44th Parl. 1st Sess.
April 5, 2022 10:00AM
- Apr/5/22 2:20:13 p.m.
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Mr. Speaker, two years ago, our government put in place an economic response plan to meet the unprecedented challenge of COVID-19. We positioned our economy to come roaring back faster and recover stronger. As of February 2022, we have recovered 112% of the jobs lost at the peak of the pandemic and we must continue now to focus on our work and create jobs and continue building a Canada where nobody gets left behind.
I look forward to the tabling of the 2022 budget and presenting our plan for moving forward for all Canadians.
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- Apr/5/22 2:21:29 p.m.
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Mr. Speaker, over the past six years we saw the economy grow. We saw hundreds of thousands of Canadians, including kids, lifted out of poverty. We have seen investments that demonstrate that at every step of the way, including through this pandemic, we had people's backs. We entered this pandemic with a strong fiscal position and we are using that fiscal firepower to support Canadians through and beyond COVID-19.
Our choice, contrary to the Conservatives, was to make sure families did not have to choose between putting food on the table and keeping a roof over their heads. We will always have Canadians' backs. We will always do it responsibly in a fiscal way.
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- Apr/5/22 2:24:20 p.m.
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Mr. Speaker, as a government, we have always been there for Canadians, and we will continue to be there.
During this pandemic, we made investments to ensure that families did not have to go further into debt and that they could continue to put food on the table and support their loved ones. We will continue to be there.
It is thanks to the investments we made that the Canadian economy has become so strong again and that there has been impressive job creation over the past few months. We will continue to be there in a responsible way, and I can assure the House that all the various Liberal members will support this budget.
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- Apr/5/22 2:31:49 p.m.
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Mr. Speaker, while the other side continues to undersell what Canadians have accomplished, there is genuine good news to share across the land. Our GDP grew for eight consecutive months. We have recovered 3.4 million jobs lost in the pandemic. We have the lowest debt-to-GDP ratio in the G7.
The Canadian economy is resilient. Canadians are resilient. The economy is getting back on track. The other side might not like economic growth, but the government certainly does, and so do Canadians.
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- Apr/5/22 2:38:45 p.m.
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Mr. Speaker, let us talk about the state of the economy and why it is good news for Canadians. We have had eight consecutive months of growth. Our GDP grew by 6.7% in the fourth quarter. Our trade surplus, now $6.6 billion, is at its highest point since 2008. This fall, S&P and Moody's gave us a AAA credit rating.
That is what leadership means. That is what it means to focus on affordability. The other side does not like a growing economy, but we like it a lot.
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- Apr/5/22 3:09:18 p.m.
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Mr. Speaker, the global auto industry is undergoing a seismic shift toward zero-emission vehicles. Canada can and should be a world leader in this transformation. Canada's automotive sector plays a crucial role in our economy. It supports hundreds of thousands of well-paying jobs, including hundreds in my riding of Whitby and thousands across the Durham region. This industry is driving the development and adoption of clean technologies, which will help us rapidly decarbonize on the path to net zero.
Yesterday, I was honoured to join the Minister of Innovation, Science and Industry as he announced a landmark investment in General Motors. Could the minister update the House on this investment and what it means for building a sustainable economy across Canada?
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Madam Speaker, I look forward to debate on the topic. I would say that the industry is a way to diversify Canada's primarily natural resource-based economy, something that the government has stated it desires to do. I would like to hear from the government or government members, even off-line, why “growth” would be a problematic word in this context.
I do not think that growth is necessarily incongruent with the need to look at some of the safeguards to protect those who are working in the space but, again, if the bill gets to committee, I really hope that the question the member asked is what is asked to witnesses and is what is discussed among other committee members, so that what comes out of Parliament is something that sends a signal to industry that Canada gets this.
We want to see growth in innovative new sectors. At the same time, we also want to address public policy challenges that have been brought to the forefront without, as some jurisdictions have said, legislating away any potential economic opportunity.
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- 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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