44th Parl. 1st Sess.
April 4, 2022 11:00AM
- Apr/4/22 12:09:47 p.m.
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- Re: Bill C-8
Madam Speaker, I thank my colleague for that observation and that question.
One thing I have learned as a member of Parliament that means a great deal to me, and I share this with my constituents here in Saskatchewan, is that the majority of the GDP of this nation is created in rural Canada. We are rural, and the issues faced by members of my communities who are facing this carbon tax resonate completely with rural Canadians across this country.
This government does not understand that dynamic, and the punitive measures it has put in place are not revenue-neutral. Certainly I know that my constituents are paying far more into this carbon tax than they are getting back, and it is more punitive towards rural Canadians.
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- Apr/4/22 2:19:53 p.m.
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Mr. Speaker, the Conservatives continue to ignore the facts. Our GDP grew for the eighth consecutive month. We have recovered 112% of the jobs lost to the pandemic. In 2021, we saw Canada's largest annual trade surplus, at $6.6 billion. Households, on average, have more savings than debt, and S&P and Moody's have reaffirmed our AAA credit rating. Those are the facts.
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- Apr/4/22 2:23:13 p.m.
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Mr. Speaker, our agenda and our plan are clear.
Here are the facts. Our GDP has increased for the eighth consecutive month. We have recovered 112% of the jobs lost during the pandemic, specifically 3.4 million jobs. In 2022, Canada posted its largest annual trade surplus since 2008, totalling $6.6 billion.
The reality is that the economy is growing, and the Conservatives do not like that. Those are the facts.
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- Apr/4/22 2:33:51 p.m.
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Mr. Speaker, I will remind Canadians and opposition members that they campaigned on deficit spending of $168 billion.
Our fiscally prudent plan, which will be revealed in the budget later this week, will continue to not only make investments in Canadians but also set us on a very prudent course for the future.
Our GDP is now above prepandemic levels. We have recovered 3.4 million jobs. We came into this crisis with the lowest debt-to-GDP ratio in the G7, and after investing half a trillion dollars in Canadians, it is still the lowest debt-to-GDP ratio in the G7.
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- Apr/4/22 2:50:12 p.m.
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Mr. Speaker, I would caution the hon. member as she seems not to be aware of the fact that Canada has one of the best fiscal positions of any developed economy in the world. We entered this pandemic with the lowest debt-to-GDP ratio of any G7 country, and our AAA credit rating has been reaffirmed by major credit rating agencies.
I would point out as well that Canada, this year for the first time, has actually ranked first globally as the world's top destination of choice for newcomers who are thinking about leaving their country of origin. The measures that we have been putting in place are making a positive difference to our economy, and we are going to continue to make Canada the most welcoming place on earth for those who wish to seek new employment opportunities.
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- Apr/4/22 3:10:04 p.m.
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Mr. Speaker, I rise on a point of order.
Twice today we heard different ministers claim Canada has the best debt-to-GDP ratio in the G7. With the House's permission, I would like to table a report from the Library of Parliament showing we are actually third and have the 29th best in the OECD.
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- Apr/4/22 6:12:02 p.m.
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Madam Speaker, this morning I was reading an article in The Globe and Mail, and it was quoting, extensively, the chief executive of the Bank of Canada, David McKay. He said that he was uneasy about the economy and that there was a frustration and mistrust between the business community and the Government of Canada. He said some of those challenges are ideological, that there needs to be a shift away from a tax-and-spend approach, which does not create sustainable growth. He also said tax and spending like the government is doing is like eating Sugar Pops for breakfast. He said the government is missing a chance for long-term success and that Canada is lagging its peers on key measures of productivity and investment. The article indicated that Canada's five-year average GDP growth is the lowest among the G7 nations.
When the member stands up and starts pointing fingers at me, he asks why we need to have a debate on this concurrence report. It is because it is not the Conservative Party but the Bank of Canada saying that the government and its tax-and-spend approach are ideologically hurting the country of Canada. Therefore, what is it: Sugar Pops or a bowl of Corn Flakes?
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- Apr/4/22 6:13:25 p.m.
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Madam Speaker, I love that the member cherry-picked some data. He talked about the last couple years and the average growth rather than talking about the GDP as it has applied over time. If we look at it over time, we have been successful in outpacing our G7 partners.
To the point about whether we need to look at spending differently from how we have over the last two years, I do not think there is a member in the House who would disagree with that. I suggest that, as we move forward, we are certainly going to see that. We are not going to keep the same level of spending that was required to provide CERB and a lot of the other supports to individuals.
If the federal government maintained the exact same spending level it has for the last two years to support people through the pandemic, I could understand the member's concern, but I really do not think that is going to happen. If that is his concern, I think he is going to be surprised on Thursday.
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