44th Parl. 1st Sess.
May 15, 2023 11:00AM
- May/15/23 2:37:45 p.m.
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Mr. Speaker, I will welcome the finance minister back to Canada again, but here are the actual facts. Every Canadian family will now pay $4,200 more per household for her spending spree. Housing prices have doubled. Food bank use is at record highs. Canada accumulated debt faster than almost every other advanced country, but our economy underperformed compared to nearly all its counterparts, and we have the lowest projected GDP-per-capita growth of any advanced economy for the next 30 years.
Why does she continue to spread this falsehood? We cannot spend our way to prosperity, so will she keep running away from questions or will she just get out of the way?
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- May/15/23 2:46:02 p.m.
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Mr. Speaker, a year ago, the finance minister said that she had a red line. She said, “our debt-to-GDP ratio must continue to decline...pandemic debt must be paid down.... This is a line we will not cross.” What happened to that red line? The government has increased the debt by $4,200 for each Canadian family. Our debt-to-GDP ratio will increase this year, and deficits now extend as far as the eye can see.
Does the finance minister regret making this cast-in-stone, stone-cold promise to Canadians?
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- May/15/23 2:46:34 p.m.
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Mr. Speaker, when it comes to Canada's debt and debt-to-GDP ratio, let me quote someone whom all members of the House should trust, and that is the Parliamentary Budget Officer. At the finance committee a few weeks ago, he said, “When looking at G7 countries, Canada compares very favourably on net debt-to-GDP.” Furthermore, in his testimony, he described a conversation he had with someone from Moody's, who said that Canada's deficit should make us “quite happy because by European standards that's very low.” That is not me talking; that is the Parliamentary Budget Officer.
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- May/15/23 2:47:18 p.m.
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Mr. Speaker, the finance minister and the government have quite a bad track record for making predictions. They told us interest rates would remain low, so we must spend. They told us that deflation was more likely than inflation. When inflation came, they said it would be here for just a little while. The minister assured us the economy would continue to grow, and now it has slowed to a halt. They are always playing catch-up, and Canadians are paying the price. We are now spending as much on interest on the debt as we are sending to provinces for health care.
How can Canadians afford any more of the Liberal government?
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- May/15/23 2:48:45 p.m.
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Mr. Speaker, the finance minister's inflationary budget is costing each Canadian family $4,200, yet she said, “We are absolutely determined that our debt-to-GDP ratio must continue to decline. Our deficits must continue to be reduced.... This is a line we will not cross.” The finance minister clearly understands that the government's deficits are driving up inflation, interest rates and unaffordability, yet she doubles down on them.
I will give her one more chance today. Will the finance minister finally listen to her own advice and cut this inflationary spending?
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- May/15/23 2:54:46 p.m.
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Mr. Speaker, the finance minister plans to spend $490 billion in this budget but is refusing to show up at the finance committee for just two hours to answer questions. The budget would drive every Canadian family another $4,200 into debt. Canada has the fifth-highest increase in government spending and the third-largest increase in our debt-to-GDP ratio. Our debt has increased faster than that of almost every other advanced country. Just last November, the finance minister promised to balance the budget by 2028. In this budget, her deficits go on forever and ever. Why is she breaking that promise?
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- May/15/23 2:56:36 p.m.
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Mr. Speaker, we welcome the finance minister back to the House. However, let us be clear in that what we are asking for is two hours of her time. That is a billion dollars a minute.
We have real problems. According to a university report, we have the third-largest increase in total debt-to-GDP ratio, which has resulted in one of the lowest GDP growth ratios. In fact, going forward, we are projected to be at the bottom of the OECD. Will the minister finally come to the finance committee for two hours to explain why she has broken all her promises?
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- May/15/23 2:58:24 p.m.
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Mr. Speaker, that is great news. I look forward to having the finance minister for two hours, as she just said. That is terrific.
What we do not look forward to is the Liberal budget bonanza that is going to drive Canadians $4,200 deeper into debt per family. What will they get for that? Higher energy costs, higher food costs and a lower standard of living.
Will the finance minister finally come to the finance committee for two hours to explain why Canada's economic growth is predicted to be lower than than the growth in Latvia, Chile and—
Some hon. members: Oh, oh!
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- May/15/23 2:59:27 p.m.
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Mr. Speaker, I am thankful for the quieting of that childish temper tantrum.
The Liberal budget bonanza is driving Canadians further and further into debt. Each Canadian family is being driven down, to the cost of $4,200 a month. What are Canadians getting for it? They are getting higher energy and food costs.
I am going to repeat this question one more time. Will the minister appear for two hours to explain her failed economic record?
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- May/15/23 3:00:45 p.m.
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Mr. Speaker, the Trans Mountain pipeline project continues to be a drain on public money. It is gobbling up money at an alarming rate. When the government bought the pipeline from Kinder Morgan, the estimated cost of expansion was $7.4 billion. In 2020, the estimated cost was $12.6 billion and in 2022, it was $21.4 billion. Today, the estimated cost is $30.9 billion and Trans Mountain continues to push for more.
When will it end? How deep into debt will the federal government drag the public for the sake of dirty oil?
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- May/15/23 3:01:47 p.m.
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Mr. Speaker, not only is expanding Trans Mountain at our expense an economic failure, it is an environmental disaster. To recoup all the money thrown at this project, the Crown corporation is going to have to ship a lot of oil for a long time. Trans Mountain expects to have a capacity of 890,000 barrels of oil per day after the expansion.
It is going to take a lot of oil days to pay back a $30.9-billion debt, but who will take care of our environmental debt?
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