44th Parl. 1st Sess.
June 7, 2023 02:00PM
- Jun/7/23 2:54:35 p.m.
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Mr. Speaker, did the Prime Minister say, “erroneous fears”?
Tonight families will sit down with their kids at the dining room table to say, “Sorry, we have to sell the house because mortgage payments are going to go up by as much as $1,500 per month”. That is not from me. That is according to the Bank of Canada, which predicts a 40% increase in mortgage payments. People cannot pay $1,500 more in mortgage payments. They have only $200 left in the bank at the end of the month.
Will the Prime Minister acknowledge that these are real fears by real people and stand on their side?
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- Jun/7/23 2:55:20 p.m.
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Mr. Speaker, where the Leader of the Opposition falls down is that his solution for those families is to do less for them, to take away their child care, to take away their dental care, and to take away the programs that are helping them, such as the Canada workers benefit.
We are bringing forward payments for the Canada workers benefit so that low-income workers can get more help right now, and that leader is going to stand up for hours tonight to block that measure. There is help for Canadians on the way, and those Conservatives are standing in the way with silly procedural games.
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- Jun/7/23 2:56:04 p.m.
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Mr. Speaker, today marks the ninth rate increase since March—
Some hon. members: Oh, oh!
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- Jun/7/23 2:56:13 p.m.
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It is starting to get noisy again. I am going to ask everyone to take a deep breath and quiet down.
I will ask the hon. member for Burnaby South to start from the top.
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- Jun/7/23 2:56:26 p.m.
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Mr. Speaker, today marks the ninth interest rate increase since March 2022. For families on a stretched budget, this means a lot more pain. However, more and more economists are coming to the consensus, something that neither Conservatives nor the Liberals are willing to talk about, that the greed of CEOs exploiting this inflationary crisis to jack up profits is the major cause of inflation.
Will the Prime Minister finally take greedflation seriously and stop greedy CEOs from gouging Canadians?
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- Jun/7/23 2:57:03 p.m.
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Mr. Speaker, the global inflation crisis that faces Canadians and people around the world has global roots, whether it is the war in Ukraine, which Putin is responsible for, or coming out of the pandemic.
We can say that Canada's economic recovery has been much faster than it was during the much shallower recession in 2008 under the previous government and that employment is up higher than it has ever been. At the same time, too many Canadians are hurting, and that is why we have been stepping up with targeted supports, which are not increasing inflation, but are responding to the reality of Canadians who are struggling.
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- Jun/7/23 2:57:44 p.m.
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Mr. Speaker, my question was about greedflation. Again, neither the Liberals nor the Conservatives have the courage to talk about it.
In these tough times, economists have warned that interest rate hikes will lead Canada into a recession. With another hike, people are going to find it even harder to make ends meet every month. Meanwhile, multinationals and grocery giants like Metro are making record profits.
Will the Prime Minister finally tax the excess profits of his billionaire friends?
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- Jun/7/23 2:58:20 p.m.
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Mr. Speaker, we are well aware that Canadians are having trouble paying their bills. That is why we are taking action. We are taking action to support Canadians with investments like the grocery rebate, with support for low-income workers, with support for low-income renters, with dental care for families who cannot afford to send their kids to the dentist.
We are there with targeted, non-inflationary assistance that works, while the Conservatives are proposing austerity once again.
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- Jun/7/23 2:58:59 p.m.
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Mr. Speaker, as Canada continues to recover from the pandemic, it is important to make sure that no one is left behind. That is why our government has introduced programs such as the Canada child benefit, $10-a-day child care, the Canada dental benefit and the grocery rebate.
With us today in Ottawa are a group of single moms and their daughters from my riding of Mississauga—Lakeshore. They are some of the millions of Canadians who have benefited from these programs. I am proud that our government has delivered real action for families in my community. Unfortunately, the official opposition refuses to support these measures, which help Canadians get ahead.
Can the Prime Minister remind the House why it is important to help make life more affordable for—
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- Jun/7/23 2:59:40 p.m.
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The right hon. Prime Minister.
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- Jun/7/23 2:59:42 p.m.
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Mr. Speaker, I want to thank the member for Mississauga—Lakeshore for his dedication to his constituents. We are all extremely proud of the accomplishments we have made since 2015, but we know there is a lot more to do. That is why our budget aims to make life more affordable for the middle class, while creating great middle-class jobs in a clean economy.
However, Conservative politicians continue to block us from delivering these important measures. We hope they will end their partisan games and help us send the BIA to the Senate this week.
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- Jun/7/23 3:00:18 p.m.
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Mr. Speaker, after eight years of the Prime Minister, he has not only doubled the national debt, adding more debt than all prime ministers combined, but he has overseen a doubling in the average cost of rent, the average mortgage payment and the average necessary down payment.
