44th Parl. 1st Sess.
October 20, 2022 10:00AM
- Oct/20/22 2:19:38 p.m.
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Mr. Speaker, this Prime Minister added $100 billion to our national debt before COVID‑19 and $500 billion to it before Russia's invasion of Ukraine. He doubled the national debt by adding more debt than all of the other Canadian prime ministers in the history of our country combined. All of that money is driving up the cost of the goods that we buy and the interest that we pay.
All of a sudden, today, the Minister of Finance has done a flip-flop by recognizing that these inflationary deficits are increasing the cost of living. How can we trust the people who caused inflation to reverse it?
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- Oct/20/22 2:21:01 p.m.
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Mr. Speaker, what a flip-flop. After adding $100 billion of new debt before the first case of COVID, half-a-trillion dollars of debt before the Russian invasion of Ukraine, doubling the debt, adding more debt than all other prime ministers combined, now the Prime Minister's government is saying that it is going to cut $9 billion and even bring in my “pay-as-you-go” law to find savings for every new dollar of spending. However, it now admits that deficits add fuel to the inflationary fire. Can we really trust the arsonists who lit the fire to put it out?
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- Oct/20/22 2:22:11 p.m.
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Mr. Speaker, what would we have cut? We would have cut the $54-million ArriveCAN app. We would have cut the half-billion dollars for the WE organization. We said that they should never have given wage subsidies to wealthy corporations that were capable of paying out bonuses and dividends to their executives. That is an easy question to answer.
In fact, $200 billion of the $500 billion in new debt in the last two years had nothing to do with COVID at all. Inflation was already spiralling out of control well before the Russian invasion of Ukraine. The Liberals should stop blaming everyone else and tell us how they are going to reverse the inflation that they caused.
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- Oct/20/22 2:32:58 p.m.
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Mr. Speaker, the Liberals will continue to blame everyone else for their homegrown failures, and these failures are driving Canadians deeper into debt. They cancelled good Canadian energy projects, attacked our farmers and hit Canadians with a job-killing carbon tax. They drove up inflation and made groceries, gas and home heating more expensive, driving more Canadians to food banks and homeless shelters at an alarming rate.
How can anyone believe that the same government that is pile-driving more Canadians into insolvency will give this economy a soft landing?
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- Oct/20/22 2:34:12 p.m.
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Mr. Speaker, the government increased the debt by over $100 billion before COVID and then increased the debt another $500 billion during COVID, half of which it did not even spend on pandemic measures. Now we are supposed to believe the government has a new-found religion called fiscal restraint.
If the government has not shown Canadians any fiscal responsibility in seven years, why should we trust it now?
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- Oct/20/22 2:34:38 p.m.
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Mr. Speaker, we are a fiscally responsible government. Every single year over the last seven years we have been in government outside of the pandemic, the debt-to-GDP ratio has gone down. That is while we have invested in Canadians. In fact, the poverty report came out in October. We have lifted millions of Canadians out of poverty. Today, 25% fewer seniors live in poverty than when we took office in 2015, and that is because we are supporting Canadians.
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- Oct/20/22 2:36:08 p.m.
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Mr. Speaker, to our great surprise today, the Minister of Finance is now taking inspiration from the Leader of the Opposition's speeches. She realizes that budgets do not balance themselves and is asking ministers to find savings before proposing new programs. Hallelujah.
The problem is that she should have listened to the member for Carleton much sooner.
The Liberals added $100 billion to the national debt before COVID-19, and they added $500 billion to the national debt before Russia's war on Ukraine, $200 billion of which was completely unrelated to COVID-19. How can they be trusted to manage the inflation they themselves have created?
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- Oct/20/22 2:37:33 p.m.
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Yes, Mr. Speaker, let us talk about fiscal responsibility.
The Prime Minister said in his inaugural speech that interest rates would remain low for decades to come. I remember that the Liberals promised to run small deficits because we had the means and said interest rates were going to remain low and that it was no big deal to continue to rack up debt. The Liberals added $100 billion to the debt even before COVID-19. That is the reality.
Today, they are asking Canadians to take them at their word when they say that they are going to manage inflation and lead them out of this crisis. No, Canadians no longer trust them. The Liberals are not capable of managing the crisis.
When will you abandon your plan to hurt Canadians by raising taxes yet again?
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