Hon. Marc Gold (Government Representative in the Senate): Thank you for your question. This budget provides important assistance to Canadians who are struggling with the high cost of living and targeted measures to make sure that those 11 million households receive important help, while at the same time meeting the moment that our country is experiencing to make the necessary investments in our future, our children’s future and our grandchildren’s future for a cleaner energy grid and a more sustainable environment.

Indeed, economists and commentators quick to respond will have differing views, as there are almost as many views as there are schools of thought and ideologies amongst them. Since you cited one such analyst, let me respond with the words of the former Parliamentary Budget Officer Kevin Page, who wrote extensively in The Globe and Mail recently. He stated as follows:

In a high-inflation environment with dark clouds on the economic horizon, a credible fiscal strategy should demonstrate caution. Acknowledge downside economic risks. Limit new measures. Maintain fiscal rules. On balance, the 2023 budget has a credible fiscal strategy.

Our performance economically demonstrates this, colleagues. Our debt-to-GDP ratio in Budget 2022 was 42.4%. It has risen somewhat. Higher interest rates, to be sure, are contributing this year to 43.5% debt-to-GDP ratio, and it is targeted in our projections — consistent with the budget projections of last year — to fall below 40% within this decade. This compares to the debt-to-GDP ratios of 66% in Germany, 92% in the U.K. and 98% in the United States. We are leading the G7 countries in the important measure of debt-to-GDP ratio. It’s a testament to the responsibility that this government feels to Canadians now and in the future.