44th Parl. 1st Sess.
October 16, 2023 11:00AM
- Oct/16/23 2:25:42 p.m.
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Mr. Speaker, last fall, the finance minister promised a balanced budget within six years. Last spring, she broke that promise and said that we would never have a balanced budget. Last week, the Parliamentary Budget Officer revealed that her deficit is now 15% bigger than she said it was only six months ago.
Has the government totally lost control of our debt? How much is this inflationary spending going to add to the interest rates Canadians pay on their mega mortgages?
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- Oct/16/23 2:27:11 p.m.
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Mr. Speaker, apparently former Liberal finance minister John Manley is just a partisan using talking points when he says that the government's inflationary deficits are like pressing on the inflationary gas pedal and forcing the Bank of Canada to press on the brakes with higher interest rates. Canadian families have the highest debt load of families from any country in the G7, and those debts are colliding with the rates the government is driving up.
Will the finance minister cancel the inflationary deficits and balance the budget to bring down interest rates and inflation, or will she admit that she is just not worth the cost?
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- Oct/16/23 2:35:43 p.m.
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Mr. Speaker, after eight years of failed Liberal-NDP policies, the finance minister experiences inflation much differently than everyday Canadians.
Her enormous inflationary deficits led to 40-year highs in inflation that caused the Bank of Canada interest rates to go up, more than ever in history. They are just not worth the cost.
After promising to balance the budget, her own budget watchdog called her out, proving Liberal deficits could reach almost $50 billion this year. I guess budgets do not balance themselves after all.
Could the finance minister tell Canadians how much she is adding to the federal debt this year, or are we asking for too much?
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- Oct/16/23 2:43:37 p.m.
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Mr. Speaker, is the minister aware that about 20% of mortgages are now in negative amortization? The monthly payment does not even cover the principal and interest.
Our leader has repeatedly warned about the inevitable outcome of rising inflationary spending. No one listened, not the Bloc Québécois nor the Liberals.
After eight years of disastrous management, will the Liberals stop their inflationary spending to bring mortgage rates down so that Canadians can keep their homes?
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- Oct/16/23 2:48:31 p.m.
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Mr. Speaker, after eight years, the NDP-Liberal government's wasteful inflationary spending is keeping inflation high and causing interest rates to be the highest in a generation.
Canadians are facing tough choices, including whether they have no option other than to sell the family home. A Credit Canada representative told Bloomberg, “selling the house might end up being the only option for some homeowners.” Last week, I heard of a nurse living in her car in the Okanagan.
The Prime Minister is just not worth the cost. When will the Prime Minister finally stop his inflationary spending so Canadians can keep a roof over their head?
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- Oct/16/23 2:49:12 p.m.
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Mr. Speaker, it is fair to ask a question of the Conservatives. When they talk about inflationary spending, are they talking about the programs they are actually going to cut, which are supporting people right now?
Let us look at the measures that they are going to cut, that they have already voted against. The question was about homelessness. When we put $1.3 billion on the table, the Conservatives voted against it. Are they are going to cut supports for the homeless? When we are talking about removing the GST so we can build more homes for middle-class families in our country, they intend to vote against it. Are they going to cut that too? When we put money on the table for affordable housing, time and time they vote against it. Are they going to cut that too?
The Conservatives are reckless. They are not worth the risk. We are here to support the middle class.
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- Oct/16/23 2:49:57 p.m.
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Mr. Speaker, this is from the same government that declared victory on inflation only to see it skyrocket.
James from Langley, B.C. told Global News that he and his husband were selling his home as a result of their mortgage payments and were returning to the rental market.
Mortgage defaults are climbing, with forced sales events up 10%, as just reported by the Toronto real estate board.
After eight years with this NDP-Liberal government, people are being forced to sell their homes. The Prime Minister is just not worth the cost.
Will the Prime Minister finally stop his inflationary spending so Canadians can keep a roof over their head?
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- Oct/16/23 2:51:13 p.m.
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Mr. Speaker, after eight years of this Liberal government, what has Canada witnessed? Chronic deficits and out-of-control inflationary spending. The result is a direct impact on inflation and interest rates, which are currently climbing.
According to the Institut national de la recherche scientifique, one in five Quebeckers are having a hard time repaying their debt and are at risk of losing their home.
After eight years of this Liberal government, will the government finally understand that reckless management is costly for all Quebeckers and Canadians?
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- Oct/16/23 2:56:53 p.m.
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Mr. Speaker, Canadians and Conservatives all know that after eight years of the Prime Minister, he is just not worth the cost, but the Liberals and the NDP are still not receiving this message. For those who do not believe me, take a look at the headlines: “Average rent went up another 11% in past year—and even getting a roommate doesn't help much”.
“Canada's rental crisis is getting worse, according to a new report that found the average asking price for rent in September was $2,149—up by more than 11 per cent compared with a year ago.”
It is enough. When will the Prime Minister stop his inflationary spending so Canadians can actually afford housing?
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- Oct/16/23 2:59:58 p.m.
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Mr. Speaker, after eight years of the NDP-Liberal government, a half a billion dollars in inflationary deficits has fuelled 40-year inflation highs, causing the Bank of Canada to raise interest rates. In the midst of a housing crisis, mortgage defaults and forced home sales are on the rise. People are losing their homes.
This Prime Minister is just not worth the cost. Will the Prime Minister finally put an end to his inflationary spending so that Canadians can keep a roof over their heads?
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- Oct/16/23 3:01:28 p.m.
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Mr. Speaker, this government's policies have forced the Bank of Canada to increase the interest rate 10 times, with devastating effects. Here is the latest example. Approximately 20% of mortgages at the country's big banks are in negative amortization. What does that mean? It means that people's monthly payments are not enough to cover the interest. The unpaid interest is growing and being added to the balance. These loans will never be paid off.
When will the Liberals put an end to their inflationary deficits so that interest rates will drop and Canadians are able to stay in their homes?
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- Oct/16/23 3:05:36 p.m.
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Mr. Speaker, after eight years of inflationary spending and carbon taxes, food prices have skyrocketed, and many Canadians had empty tables at Thanksgiving. That was because of broken Liberal promises and a Liberal-made financial crisis.
Canadian grocery CEOs did not commit to meeting the Liberals' lower food prices by Thanksgiving. As a result, many Canadians cannot afford to feed their families, a quarter are skipping meals and millions of Canadians had to rely on food banks for their Thanksgiving dinner. The Prime Minister is not worth the cost.
Will the Prime Minister end his inflationary spending so Canadians can afford to feed their families?
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