44th Parl. 1st Sess.
November 29, 2021 11:00AM
- Nov/29/21 2:20:24 p.m.
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Mr. Speaker, the member opposite would have Canadians believe that inflation is a made-in-Canada problem, but experts agree that this is an international challenge that all of our peer countries are facing too. In fact, last week, even the Leader of the Opposition admitted that rising inflation is “a global phenomenon”.
I therefore have a question to offer for the member opposite. Who is the real voice of economic policy for the Conservatives, the Leader of the Opposition or the deputy leader or maybe the member for Carleton?
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- Nov/29/21 2:21:40 p.m.
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Mr. Speaker, I would like to quote another economist I respect very much, and I think Stephen Harper respected him too because Prime Minister Harper appointed him to be Governor of the Bank of Canada.
Stephen Poloz was asked in a weekend TV show whether he thought Canadian government spending was the cause of inflation. He was unequivocal. His answer was “I think that's not right.”
He is right; the Conservatives are wrong.
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- Nov/29/21 2:22:51 p.m.
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Mr. Speaker, let me further quote Governor Poloz, an economist respected by all Canadians. He was asked whether the support we offered at the height of the COVID recession was the right thing to do. He said, “what the stimulus did was to keep the economy from going into a deep hole in which we would have experienced persistent deflation.... Read a book or two about the Great Depression in the 1930s and realize what was averted when we went through this.”
We know we did the right thing. Let me quote the Governor and urge the Conservatives to read a book or two and understand that.
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- Nov/29/21 2:32:48 p.m.
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Mr. Speaker, let me talk about some of the very specific ways our government is helping Canadians with the very real challenge of affordability. A single parent with two children will receive $13,600 from the Canada child benefit. The average family in Saskatchewan will get almost $1,000 from the carbon price rebate. Seniors received an extra $500 this summer. A student will save more than $3,000 through our plan to eliminate federal interest on student and apprentice loans.
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- Nov/29/21 2:36:12 p.m.
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Mr. Speaker, I am very glad that we are spending some time today talking about the Canadian economy. As finance minister, let me point out what is the single most important economic policy in Canada today, and that, as the emergence of a new variant on Friday has reminded us, is the fight against COVID. It is not over and the single most important tool in our tool box is vaccination. Therefore, I would like to urge the Conservatives to get on board and help us end this COVID pandemic.
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- Nov/29/21 2:38:34 p.m.
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Mr. Speaker, the member opposite would have Canadians believe that inflation is a made-in-Canada problem, but Canadians know that this problem exists in most countries around the world.
In fact, just last week, even the Leader of the Opposition admitted that it is a global phenomenon.
I therefore have a question for the Conservative member. Who is the real voice of economic policy for the Conservative Party?
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- Nov/29/21 2:39:42 p.m.
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Mr. Speaker, I know that Canadians, like the Leader of the Opposition, understand that inflation is a global phenomenon.
Here are some numbers to back that up. In October, Canada's inflation rate was 4.7%. In the United States and Mexico, it was 6.2%. In New Zealand, it was 4.9%. The G20 average was 4.6%.
Those are the numbers. Those are the facts.
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- Nov/29/21 2:56:12 p.m.
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Mr. Speaker, what Canada's softwood lumber workers know, and indeed what workers in all sectors of the Canadian economy know, is that our government can be relied on to defend the national interest in trade disputes with the United States.
By contrast, they also know that when the going gets tough, the Conservatives believe in folding their tent. We know that because that is what the Leader of the Opposition said when it came to the 232 tariffs and when he urged us to drop our retaliation.
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- Nov/29/21 3:04:42 p.m.
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Mr. Speaker, let me quote another economist who I hold in very high regard and I know Prime Minister Harper did too because he appointed him to be Governor of the Bank of Canada. Stephen Poloz said over the weekend, “what the stimulus did was to keep the economy from going into a deep hole in which we would have experienced persistent deflation. Read a book or two about the Great Depression in the 1930s and realize what was averted when we went through this.”
We know on this side of the House we did the right thing and it is time for the members opposite to admit it.
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- Nov/29/21 3:06:04 p.m.
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Mr. Speaker, it is time for the Conservatives to be honest with Canadians. Do they really believe that it was wrong to support businesses and families when COVID hit? Do they really believe that the COVID lockdowns were the time for austerity? Canadians know that supporting them during COVID was the right thing to do. They know better than to trust the Conservatives to have their backs during the crisis, but they can trust us.
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- Nov/29/21 3:07:14 p.m.
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Mr. Speaker, first of all, I would like to ask the Conservatives to be careful and thoughtful with their use of economic terminology as 4.7% inflation is high, but it is not hyperinflation.
Also, I would like to remind the member for Medicine Hat—Cardston—Warner that the government is responsible for fiscal policy, but it is our Bank of Canada that is in charge of monetary policy. We are very concerned about our seniors and that is why our government has acted to support them.
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