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 2:40:32 p.m.
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Mr. Speaker, perhaps the Minister of Finance has a short memory.
Just a few short months ago, in November, she was very proud to table the economic update and said that she could see the light at the end of the tunnel and would have a target for balancing the budget. That was in November.
Just one month ago, she tabled her budget, and there was nothing. There was nothing about balancing the budget. Even worse, two weeks ago her party gave her a slap in the face. Her party wants nothing to do with balancing the budget.
The Minister of Finance, who was so proud in November to say that we were headed towards balancing the budget—
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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 2:53:22 p.m.
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Mr. Speaker, the finance minister is not answering questions. The OECD calculates that, on her watch, Canada will be the worst-performing advanced economy over 2020 to 2030, and it is on this path until 2060. This means that Canadians' living standards and quality of life relative to other countries have declined and will continue to do so. This is due to the finance minister's high-tax, high-debt, high-spend budgets. The Liberal budget right now would add $4,200 to every Canadian family. When will the finance minister reverse course on her made-in-Canada path to decline for Canadian families?
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- May/15/23 2:55:27 p.m.
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Mr. Speaker, I have to get up and say it because it makes no sense. The finance minister has said she is there tomorrow, so I do not know why they have not revised their questions. However, I will ask, if they give me the chance—
Some hon. members: Oh, oh!
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- May/15/23 2:55:54 p.m.
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Mr. Speaker, as I said, the finance minister is appearing tomorrow, so it does seem ridiculous for her to keep standing and saying she is going to be there.
However, I do want to come back to their questioning as to why the finance minister of a G7 country would participate in G7 meetings. It may be because we live in an interconnected economy. When the Conservatives were dealing with such issues as climate change, they went to world forums to attack action on climate change and to drag other countries out of doing the essential work of protecting our planet. We talk to other countries' leaders because we understand that we live in an interconnected world.
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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 2:57:15 p.m.
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Mr. Speaker, it is typical of the Conservatives that they will not take yes for an answer. The finance minister is going to committee tomorrow, as long as they do not filibuster it.
Let us talk about our economic record. They were talking about the OECD—
Some hon. members: Oh, oh!
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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 3:00:00 p.m.
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Mr. Speaker, we should not be too troubled by not hearing the question from the Conservatives. It is the same nonsensical question we have heard and answered repeatedly. Let me assure everyone that I am looking forward to appearing before the finance committee tomorrow, as I have enjoyed questions today.
As to what Liberal economic policy is delivering for Canadians, I can say this: jobs, jobs, jobs. We have the strongest job market in Canadian history, and that is what matters to hard-working Canadians.
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Mr. Speaker, as I said, the First Nations Finance Authority was a game-changer for the Membertou community. This allowed the first nations to refinance, freeing up funds to reinvest in business development, and the results have been fantastic. They include an $8.2-million elementary school, a 90-lot housing development, and a $9.5-million highway interchange that allowed access to future commercial development on land owned by Membertou. From this, members of the first nation went on to build the Membertou Sport and Wellness Centre, one of the largest sporting venues on Cape Breton Island, and the Lanes at Membertou, 16 lanes of bowling with state-of-the-art technology.
Perhaps Membertou's greatest feat was the acquisition of the Clearwater fishery. If anyone had told me that the largest economic and commercial investment in Cape Breton would come during my first years of being an MP, I would have said they were joking with me. However, the $1-billion acquisition of Clearwater, with six other first nations, which were all part of the First Nations Finance Authority, was a game-changer for those communities.
The Membertou Development Corporation is now home to 12 corporate entities. This is in keeping with the remarkable success the Membertou First Nation has had in recent years. Membertou received certification from the International Organization for Standardization, ISO, in 2002, becoming the first indigenous organization to do so in Canada and leading the way for others.
With the support of first nations institutions under the First Nations Fiscal Management Act, incredible change is possible. I want to acknowledge the hard work, dedication and persistence of Membertou's chief, council and their staff.
Moving back to Bill C-45, passing this proposed legislation would allow us to create those differences in other communities, create those successes in first nations communities across Canada, enhance the act and further support first nations communities as they rebuild their nations and advance self-determination.
I encourage all members of this House to join me in supporting this bill and in supporting the first nations institutions under the act, which co-developed the amendments and which are creating such important change for so many indigenous communities across Canada by supporting self-determination and economic reconciliation.
Wela'lioq.
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