SoVote

Decentralized Democracy

House Hansard - 201

44th Parl. 1st Sess.
May 29, 2023 11:00AM
Context: House Hansard - 201 - May/29/23
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
Ms. Melissa Lantsman
  • May/29/23 9:02:48 p.m.
  • Watch
Mr. Chair, the minister does not believe that the amount she pays to service the debt is important, and every Canadian should hear that today. It is $43.9 billion. That number has doubled. I will ask her one last question, and I want just a number. How much is the payment for the Canada health transfer that this federal government makes? I want an approximation, not even a full number.
71 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:03:15 p.m.
  • Watch
Mr. Chair, I am going to share a really precise number that matters to Canadians. It took 110 months following the 2008 recession for unemployment rates to recover. We recovered in one-fifth the time. We are focused on Canadians, Canadian jobs and economic growth. We understand government action was necessary to support Canadians, and it has worked. That is something the Conservatives still do not understand.
67 words
  • Hear!
  • Rabble!
  • star_border
Ms. Melissa Lantsman
  • May/29/23 9:03:45 p.m.
  • Watch
Mr. Chair, the amount that I was looking for from the finance minister was about $45 billion. It will cost $43.9 billion to service our debt, which has doubled since last year, and it cost $45 billion in the Canada health transfer to keep Canadians safe, a number the minister does not think matters. It costs almost as much to service the debt as we pay for health care in this country, and that is shameful.
77 words
  • Hear!
  • Rabble!
  • star_border
Mr. Adam Chambers (Simcoe North, CPC)
  • May/29/23 9:04:22 p.m.
  • Watch
Mr. Chair, could the hon. minister tell us this? Is it not a fact that between February 2020 and January 2022, the government issued approximately $471 billion of debt?
29 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 9:04:39 p.m.
  • Watch
Mr. Chair, I believe the member opposite is another former Harper staffer, so I want to remind him of the incredibly poor recovery his government made from the 2008 recession. We learned from that experience—
36 words
  • Hear!
  • Rabble!
  • star_border
The Chair
  • May/29/23 9:04:56 p.m.
  • Watch
The hon. member for Simcoe North.
6 words
  • Hear!
  • Rabble!
  • star_border
Mr. Adam Chambers
  • May/29/23 9:04:59 p.m.
  • Watch
Mr. Chair, it is true. It is a fact. The government issued $471 billion of debt between February 2020 and January 2022. Could the hon. minister tell us how much of that issued debt is maturing in under three years?
40 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:05:17 p.m.
  • Watch
Mr. Chair, what is a fact is that it took four months longer for real GDP to recover following the 2008 recession than it took following the COVID recession, even though COVID caused much deeper economic harm. We invested in Canadians, and we are proud of it because it worked.
50 words
  • Hear!
  • Rabble!
  • star_border
Mr. Adam Chambers
  • May/29/23 9:05:36 p.m.
  • Watch
Mr. Chair, 52% of all of the debt issued in that time frame was for under three years. In fact, only 10% of that debt was issued with 10 years or more maturity. How is it possible that the government says its debt management strategy is fiscally responsible when at the lowest interest rates, it financed most of that debt in the short term, which is all going to roll over in the next two years?
76 words
  • Hear!
  • Rabble!
  • star_border
Hon. Chrystia Freeland
  • May/29/23 9:06:10 p.m.
  • Watch
Mr. Chair, as I said, the member opposite was a staffer during the failed Harper government that engineered a very slow recovery from the 2008 recession. It took 27 months for jobs to recover. It took only 21 months for jobs to recover following the COVID recession, which was much deeper because of the historic shock of COVID. That is because of a government that did not understand the need to invest and support Canadians. Yes, we took on—
80 words
  • Hear!
  • Rabble!
  • star_border