22
Mr. Lloyd Longfield (Guelph, Lib.)
  • Oct/4/22 1:00:19 p.m.
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  • Re: Bill C-30 
Mr. Speaker, the hon. member across the way for Simcoe North mentioned one half of an equation, which is that Canada's debt level has increased over the last few years, particularly as we were dealing with COVID. In order to keep Canadians alive and well through those difficult times, the government had many programs in place to help. The other side of the equation is GDP growth, which I did not hear the member mention. We are second in the G7 with respect to GDP growth. We are leading some of the countries he mentioned with two times the GDP growth. Our fiscal anchor is the debt-to-GDP ratio. Could the member comment on how our strong GDP growth is helping us get through what we are going through right now?
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Context: House Hansard - 107 - Oct/4/22
Mr. Adam Chambers
  • Oct/4/22 1:01:17 p.m.
  • Watch
  • Re: Bill C-30 
Mr. Speaker, we have had some strong GDP growth, but we are also coming off of some significant GDP losses. In fact, the economy was quite slow and shrunk over a period of time, so we are actually coming up from a lower base. That is why we have GDP growth. Let us talk about what GDP growth allows us to do. It provides a lot of revenues to the government in the form of taxation. Therefore, I do not understand why we need to talk about increasing taxes on Canadians when, as the member opposite has said, GDP is doing okay. By the way, when the Liberals ran in the 2015 election they said that a 1.5% or 1.6% growth in GDP was not enough, which is about where we are right now.
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