SoVote

Mar/21/22 1:08:44 p.m.
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Madam Speaker, what is true is that the government has spent $600 billion over the past six years. That is the reality, and no one can ever take that away from them. Unfortunately, they will be stuck with that legacy forever. That is why everyone is paying, and will continue to pay, more money in interest. It is beyond belief that the Liberals have more than doubled the debt in six years.

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Context: House Hansard - 42 - Mar/21/22

Mr. Bernard Généreux

Mar/21/22 1:12:25 p.m.
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Madam Speaker, our country's debt has doubled over the past six years. It took 150 years for the debt to reach $600 billion. Now it is over $1.2 trillion. The size of Canada's debt is almost inconceivable. We have to pay all that borrowed money back, and that affects the value of our dollar.

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Context: House Hansard - 42 - Mar/21/22

Mr. Jean-Denis Garon

Mar/21/22 1:27:07 p.m.
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Madam Speaker, there are two things I want to say. That is what happened in wartime, during World War II, when the debt ratio increased. The government collected exceptional contributions from the big banks and corporations, far more than is being asked for today. That allowed us to get through very difficult times. Now, my colleagues need to understand that, by its very nature, the Canadian banking system is less competitive than other countries' systems. Profits are higher than elsewhere, and the system is also more stable. We need to be able to take advantage of this stability when we need it the most. That time is now.

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Context: House Hansard - 42 - Mar/21/22

Ms. Laurel Collins (Victoria, NDP)

Mar/21/22 1:40:49 p.m.
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Mr. Speaker, I will be splitting my time with the member for Nanaimo—Ladysmith. The cost of food is going up. The cost of gas is going up. The cost of housing has been skyrocketing for years, and it continues to shoot up. Canadians are feeling the impacts. They are struggling to make ends meet and to put food on the table, struggling to pay rent and struggling just to afford the basics. While Canadians are struggling, big corporations are making record profits. In my riding of Victoria, seniors on fixed incomes are coming to me saying that the rising costs mean they are having to choose between paying for food and paying for medication. Families who have been surviving paycheque to paycheque have told me they are going into debt just to get by. Many young people are barely scraping by as it is. Most have completely given up on the idea of ever owning a home and are just worried about how they are going to pay rent. I sat down with the James Bay Community Project a few weeks ago. They are an amazing non-profit community organization. They help seniors, youth and families by providing community support and volunteer services. They spoke to me about the impact that the pandemic has had on low-income folks in our community, especially in food insecurity for seniors. The rising cost of living impacts everyone, but it especially impacts the most vulnerable. While people in my community and people across Canada are struggling, the ultra-rich are making more money than ever, raking in record profits and accumulating even more wealth. Wealth inequality is reaching levels that we have not seen in generations. The past year broke records when it came to creating new billionaires. On average, a new billionaire was created every day—every single day. The number of billionaires on the Forbes annual list of the world's wealthiest exploded to unprecedented levels. The wealth of billionaires has risen more in the past two years during this pandemic than it has in the past 14 years. This is the biggest surge in billionaire wealth since we started keeping records, and a staggering 90% of the Canadian billionaires are richer than they were one year ago. While everyday Canadians are falling farther and farther behind, worried about the cost of food and worried about the cost of rent, the super-rich are getting even richer. This kind of extreme inequality is outrageous in and of itself. I spoke to a single mom who told me about how the rising cost of gas, diapers and food has eaten into her budget and how she is scrambling this year, on the first of every month, calling friends and trying to figure out how she is going to make rent, while at the same time, in the same year, the wealthiest shareholders and corporations, the same corporations that are raising prices, are raking in billions. That is outrageous. The members in this chamber should be outraged. It is outrageous that while families are struggling to pay for groceries, the billionaire Weston family is raking in profits. They own Loblaws, the Real Canadian Superstore and Shoppers Drug Mart. Loblaws has a net profit of more than a billion dollars. As the price of groceries continues to increase, Loblaws paid out half a billion dollars in dividends to their shareholders. Families are struggling to pay for gas, but Suncor made over $4 billion. Gas prices continue to rise, and they paid out $3.9 billion to their shareholders. Oil companies are making record profits off the backs of Canadians, while Canadians are paying hundreds of dollars more at the pump. At the same time, these oil companies are receiving billions in fossil fuel subsidies from the Liberal government. It is outrageous that the government continues to hand out public money to profitable oil companies, companies that are fuelling the climate crisis. The climate crisis is already threatening everything that we value, with devastating climate fires, extreme flooding and extreme heat. The Arctic poles are currently experiencing unprecedented heat waves. This is causing alarm among climate scientists. This is a dire warning of a faster and more abrupt climate breakdown. How many more dire warnings do we need? How many more disasters? We are running out of time to stop the worst and irreversible impacts of the climate crisis. This is a climate emergency, and the government is not acting like it, continuing to pay big oil to pollute while it gouges Canadians at the pump. That is outrageous. Families are struggling to make mortgage and loan payments while Scotiabank had a net profit of over $10 billion. It had the gall to increase fees for customers while paying out $4.3 billion in dividends to its shareholders. That is outrageous. The economic impacts of the pandemic hit Canadians hard. As families, seniors and young people have struggled with the cost of living, corporations that have been raising prices are making windfall profits. This kind of extreme inequality is outrageous. However, extreme inequality is not only outrageous; it leads to worse health and social outcomes and has a disproportionate impact on women and racialized folks. It also puts a drag on economic growth. Importantly, and this is probably the most important thing I am going to say today, this kind of extreme inequality is not inevitable. It is not a fact of life. It is a choice by decision-makers, by elected officials, by the government. It is a choice to protect the profits of the wealthiest while making the vast majority suffer the consequences. Because of choices made by the government, the ultrarich can continue to protect their wealth using a financial system with very little transparency. Because of choices made by the government, the wealthiest are allowed to exploit this crisis for their own profit. They benefit from excess corporate profits while everyday Canadians get gouged by inflation. Because of choices of the government, money laundering and tax evasion are rampant in Canada, driving up the cost of housing. There is even a name for it: “snow washing”. It refers to how easy it is in Canada to launder money and evade taxes. We have some of the weakest corporate transparency laws in the world. This allows billions to be laundered, and it has been devastating our real estate market. It has led to an overvaluing of the average price of residential properties. On average, it impacts homes in my riding of Victoria by $45,000 to $90,000. This is why we need a publicly accessible beneficial ownership registry. Housing, grocery and gas prices are the rising costs that people are dealing with every day, so today, members of the House have a choice. Are we going to make big banks, big box stores and big oil companies pay their fair share? Are we going to help the people who are struggling with the cost of living? Are we going to get tough on money laundering and tax evasion? The Liberal government has the choice today to stop protecting excess corporate profits and to start helping people with the cost of living. One important step would be fulfilling their campaign promise to implement a 3% surtax on banks and insurance companies with net profits of over $1 billion, and extend the surtax to oil companies and large grocery chains. It is also critical to establish a publicly accessible beneficial ownership registry to combat tax evasion and money laundering by the wealthy. Then, let us choose to use the tax revenue from the surtax to fund things that will actually help people who are struggling with the cost-of-living crisis. Let us increase the Canada child benefit, the GIS and GST rebates, and build affordable housing. Fair taxation is a key tool for governments to address wealth inequality, provide key public services and increase supports that curb inequality. When members of the House vote on this motion—

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