44th Parl. 1st Sess.
June 6, 2023 10:00AM
Madam Speaker, it plays strongly into the equation. That is why the fact that the government has had the slowest real per capita economic growth since the Great Depression is such a big problem, and debt actually drives down growth because it weighs down the economy.
As for the deficits of previous Conservative governments, the Mulroney government did not have any operating deficits. Its deficits were simply interest on the previous Trudeau government's debt. Of course, I am going to inherit the same kind of mess from his son.
Let me quote Stephen McNeil, former Liberal premier of Nova Scotia, “Happening on the inflation side, if governments both nationally continue to spend beyond their means, not spending for infrastructure, spending to pay the credit card of the government of today, they are going to continue to have inflation that continues to increase, which continues to put pressure on household budgets across country.... Number two, get your spending in order, we would all benefit from all governments being able to manage their own budget a lot....”
That is from a Liberal. Top, common-sense Liberals no longer recognize themselves in this radical, nonsense government. We need balanced budgets to lower inflation and interest rates so Canadians can keep their homes and build a life.
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Madam Speaker, these are challenging times in the challenging world we live in. Considering all of the things happening around the world and considering inflation, which is affecting almost every other country in the world, we are taking very prudent steps in managing the fiscal aspects of our economy.
We continue to have the lowest deficit-to-GDP ratio in the G7. We continue to have the lowest net debt-to-GDP ratio among G7 countries. That is due to the prudent approach we have adopted in the last eight years, which we continue to focus on.
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- Jun/6/23 2:13:02 p.m.
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Mr. Speaker, the Liberal-NDP costly coalition's out-of-control spending and sky-high taxes have made life unaffordable for Canadians. More Canadians are visiting the food bank than we have ever seen before, more seniors are choosing to delay their retirement just to make ends meet and more families are finding themselves on the brink of insolvency. By every objective measure, the Liberals' war on work is making life more expensive, with inflation and higher taxes resulting in expensive gas, heat and groceries, which leaves hard-working Canadians with less in their pockets every month.
With budget 2023, the Liberal government doubled down on these failed policies, adding over $40 billion to the national debt. Next year, Canadians will spend over $43 billion in interest payments alone.
Canada's Conservatives are demanding a plan to balance the budget and bring an end to inflationary deficits, and for the Liberals to axe the carbon tax. Only Conservatives will bring home powerful paycheques, lower prices and make Canada work for the people who work.
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- Jun/6/23 2:34:10 p.m.
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Mr. Speaker, the finance minister admitted that deficits fuel inflation. It is hard to believe she even understands this concept, as her government piled on more debt on to Canadians than every government before it combined. This led to the highest bank interest rate hikes seen in a decade, and now 63% of Canadians' paycheques go toward monthly mortgage payments alone. After knowing all this, she still threw a $63-billion jerry can of fuel onto the inflationary fire she started with her failed budget, and now a mortgage crisis looms.
Can she tell us on what date she will stop her inflationary spending and balance the budget so interest rates can finally come down?
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- Jun/6/23 2:41:10 p.m.
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Mr. Speaker, when we talk about the economy, it is important to talk about the facts and not use partisan rhetoric. I want to remind Canadians that after the budget was tabled, S&P reaffirmed Canada's AAA credit rating. I also want to remind Canadians that Canada has the lowest deficit of all the G7 countries. Canada also has the lowest debt-to-GDP ratio of all the G7 countries. That is the—
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Mr. Speaker, I keep hearing from those on the other side of the House that the government is investing, that they will do this and they will do that. I wonder if they recognize that there is no such thing as government money. It is the money of hard-working Canadians. It is important to live within our means or we will go further into debt.
Will the member not recognize that massive deficits and debt are fuelling inflation and making life more expensive for all Canadians?
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Mr. Speaker, the Liberals pat themselves on the back for their 2023 budget, but they should not. It is a budget that, at the end of the day, will hurt Canadians, it is short-sighted, irresponsible and ultimately incompetent.
Members do not have to take my word for it. The former finance minister, Bill Morneau, said the Liberals' fiscal policy was about “scoring political points” over good policies, specifically financial ones. He said the Ministry of Finance recommendations were disregarded in “winning a popularity contest”. Policies were made “on the fly”. Some things do not seem to be changing. That is to be expected from a Prime Minister who told reporters that he did not concern himself with fiscal policy because budgets balance themselves. It is incomprehensible.
Can members imagine what would happen to a small business or a family where there is no concern about how much is spent and how much is made? It would lead to hard times for them. They would go deeper into debt, and possible foreclosure and bankruptcy. The Liberals do not seem to care. They have doubled down on national debt. The Liberals and the Prime Minister have more than doubled the national debt since coming into power.
Canadians might ask what difference it makes. It very much affects the lives of all Canadians. We can look to how much everything costs and how much smaller the packages are. Everything has gone up. A family of four will spend $1,000 more after tax dollars on food alone. Even for those receiving rebates, they will spend many hundreds more on bread, fruit, vegetables and everything else.
The Liberals, when they saw the inflationary numbers and how they are impacting Canadians, said this was not good for them politically, so they raised interest rates by over 1,000% to cool things down.
What has that accomplished? Let us ask those who have been renewing their mortgages. It is thousands of dollars more per year just on mortgages because the interest rates were increased. I live in the greater Vancouver area. Homes cost $1 million, $2 million and up, and mortgages over $600,000 are just the standard. The fiscal policies of the Liberals are putting a squeeze on taxpayers.
The standard of living for Canadians is deteriorating. Canada has been sliding in the rankings as far as wealth is concerned. In 2019, we were in 10th place. In the past three years, we have gone down to 14th and are sliding. If we compare that to Taiwan, Israel and Ireland that are equal to us or have surpassed us in their per capita incomes, they do not even have the resources we have. We are a wealthy nation, but our fiscal policy is destroying us.
The government is more interested in the redistribution of wealth, making us dependent on government and killing wealth creation through taxation and regulation. There is a word for that and it is socialism. The regulations, red tape and bureaucracy are killing us. It is fiscal foolishness.
I have a couple of examples. One is the TransCanada pipeline. Kinder Morgan projected it to cost $6.7 billion. The Liberals got involved and the new cost for Canadian taxpayers is approaching $40 billion. It is like the Liberals have written a blank cheque. There is no fiscal responsibility.
A local example in my riding is the Harris Road underpass. It is an agreement between the CPR, Transport Canada and the port authority. It was projected four years ago, with an agreement, to make this underpass for $63 million. It has skyrocketed to $200 million and the project is on the verge of collapsing because of cost increases. Less than half of that cost is for actual construction. The rest is for management, enabling and management contingency. The bureaucracy is killing us.
There is one thing where the prices have been driven down, and that is the cost of street drugs with Liberal drug policies by both the Liberals and the NDP. It is killing lives. The price of hard drugs has gone down 70% to 95%. People are getting addicted and they are dying.
We need a change of government to get some fiscal sanity.
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