So V ote

Mr. Daniel Blaikie (Elmwood—Transcona, NDP)

May/29/23 7:56:34 p.m.
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Mr. Chair, there has been a lot of debate in this place about the extent to which public spending contributes to inflation. I am wondering if the minister believes that all public spending contributes to inflation, or just certain kinds.

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Mr. Mark Gerretsen (Parliamentary Secretary to the Leader of the Government in the House of Commons (Senate), Lib.)

May/29/23 8:21:36 p.m.
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Mr. Chair, there has been a great deal of discussion about the budget. As the ministers indicated in both of their speeches, they are talking about the things that are in there to relieve inflation. We know the reality is that as we are coming off the high inflation we have seen over the last year, and indeed it is starting to come down, there are a number of measures in this budget that specifically aim at supporting Canadians in getting through this difficult time, particularly the Canadians who are struggling the most. They are often the ones being affected the most by inflation and the rising costs of goods. Could the minister highlight some of the important measures in the budget that will aim at helping Canadians and those struggling the most?

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Hon. Randy Boissonnault

May/29/23 8:22:24 p.m.
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Mr. Chair, the answer is manifold. We understand that Canadians are struggling, and that is why we are providing the grocery rebate. It is going to help 11 million Canadians. Let me give some numbers. The average family will receive $467, while single Canadians will receive $264. Seniors can expect to receive, on average, $225. This is in addition to supports that we put in the window: our previous doubling of the GST tax credit; our increase to the Canada workers benefit, which lowers the tax burden on working Canadians; the creation of and increases to the Canada child benefit; the indexing of the Canada child benefit, old age security and the guaranteed income supplement to inflation; a $500 payment to seniors over 75 and an increase in the OAS for that group; and the dental benefit, which is going to help millions of Canadians. Quite frankly, as the Deputy Prime Minister and Minister of Finance said, we are a compassionate country; nobody should be worried about the quality of their smile. That is why this important investment makes sense for Canadians. There are also our critical investments in early childhood learning, with $10,000 per year per child in my home province alone.

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Mr. Jasraj Singh Hallan (Calgary Forest Lawn, CPC)

May/29/23 8:27:23 p.m.
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Mr. Chair, I will split my time three ways. The finance minister said that, by exercising fiscal restraint, she would not pour fuel on the fire of inflation. She did a massive flip-flop from November and added an extra $60 billion of spending in her failed budget. Can she tell Canadian families how much that is going to cost each and every household in Canada?

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May/29/23 8:29:03 p.m.
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Mr. Chair, the minister does not admit her own words, and she will not recognize that she broke her own promises to Canadians when she poured fuel on the inflationary fire. The minister loves to quote the Governor of the Bank of Canada, so will she agree with him that inflation in Canada increasingly reflects what is happening in Canada?

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May/29/23 8:29:39 p.m.
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Mr. Chair, the minister is here to answer questions of Canadians. Does she agree with Tiff Macklem that the inflation in Canada increasingly reflects what is happening in Canada?

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May/29/23 8:30:03 p.m.
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Mr. Chair, if the minister does not agree with the current governor, maybe she will listen to the former governor, and maybe her future boss or maybe her future seatmate, when they are on this side of the House. When he said, “Really, inflation is principally a domestic story”, did she believe him?

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May/29/23 8:30:18 p.m.
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Mr. Chair, let me point out that inflation has come down in Canada, from a high of 8.1% to 4.4%. When it comes to the budget, let me quote the former parliamentary budget officer, Kevin Page. He said we have a “credible fiscal policy” and that our “fiscal anchor of the”—

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May/29/23 8:30:40 p.m.
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Mr. Chair, if the minister is not going to listen to the future Liberal leader, maybe she will listen to the random Liberal Bill Morneau, who said that the government overspent, or to a former Liberal premier who said that, on the inflation side, if governments continue to spend beyond their means, they are going to continue to have inflation that continues to increase. Are they right or wrong?

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Mr. Philip Lawrence (Northumberland—Peterborough South, CPC)

May/29/23 8:32:37 p.m.
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Mr. Chair, I want to start out with some serious discussion. I believe we had a serious discussion at the finance committee. We are in perilous economic times. We are facing high inflation, high interest rates, increasing unemployment, record-high housing prices, low growth and record food bank usage. I would just like to start to get some basic answers, some straightforward answers to some straightforward questions. What will be the deficit in 2023?

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Ms. Melissa Lantsman (Thornhill, CPC)

May/29/23 8:58:55 p.m.
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Mr. Chair, I am going to split my time three ways. I thank the minister for coming. The minister agrees that deficits fuel inflation. She said so. How much will the $60 billion that she just spent increase inflation over five years?

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Ms. Melissa Lantsman

May/29/23 8:59:32 p.m.
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Mr. Chair, this is a simple question. Of the $60 billion that the minister just spent in her budget, how much will inflation increase over five years? I want just a number.

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May/29/23 8:59:48 p.m.
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Mr. Chair, the fact is that inflation is coming down in Canada. Inflation was at 8.1% in June and was 4.4% in April, and the Bank of Canada forecasts that it will be 3% this summer.

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Ms. Melissa Lantsman

May/29/23 9:00:05 p.m.
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Mr. Chair, the minister knows that inflation went up last month after she tabled her budget. She has been briefed on this number. There are officials sitting in front of her. I will give her a moment to ask her officials what the number is. How much will inflation go up as a result of the $60 billion that she spent in the last budget?

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May/29/23 9:00:24 p.m.
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Mr. Chair, many of the investments in our budget increased Canada's economic capacity and increased the supply side. That is helping to keep inflation and jobs on track.

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Mr. Adam Chambers

May/29/23 9:07:35 p.m.
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Mr. Chair, it is very clear that the Minister of Finance does not want to stand behind her government's record and its choices in issuing debt. Here is another question. How much more will the government have to pay if inflation does not come down and interest rates do not come down, as it is projecting them to come down in its own budget, when it rolls over its debt in the next two years?

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Mr. Francesco Sorbara

May/29/23 9:25:21 p.m.
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Mr. Chair, we know that the issues with COVID and the impact of the supply chain bottlenecks caused a great amount of inflation, not only here in Canada, but also globally. We know that inflation is on a moving average downward trajectory here in Canada. We understand that. We know it will take time. With that, our government has put in place a number of affordability measures to help the constituents in my riding. I was at a seniors function on Sunday with over 500 seniors, and I was able to tell them that they were going to have dental care by the end of the year, and that they are also going to be receiving a payment on July 5. Can the Deputy Prime Minister please inform the House as to how we are helping Canadians deal with inflation?

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Mr. Marty Morantz

May/29/23 9:39:52 p.m.
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Madam Chair, how much was Canada's inflation rate in April?

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May/29/23 9:39:57 p.m.
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Madam Chair, Canada's inflation rate is going down: 8.1% in June—

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