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House Hansard - 126

44th Parl. 1st Sess.
November 14, 2022 11:00AM
Context: House Hansard - 126 - Nov/14/22
Mr. Terry Beech (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, Lib.)
Madam Speaker, as the Canadian economy faces a period of slower economic growth due to the global challenge of high inflation and higher interest rates, our government understands that many Canadians are worried. They are certainly not relieved by the speech they just heard, but it is important to remember that inflation is a global phenomenon. It is a lingering result of the COVID pandemic. Despite the Conservative leader's continued attempts to minimize the effects of the war in Ukraine, inflation has been exacerbated by the war in Ukraine and by the supply chain challenges that are affecting people and businesses, frankly, right around the world. Fortunately, there is no country better placed than Canada to weather the coming global economic slowdown and thrive in the years ahead. Indeed, Canada has the strongest economic growth in the G7 so far this year, and we have maintained our position as the G7 country with the lowest net debt and deficit-to-GDP ratios. Our country has a AAA credit rating, a recognition of our strong fiscal position. Canada also has an unemployment rate near its record low, as 500,000 more Canadians are working today than were before the pandemic. While Canada's inflation rate is less severe, at 6.9%, than that of many of our peers, like the United States, at 7.7%, the United Kingdom, at 10.1%, and Germany, at 10.4%, we appreciate that this will continue to be a difficult time for many Canadians. That is why we are moving forward with our affordability plan, which includes targeted measures worth $12.1 billion. It is already putting more money back into the pockets of the most vulnerable Canadians and those who need it the most. While the Conservatives continue to oppose these compassionate measures, we will continue to be there for Canadians with support that has been carefully designed to avoid making inflation worse. For example, individuals and families receiving the GST credit started receiving an additional $2.5 billion in support earlier this month. Despite Conservative efforts to oppose and block our compassionate plan, with Bill C-31, we are proposing to create the Canada dental benefit for children under 12 and families with annual incomes under $90,000 who do not have access to a private dental plan. Following the fall economic statement, we are also moving forward with Bill C-32 to make the federal portion of all Canada student loans and Canada apprentice loans permanently interest free, including those currently being repaid. Canadians can count on our government to continue running a tight fiscal ship. I would like to remind my hon. colleagues that all of these support measures are targeted, fiscally responsible and continue to reduce our debt-to-GDP ratio. When it comes to pollution pricing, we know that a national price on pollution is the most effective and least costly way of reducing greenhouse gas emissions while putting money back into the pockets of most Canadians. I would like to remind my hon. colleagues that unfortunately climate action is no longer a theoretically political debate. It is an economic necessity. Canadians all know that the Conservatives do not have a serious plan to tackle climate change, which means they also do not have a plan to grow the Canadian economy. Earlier this month, the Parliamentary Budget Officer published an analysis showing that climate change has negatively impacted and will continue to negatively impact the Canadian economy. Our plan makes life more affordable, grows the economy, fights climate change and puts Canada in a great position to benefit from the growing global opportunity that is clean growth and from the creation of hundreds of thousands of good-paying, sustainable jobs.
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Context: House Hansard - 126 - Nov/14/22
Mr. Terry Beech
  • Nov/14/22 6:39:36 p.m.
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Madam Speaker, I would like to start by complimenting the creativity of the member opposite. He can apply that comment to whichever part of his two speeches he likes. While there are still some difficult days ahead for the global and Canadian economy, Canadians can count on us to continue supporting those who need it the most. Our affordability plan and the other measures announced in the fall economic statement are highly targeted and fiscally responsible. We will continue to work hard to build an economy that works for everyone, to create good jobs and to make life more affordable for Canadians. We will continue to pursue policy that ensures Canada remains the best place in the world to live, work, thrive and raise a family.
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