SoVote

Decentralized Democracy

House Hansard - 201

44th Parl. 1st Sess.
May 29, 2023 11:00AM
Context: House Hansard - 201 - May/29/23
Mr. Chris Warkentin
  • May/29/23 8:58:10 p.m.
  • Watch
Mr. Chair, on a point of order, on May 4, the Speaker asked me to withdraw a comment. I would like to withdraw it and apologize for any inconvenience that I caused the Speaker.
34 words
All Topics
  • Hear!
  • Rabble!
  • star_border
The Chair
  • May/29/23 8:58:18 p.m.
  • Watch
I thank the member for that. The hon. member for Kingston and the Islands.
14 words
  • Hear!
  • Rabble!
  • star_border
Mr. Mark Gerretsen
  • May/29/23 8:58:23 p.m.
  • Watch
Mr. Chair, on a point of order, although I think we are all excited to see this apology come, we are technically in committee of the whole. Would that not have to happen during a regular sitting of Parliament?
39 words
All Topics
  • Hear!
  • Rabble!
  • star_border
The Chair
  • May/29/23 8:58:34 p.m.
  • Watch
It is acceptable during this session as well. Let us put it this way. It is really good to see the member. The hon. member for Thornhill.
27 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman (Thornhill, CPC)
  • May/29/23 8:58:55 p.m.
  • Watch
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?
42 words
All Topics
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 8:59:13 p.m.
  • Watch
Mr. Chair, actually, that is not exactly what I said. I know that we need to invest in our economic capacity. However, I believe that fiscal responsibility is important. That is why I am so glad that S&P reaffirmed our AAA rating after I tabled the budget.
49 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman
  • May/29/23 8:59:32 p.m.
  • Watch
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.
32 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 8:59:48 p.m.
  • Watch
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.
38 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman
  • May/29/23 9:00:05 p.m.
  • Watch
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?
65 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:00:24 p.m.
  • Watch
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.
29 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman
  • May/29/23 9:00:41 p.m.
  • Watch
Mr. Chair, I will ask the minister about numbers that maybe she does know. Could she tell us what the debt-to-GDP ratio was in 2021-22?
28 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:00:52 p.m.
  • Watch
Mr. Chair, Canada's debt-to-GDP ratio went up during COVID, and that was natural. We did an important job in supporting Canadians and the Canadian economy. It was the right thing—
34 words
  • Hear!
  • Rabble!
  • star_border
The Chair
  • May/29/23 9:01:07 p.m.
  • Watch
The hon. member.
3 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman
  • May/29/23 9:01:09 p.m.
  • Watch
Mr. Chair, it was 42.4% and this year it is 43.5%. Does the minister agree that 43.5% is bigger than 42.4%?
25 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:01:22 p.m.
  • Watch
Mr. Chair, I believe that the member opposite was a staffer in the Harper government, so let us talk about the 2008 recession and the incredibly slow and painful recovery Canada made because of a government that refused to invest in Canada's recovery. I have some numbers there and I am happy to share them in future questions.
59 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman
  • May/29/23 9:01:42 p.m.
  • Watch
Mr. Chair, she will have plenty of time to sit on this side of the House and ask questions, but during that recession, we were the last ones in and the first ones out. She will remember that. Can the minister tell us how much it cost to service the debt in 2021-22? I want just a number. She is the finance minister.
64 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:02:01 p.m.
  • Watch
Mr. Chair, I am the finance minister, and I remember that it took GDP four months longer to recover following the 2008 recession than it took following the COVID recession. That was because of smart investments by our government to support Canadians.
42 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman
  • May/29/23 9:02:19 p.m.
  • Watch
Mr. Chair, it was $24.5 billion. Can she tell us, in numbers, how much it is today to service the debt?
22 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:02:28 p.m.
  • Watch
Mr. Chair, let me share some numbers that really matter. It took 27 months for jobs to recover from the 2008 recession. It only took 21 months for jobs to recover from the COVID recession. Again, it is proof of our government's economic—
45 words
  • Hear!
  • Rabble!
  • star_border
The Chair
  • May/29/23 9:02:47 p.m.
  • Watch
The hon. member.
3 words
  • Hear!
  • Rabble!
  • star_border