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Decentralized Democracy

House Hansard - 314

44th Parl. 1st Sess.
May 21, 2024 10:00AM
Context: House Hansard - 314 - May/21/24
Mr. Brad Vis (Mission—Matsqui—Fraser Canyon, CPC)
  • May/21/24 6:30:16 p.m.
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Madam Speaker, nine years of the same failed policies from this government have resulted in small businesses getting pushed to the brink of collapse and many are shutting their doors altogether. According to the superintendent of bankruptcy, business insolvencies in the year ending March 31 increased 56.7% year over year. The Business Development Bank of Canada reported last year that we now have 100,000 fewer entrepreneurs than we did 20 years ago, despite a massive increase in our population. In 2000, Canada had three entrepreneurs for every 1,000 people. By 2022, that number dropped to 1.3 per 1,000. April's labour force survey showed an alarming loss of more than 11,000 jobs in Canada's construction industry. In the same month, housing starts dropped by 2.2%. One of the biggest challenges businesses are facing is finding workers, largely because those workers cannot find an affordable place to live. How are we supposed to build the homes Canadians need if our construction industry is shedding jobs by the thousands each month? A result of the challenges businesses are facing is that Canada's productivity has drastically declined. Recently, the Bank of Canada's senior deputy governor, Carolyn Rogers, declared Canada's low productivity to be an emergency. In 1984, Canada produced 88% of the value generated by the United States economy per hour. As of 2022, we produced just 71% of the value that the U.S. does per hour. This ranks us second-to-last among our G7 peers, with only Italy witnessing a larger decline in productivity over the same period. Adjusting for inflation, Canada's GDP per capita is lower now than it was in 2014. Budget 2024 ignores this emergency, pours more fuel onto the inflationary fire and sends a signal to investors that Canada does not want them to invest in our economy. Even the former Liberal finance minister, Bill Morneau, has criticized this government for its reckless spending and tax hikes that will take Canada in the wrong direction. For Canada's economy to thrive, it must be competitive with the economies of our allies but, right now, it is not. Why is this the case? Canada has an uncompetitive tax system and burdensome red tape policies that continue to drive job creators and our brightest minds south of the border. In America, there is a competitive tax system. According to a recent study from the Fraser Institute, which ranked Canada's provinces and America's states by highest combined marginal income tax rates, nine provinces rank in the top 10 and all 10 provinces are in the top 13. Why would an entrepreneur stay in Canada when they can go to pretty much any state in America and keep more of their money to invest back into their business or save for their retirement? At the core of Canada's economic problems are a lack of affordable housing, an uncompetitive economy, an out-of-touch budget and rampant crime in our downtown cores. That is why Conservatives are so resolutely focused on our four key priorities: axe the tax, build the homes, fix the budget and stop the crime. The carbon tax is driving up the cost of everything. It costs more for farmers to produce food, more to ship goods and more for businesses to keep the lights on. Businesses struggle to find workers because those workers cannot find affordable places to call home. Nine straight budget deficits and hundreds of billions of dollars in added debt have driven interest rates higher than they have been in decades, making it harder for entrepreneurs to access the capital they need to grow their businesses. People are scared to go to our downtown cores and support local businesses because they are worried about being a victim of the rampant crime that has increased by 39% since the government took office. Addressing these issues is paramount to turning around our economy and becoming competitive with our global leaders once again. Frustratingly, the budget failed to axe the tax on our farmers and food. The budget failed to put forward a real plan to build the homes Canadians can afford. The budget failed to cap spending and implement a dollar-for-dollar rule. The budget failed to address the productivity emergency Canada faces. In fact, it will only make it worse. After nine long years, this budget is just more of the same from this costly and reckless NDP-Liberal coalition. For these reasons, I will be joining my Conservative colleagues in voting against this terrible budget.
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