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Decentralized Democracy

House Hansard - 201

44th Parl. 1st Sess.
May 29, 2023 11:00AM
Context: House Hansard - 201 - May/29/23
Mr. Philip Lawrence
  • May/29/23 8:36:21 p.m.
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Mr. Chair, will she provide an allocation of the $12 billion unallocated in the budget?
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Hon. Chrystia Freeland
  • May/29/23 8:36:26 p.m.
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Mr. Chair, our government has been assiduous in answering all questions that are presented to us by the PBO. We have—
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The Chair
  • May/29/23 8:36:35 p.m.
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The hon. member.
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Mr. Philip Lawrence
  • May/29/23 8:36:37 p.m.
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Mr. Chair, what has been the growth rate per capita, the GDP growth rate? What was been the per capita GDP debt growth rate in the last 10 years?
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Hon. Chrystia Freeland
  • May/29/23 8:36:47 p.m.
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Mr. Chair, I am glad to finally have a question about people, jobs and growth. Canada's GDP grew by 3.4% last year, the strongest level in the G7. In the first quarter of this year, our GDP grew by 2.5%, also the strongest in the G7.
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Mr. Philip Lawrence
  • May/29/23 8:37:06 p.m.
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Mr. Chair, the key number there is per capita. The growth rate is 0.8% over the last 10 years. That is the worst since the Great Depression. We have record-high deficits. We have record-high debt. We have a slowing economy and record-low economic growth. This is very disappointing.
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Hon. Chrystia Freeland
  • May/29/23 8:37:25 p.m.
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Mr. Chair, that is simply not true. Canada's deficit is forecast, this year, to be 1.4%. That is low not only by world standards; it is low also by Canadian historical standards. Our debt service charges, even in this time of high interest rates, are lower than they were for most of the Harper era.
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Mrs. Dominique Vien (Bellechasse—Les Etchemins—Lévis, CPC)
  • May/29/23 8:37:56 p.m.
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Mr. Chair, this budget has disappointed us and has disappointed a lot of people. Everyone knows that the debt has exploded under the Liberals. The budget has not been balanced in the last eight years. This is despite the fact that the minister made a nice promise in November that filled us with hope, announcing a return to balanced budgets in 2027-28. What we have seen in the budget documents is that, instead, there will be a deficit of around $14 billion in 2027-28, so there is no return to balanced budgets in sight. My question is this. Who asked the minister to go back on her promise to return to a balanced budget?
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Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 8:38:49 p.m.
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Mr. Chair, I know my hon. colleague is a very experienced politician, so I know she understands that budget forecasts are not made by me or by politicians, nor are they made by Finance Canada economists like Nick Leswick. They are made by economists in the private sector. There is a big difference between the private sector economic forecasts made in the fall and those made at the beginning of this year. That is why there was a change in the basic budget figures.
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Mrs. Dominique Vien
  • May/29/23 8:39:37 p.m.
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Mr. Chair, we are responsible before the House of Commons for the documents we table, the budgets we table. It is important, it is fundamental in our democracy. Is the Prime Minister the one who asked the Minister of Finance to go back on her promise to return to a balanced budget?
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Hon. Chrystia Freeland
  • May/29/23 8:39:52 p.m.
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Mr. Chair, I am not going to explain again how the estimates are prepared, but I will quote Kevin Page, a former parliamentary budget officer. He said that we have a credible fiscal strategy.
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Mrs. Dominique Vien
  • May/29/23 8:40:12 p.m.
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Mr. Chair, in November, she told us that there would be a return to a balanced budget in 2027-28. Four months later, she is flip-flopping and tabling a budget that says something completely different. She is not planning a return to a balanced budget. Who asked her to go back on her decision?
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Hon. Chrystia Freeland
  • May/29/23 8:40:27 p.m.
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Mr. Chair, it is important to tell Canadians the truth. After the budget was tabled, the S&P reaffirmed Canada's AAA rating. That is the reality and it is an important reality.
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Mrs. Dominique Vien
  • May/29/23 8:40:46 p.m.
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Mr. Chair, when does the Minister of Finance plan to table a balanced budget?
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Hon. Chrystia Freeland
  • May/29/23 8:40:54 p.m.
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Mr. Chair, our target is economic growth and good jobs for Canadians. We have proven that with job growth—
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The Chair
  • May/29/23 8:41:08 p.m.
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The hon. member for Bellechasse—Les Etchemins—Lévis.
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Mrs. Dominique Vien
  • May/29/23 8:41:11 p.m.
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Mr. Chair, people have jobs, but they are struggling to make ends meet. Who asked her to go back on her position and her decision?
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Hon. Chrystia Freeland
  • May/29/23 8:41:21 p.m.
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Mr. Chair, once again, it is important to tell Canadians the truth. The truth is that Canada has the smallest deficit of all G7 countries.
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Mrs. Dominique Vien
  • May/29/23 8:41:35 p.m.
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Mr. Chair, can the minister tell us the cost to service Canada's debt, meaning how much it is costing Canadians to pay for the deficits she presented?
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Hon. Chrystia Freeland
  • May/29/23 8:41:47 p.m.
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Mr. Chair, David Dodge, a former governor of the Bank of Canada, proposed an important way to think about the debt—
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