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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
Hon. Chrystia Freeland
  • May/29/23 7:55:10 p.m.
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Mr. Chair, the right thing to do is to have an economic plan that creates jobs. What I want is to not have any unemployed workers in Canada. The good news is that we created almost 900,000 jobs.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 7:56:49 p.m.
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Mr. Chair, one of the things we have paid a lot of attention to in the budget, and in all of our budgets, is making investments that increase Canada's economic capacity, and we believe that investments that do that can actually be anti-inflationary.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 7:57:22 p.m.
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Mr. Chair, I would like to start by talking about early learning and child care, if I may, because for me that is the poster child of an investment that actually adds to Canada's economic capacity—
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 8:01:43 p.m.
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Mr. Chair, I think the important point on TMX is that the pipeline is very close to completion. We expect that it will be finished by the end of this year. This is an important contribution to Canada's economic sovereignty, and I think all members are aware of this.
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Context: House Hansard - 201 - May/29/23
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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Context: House Hansard - 201 - May/29/23
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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Context: House Hansard - 201 - May/29/23
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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Context: House Hansard - 201 - May/29/23
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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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 8:59:13 p.m.
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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.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • 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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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 9:02:28 p.m.
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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—
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 9:05:17 p.m.
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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.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 9:41:24 p.m.
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Madam Chair, the government's investments are supporting those who are vulnerable, and they are driving a strong economic recovery.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 9:59:53 p.m.
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Madam Chair, it is essential. As we have been saying, this is an economic transformation that is comparable only to the Industrial Revolution itself. As with the Industrial Revolution, some countries did it better than others. Those countries that seized the advantage reaped generational benefits and, for generations, raced ahead in terms of the prosperity and health of their people relative to the countries that did not seize that opportunity. A comparable moment is upon us, and that is why this budget was so important. We knew we had to seize the moment for Canada, which is what we are doing, and we are already seeing the reaction from investors. This is a great opportunity for us; we are going to take advantage of it.
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