Household debt in Canada is now the worst of any country in the G7. In fact, our household debt in total is 7% bigger than the entire GDP of the country. The IMF reports that we have the largest risk of mass defaults of all leading economies.
Will the Prime Minister stop heaping on inflation and interest-rate hikes now?
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- Jun/7/23 3:00:58 p.m.
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Mr. Speaker, the Canadian government has the lowest deficit in the G7 and the best debt-to-GDP ratio in the G7, yet Canadians are struggling. We propose to send them more direct help, including an ability to get a tax refund on tools for tradespeople, help with the Canada workers benefit, and other measures to help homebuyers.
Conservatives say no, we should be cutting programs and sending less help to Canadians during this time. It is completely illogical and irresponsible, yet they are standing up to block our budget.
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- Jun/7/23 3:01:39 p.m.
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Mr. Speaker, the Prime Minister is not sending any help. Everything he spends he has to take. It reminds us of when he said he was going to take on government debt so that Canadians would not have to. The Liberals are now stuck with twice the national government debt and the biggest household debt of any country in the G7.
At the time, the Prime Minister flooded the economy with cheap cash, which increased housing prices and therefore mortgage debt. Canadians now have more debt than at anytime in our history, more debt than the size of our entire economy, and they are being hit with a 19-fold increase in interest rates.
How will they ever pay their bills?
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- Jun/7/23 3:02:19 p.m.
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Mr. Speaker, every now and then, the Conservative leader reminds us all that he would not have been there to help Canadians through the depths of the pandemic. He would not have been there to support families or small businesses, or to get our economy rolling again.
He was part of the Stephen Harper government that let the 2008 recession linger for nine years before we recovered jobs, yet this deeper recession took two years to bounce back to full employment. We are going to continue to be there for Canadians to support them, while he is proposing cuts and less support for Canadians when they need it most.
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- Jun/7/23 3:03:03 p.m.
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Mr. Speaker, we were the last to go in and the first to come out of the great global recession. We left the country with a balanced budget. Housing costs were half of what they are today, not to mention that food price inflation never went above 4%. That is a far superior record to what the Prime Minister has delivered.
He has doubled housing prices, doubled the cost of a mortgage, doubled rent costs and sent 1.5 million people running to the food bank. He now proposes another $60 billion of inflationary deficits, or $4,200 in extra costs to Canadians.
Will he do what he promised to do just six months ago and give a date for a balanced budget?
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- Jun/7/23 3:03:45 p.m.
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Mr. Speaker, 2.7 million Canadians have been lifted out of poverty since 2015 because of the supports and investments this government made. At the same time, we have seen millions of jobs created and the lowest unemployment in generations.
We are going to continue to be there in targeted, non-inflationary ways to help Canadians while the Conservatives continue to stand in the way of more help to Canadian families that need it right now. We have an approach that is growing the economy, creating great jobs and supporting Canadians at the same time.
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- Jun/7/23 3:04:25 p.m.
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Mr. Speaker, there he goes again. He is totally out of touch. He says Canadians have never had it so good. Those nine in 10 young people who have given up on ever owning a home have never had it so good, says the Prime Minister. The 1.5 million who are going to food banks or skipping meals have never had it so good. Those going to The Mississauga Food Bank and seeking help with medical assistance in dying, not because they are sick but because they are hungry, have never had it so good.
What they are experiencing is the unavoidable mathematics of an inflationary government, which has spilled $500 billion of inflation on their backs. When will he balance the budget to bring down those costs?
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- Jun/7/23 3:05:19 p.m.
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Mr. Speaker, the fact of the matter is we all, in this House, representing constituents across the country, know that Canadians are hurting. The difference between our two approaches is that we continue to be there in targeted, non-inflationary ways to help Canadians while Conservatives are proposing program cuts, support cuts, cuts to child care, cuts to investments in dental care, cuts to the kinds of things that are helping Canadians through these difficult times.
That is the choice Canadians are going to be making in a few years: between cuts and further responsible growth for the economy.
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- Jun/7/23 3:06:07 p.m.
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Mr. Speaker, yesterday, in the committee on Chinese interference, David Johnston confirmed that he based his report on incomplete information. He did not even take the time to talk to the Chief Electoral Officer of Canada or the Commissioner of Canada Elections.
He did not do the necessary work, yet he concluded that there is no need for a public inquiry.
Mr. Johnston himself demonstrated that his report lacks rigour and that his conclusions on the public inquiry must be called into question. He himself discredited his report and disqualified himself from any involvement as a result of that work.
Will the Prime Minister finally thank him and ask him to step aside?
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