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Decentralized Democracy

House Hansard - 118

44th Parl. 1st Sess.
October 26, 2022 02:00PM
Context: House Hansard - 118 - Oct/26/22
Mr. Mel Arnold (North Okanagan—Shuswap, CPC)
  • Oct/26/22 7:06:58 p.m.
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Madam Speaker, I originally posed the question of whether any of the spend-DP-Liberals thought about monetary policy a few weeks ago because the Prime Minister had already admitted he does not spend much time thinking about it. He also thought that budgets balance themselves, inflation was transitory and it was okay to borrow $400 billion because interest rates were low. A few things have changed in those few weeks since I first posed the question. The Liberal-NDP coalition government has been driving up the cost of living. The more the Prime Minister spends, the more things are costing, and it is not just inflation that we are dealing with now, it is people's lives because they are having to consider monetary policy and make a choice between buying groceries or heating their homes. They are having to make the choice between putting fuel in their vehicles to go to work, or not. Interest rates are rising faster than they have in decades. People and families are at risk of losing their homes because they cannot make increasing mortgage payments. It is to the point that over one-half of Canadians are cutting back on groceries to cope with rising prices because of the thing elite Liberals think is just inflation. This means there are situations like the one I heard about just this morning. It came from Lyle, who said that he was shopping yesterday and the elderly person in front of him had to put four apples back as she could not afford them. He said that the increase in carbon taxes are driving up the costs of everything from home heating to food, and that the current government is completely out of touch with Canadians. That is what Lyle said. All this need not be. If the government had been prudent and responsible and considered monetary policy, it would have done things like not wasted $54 million on a punitive ArriveCAN scam and scrapped the $35-billion Infrastructure Bank. Let us not forget the WE scandal, the millions to Loblaws for refrigerators and so much more wasteful spending. On top of that, had Liberals not squandered an extra $200 billion in spending not related to COVID, Canadians would not be feeling the pain they are now, but the government chooses not to pay attention to monetary policy, so now Canadians are receiving the bill for that massive $500-billion deficit. They are seeing typical mortgages go up by $7,000 a year and having to pay so much more attention to their household monetary policy just to put food on the table and keep the heat on. On top of all this, the Liberal-NDP coalition is planning to triple the carbon tax, further increasing and inflating the cost of gas, groceries and home heating, just as we approach winter in Canada, when heating is not a luxury but a necessity. I am sure I am probably going to hear an excuse from the other side about where I am going on this, and we are going to hear back from the government saying that inflation is a global phenomenon. The governor of the Bank of Canada now says that inflation is homegrown. It was grown by the Prime Minister and his cabinet's lack of consideration of economic policy.
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Context: House Hansard - 118 - Oct/26/22
Mr. Terry Beech (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, Lib.)
  • Oct/26/22 7:10:56 p.m.
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Madam Speaker, I would be happy to discuss monetary policy with my friend from the interior at any time, but his speech actually focused more on fiscal policy, as did his original question. I want everyone who is listening to know that our government is working to build an economy that works for everyone and is focused on tackling affordability. We have done this while lowering Canada's debt-to-GDP ratio, increasing wages, maintaining Canada's AAA credit rating and maintaining our debt servicing cost at 1% of GDP, almost six times lower than it was in the 1990s. In the member's original question, which led to this late show, he cited $2.13 per litre for gas in his riding. Indeed, it has been as high as $2.40 in metro Vancouver. This is an increase of more than a dollar per litre over the last three years. It is putting a tremendous burden on Canadian families. However, we also need to acknowledge that the price on pollution in British Columbia has increased by only two cents during the last three years. It was nine cents in 2019 and is 11¢ today. That means 98% of that increase has nothing to do with pricing pollution. It is the result of global inflation. The Conservative Party of Canada readily ignores these facts and therefore ignores 98% of the problem. It also ignores the real cost of climate change. In B.C., we have seen fires devastate communities and spread smoke throughout our summers. We have floods and droughts that have already caused billions of dollars in damage, yet the Conservative Party of Canada continues to call on our government to stop fighting climate change and to mortgage our future. It does that when it asks us to stop fighting climate change. It does that when it asks us to stop funding seniors' pensions. It does that when it asks us to raise the retirement age from 65 to 67. It does that by trying to eliminate the CBC and by trying to stop kids from getting the dental care and education they need. It does that by obstructing assistance for impoverished renters who need it the most. I do not know if there is such a thing as an economic ostrich, but if there was, it would be a tremendous mascot for the Conservative Party, as it continues to suggest irresponsible economic policies as if its members were committed to keeping their collective heads in the sand. In contrast, our government has put together a plan that makes life more affordable and builds an economy that works for everyone. In jurisdictions where the federal government has a price on pollution, and B.C., by the way, is not one of those jurisdictions, a rebate is provided through the climate action incentive, which actually makes life more affordable for eight out of 10 Canadian families. We are also doubling the GST credit for six months, which will provide hundreds of dollars to 11 million families who need it the most and more than 50% of our seniors. I compliment the member opposite for supporting this measure. I think it is important that we continue to work together to make life more affordable, but we need to do it in a way that is open, honest and transparent. Let us not use the worst economic shock since the Second World War to gain political points. Canada has a great opportunity in front of it. We have the lowest debt-to-GDP ratio in the G7. Our inflation rate is significantly lower than those of the U.S., Europe and the OECD. We produce a tremendous amount of food and energy, the two commodities that are facing extraordinary price pressures from around the globe. Our best times are in front of us, but we can get there only if we continue to work together to make life better for all Canadians.
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