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Decentralized Democracy

House Hansard - 53

44th Parl. 1st Sess.
April 5, 2022 10:00AM
Context: House Hansard - 53 - Apr/5/22
Mr. Terry Beech (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance, Lib.)
  • Apr/5/22 6:32:51 p.m.
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Madam Speaker, I am very happy to have this opportunity to address our government's fiscal position, as well as the many ways that we are improving affordability for Canadians. In 2015, we promised to invest in the future of Canada by incurring small deficits while targeting investments in economic growth. In our first four years we made significant investments in housing, transportation and indigenous reconciliation. We grew the economy while reducing poverty and unemployment to all-time historic lows. We lifted 1.3 million Canadians out of poverty and began to tackle climate change in a serious and meaningful way. We grew the size of the economy while reducing our debt-to-GDP ratio every single year. This was an enviable financial position and was built on fiscal prudence. This position would allow us to invest further in the growth of our nation or prepare us for economic shocks that may come in the future. While we could not foresee a global pandemic or a war in Europe, when it comes to the finances of the country Canadians can rest assured that our net debt-to-GDP is the lowest in the G7 and we have improved our relative position over the course of the pandemic. We have seen strong economic growth and have recovered 112% of the jobs lost during this health crisis. Canada remains committed to our strong fiscal anchors that were first articulated when we formed government and reiterated in the 2021 budget. This means we expect to continue to reduce our debt-to-GDP ratio while unwinding the COVID‑19-related deficits. While it is true that the cost of the pandemic was significant, it was more than reasonable that the federal government use our strong fiscal position to take on this burden. We did this so small businesses, Canadian workers and family household budgets did not have to. While Conservatives may see these investments as frivolous or unnecessary, I would expect the nine million Canadians who were able to feed their families, or the 450,000 employers who were able to employ 5.3 million Canadians, would disagree with that position. Our government is also focused on targeted measures here at home to help Canadians make ends meet. This includes lowering taxes for the middle class, $10-a-day child care and a more generous OAS and GIS for seniors. All of these programs were not supported by the Conservatives, including increased investments in health care. I am pleased to say this plan is working. Canada has exceeded its goal of creating a million jobs, well ahead of expectations, and we have seen the strongest job recovery in the G7 alongside the lowest net debt. Our government's focus will continue to be on jobs and growth and making life more affordable. These are priorities that will form the foundation of our upcoming budget, as well as our commitment to continue to be a responsible and careful fiscal manager.
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Context: House Hansard - 53 - Apr/5/22
Mr. Terry Beech
  • Apr/5/22 6:36:38 p.m.
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Madam Speaker, we understand all too well that Canadians are being impacted by high inflation. However, these price increases are global and Canada's rate is still lower than the United States or the average of the OECD, the G7 or even the G20. Understanding this fact, our government will continue to move forward with measures to help Canadians make ends meet while also remaining fiscally responsible. I hope the Conservatives will start to support some of those measures that help make life more affordable for Canadians. I would like to conclude by making something very clear. The federal budget that will be tabled later this week will demonstrate how our government intends to continue building a stronger and more resilient economy, one that generates shared prosperity for all Canadians while maintaining our country's low debt advantage, long-term fiscal sustainability and strong credit rating, all while making life more affordable for Canadians.
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