44th Parl. 1st Sess.

May 9, 2024 10:00AM

Mr. Robert Kitchen (Souris—Moose Mountain, CPC)

May/9/24 11:50:20 p.m.
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Mr. Speaker, it is good to see that, even at this late hour, we still have people here intending and trying to learn from the incompetence that the present government is showing. With the holiday season upon us once again, oh, we need to hang on a sec; I wrote this speech back in December, and the holiday season was upon us at that point in time. However, it shows the incompetence we see from the government that it has taken six months to get to this stage. It is interesting that when we look at things where things are being tabled, I guess we consider the holidays. In some ways, I am not being wrong when I say the holidays, because we do have Victoria Day coming up within a week, or as they say here in Ontario, May Two-Four day. It is a holiday that is coming, so I guess I am not being incorrect in that statement. Now, Canadians all across the country are feeling the financial pinch, and many of them are trying to save money in any way they can. Unfortunately, the same cannot be said of the Liberal government, which continues to increase spending and taxes on the backs of middle-class people, as outlined in the fall economic statement. After nine years under the Prime Minister, Canadians are struggling while the government just keeps getting richer. We see this struggle in many different areas. Food bank usage is up across the country, with a record two million visits occurring in a single month, and that is projected to be increasing by another million. First of all, I would like to thank the Salvation Army, which does a tremendous job in helping our Canadians with raising food for the food banks, helping to feed Canadians and stepping forward and stepping up. I know the Salvation Army was here this past week. I would also like to thank all Canadians who step up and contribute to these food drives and assist Canadians, because what we need is showing where Canadians are working for Canadians. Unfortunately, as I said, we cannot say where the government can continue to increase spending and taxes on the backs of these middle-class people, and this is outlined in the Liberals' fall economic statement. After nine years of the government, we have seen that the cost of groceries continues to go up, and over 50% of Canadians are $200 or less away from going broke. The situation is alarming, and one would expect that a responsible government would introduce measures to address this, but no. Instead, the Prime Minister has announced more than $20 billion in new inflationary spending in the fall economic statement, and this will continue to keep inflation and interest rates higher than Canadians can afford. Sadly, this does not come as a surprise to anyone who has been paying attention to the government's dismal history when it comes to managing the finances of this country. I will read from an article from The Globe and Mail, which says, “Every time the Liberals update the country on the state of its finances, it is accompanied by pages of prose [141 pages, to be exact, in this situation] trumpeting the government’s devotion to fiscal restraint. And yet, every time, spending somehow ratchets higher.” One need only glance at the projected deficits to see that this is true. Let us go back in time to touch on budget 2023, where the finance minister said that the deficits for the next four years would be as follows: $35 billion, $26.9 billion, $15.7 billion and, finally, $14 billion in 2027-28. Let us keep in mind that those projections were made over a year ago, and not much has changed with respect to Canada's fiscal landscape since then. Now, let us take a look at the new deficit projections from the fall economic statement. It states that we will have a $38.4 billion deficit in 2024-25, then $38.3 billion, then $27.1 billion and, finally, $23.8 billion in 2027-28. This is an average of about $9 billion more per year. In what world is that considered fiscally responsible or showing restraint, as the Liberals would like us to believe? How is that possible? In fact, with the BIA, which we are debating right now, we now have a better idea of what the national debt numbers will be. Remember that the national debt, back in 2015, when the Liberal government came into power, was just over $600 billion. In 2023, the government showed it to be $1.1 trillion. That 0.1 is $100 billion. When we put it in that perspective and look at this, people need to finally wake up to what those costs are. According to the statement in the fall economic statement, it will be $1.2 trillion. As for this budget that came forward just now, the 2024 budget, which was supposed to be there to help generation Z and the millennials, when one looks at what that projects the national debt will be for 2025-26, is projecting it to be $1.5 trillion. That is a $200-billion to $300-billion increase. How is that helping generation Z and millennials? That is adding $300 billion-plus onto the debt, which they are going to have to pay at some time. How is it going to happen? As for what this government is doing, it is upping the credit limit, and it is increasing it to $2 trillion, more than we have, and continuing. How is that teaching gen Z and millennials, or even anybody, how to save money? How can they afford to survive? We are not teaching them a thing, and this from a government that campaigned back in 2015 on having just two $10-billion deficits. That is simple math. It is not hard to figure out, but when it was $600 billion, assuming that they had two $10-billion deficits, our deficit should only be $620 billion. Those numbers do not seem to add up. Furthermore, while the annual government revenue projections are to be $6 billion higher because of their inability to control Canada's debt, interest costs have skyrocketed and will have doubled in the last two years. Here are the budget projections for interest charges on the federal debt of budget 2023: $46 billion for 2024-25, $46.6 billion for 2025-26, $48.3 billion for 2026-27 and $50.3 billion in 2027-28. Let us compare those interest figures with the new updated projections from the fall economic statement, where we have $52.4 billion in 2024-25, $53.3 billion and then $55.1 billion, ending with $58.4 billion in 2027-28. Interest costs are now the highest they have been in a decade, and the Liberals have no plan whatsoever to remedy this. This eats up and consumes the $6 billion in increased revenue I previously mentioned. That is net-zero increases. To put this into perspective, the Prime Minister has allowed the interest costs for the federal government to run so high that the amount is now double what it spent on national defence, and it will be more than the federal government spends on health care next year, which is evident in our 2024 budget, where the interest rates that are being paid are higher than the total amount we would spend on health care. This means that, instead of taxpayer money going toward our doctors and nurses, it will be spent on servicing a debt that should never have been this high in the first place. The government cannot be trusted to do what is in the best interests of Canadians, and it is time for a new Conservative government that truly understands what responsible fiscal management means.

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