Hon. Marc Gold (Government Representative in the Senate): Thank you for your question. The government takes responsibility for the strong economic growth in this country. It takes responsibility for the fact that our gross domestic product, or GDP, growth remains strong. Recently, our AAA rating was affirmed by S&P Global Ratings with a stable outlook.

The government also takes responsibility and credit — to the extent that credit and blame are two sides of the coin; you’re looking for blame. The recent Parliamentary Budget Officer’s Economic and Fiscal Outlook states:

. . . For the current fiscal year 2022-23, PBO projects the deficit to decline to $25.8 billion (0.9 per cent of GDP) under status quo policy. . . . the budgetary deficit is projected to decline further . . .

Canada came into this crisis with the lowest net debt-to-GDP ratio in the G7. In fact, Canada has increased its relative advantage through this pandemic.

I think Canadians should be pleased that the government has steered our economy through this, notwithstanding the very true and disturbing fact that the cost of living is imposing significant strains on households across this country. That’s why the government is responding with the targeted measures that I mentioned earlier and that we’ll be debating in this chamber.

Senator Housakos: Government leader, the only reason Canada still has a half-decent debt-to-GDP ratio in the world is because your government inherited the best GDP-to-debt ratio in the world in 2015, which has been constantly going down over the last seven years.

Furthermore, the other things you are champions of are setting record-high debts and deficits in this country and, while doing all that, running up inflation that is devastating middle-class Canadians and those working hard to join it.

My other question for you is linked to this inflation problem we have. Energy costs are scheduled to skyrocket this winter. Again, you’re going to say I’m looking to hold somebody responsible. No, I am trying to figure out the reasons for this so maybe your government can change course.

The Chancellor of Germany was here in Canada recently. He called on Canada to provide more liquefied natural gas, or LNG, and more clean, Canadian energy to Europeans in this time of need. Canada doesn’t have the infrastructure or capacity to do that today.

The question is, in large part, because your government has been very irresponsible and lacking balance in dealing with our energy sector and the environment thanks to policies like Bill C-69 and Bill C-48 that your government passed.

Will you acknowledge that your lack of balance in dealing with the energy sector and the environment has led to the catastrophe of higher energy prices that are around the corner, coupled with the inflation from this government?