44th Parl. 1st Sess.
April 29, 2022 10:00AM
- Apr/29/22 11:37:01 a.m.
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Madam Speaker, global inflation is having a significant impact on household budgets. While Canada's rate of inflation is below that of the U.S., Europe, the G7 and the OECD, we are continuing to focus on making life more affordable.
We are indexing important programs, such as the Canada child benefit, OAS and GIS, to the cost of living. We are implementing an economic growth plan that creates job, grows the economy and doubles the amount of residential construction so that millennials can afford their first home. We are doing this while unwinding Canada's pandemic deficits and reducing our debt-to-GDP ratio because that is the fiscally responsible thing to do.
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- Apr/29/22 11:39:36 a.m.
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Madam Speaker, the leader of the Conservative Party herself has already admitted that the extraordinary investments that were made over the course of the pandemic were necessary to protect Canadian families and Canadian workers.
Our plan has worked. In fact, we have maintained the lowest net debt-to-GDP ratio in the G7 while growing the economy and recovering 115% of jobs lost due to COVID-19. Canada was able to do this because of our prudent fiscal management. It is now time to unwind the pandemic deficits and continue to grow our economy while reducing our debt-to-GDP ratio. This is what good fiscal managers do, and it is going to allow us to make Canada and life—
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- Apr/29/22 11:40:50 a.m.
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Madam Speaker, we just recently had an election where the Conservatives committed to spending more than what we proposed. They pretend to be good fiscal managers, but this is impossible if they are not committed to evidence-based decision-making.
Our government will lower our debt-to-GDP ratio every single year for the next five years. Unlike the Conservatives, we will do this while fighting climate change, investing in housing affordability and building a Canadian economy of the future alongside our indigenous partners.
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- Apr/29/22 11:47:07 a.m.
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Madam Speaker, before the pandemic, it took only two Conservative governments to accrue more than 70% of Canada's prepandemic debt. That is because their fiscal ideology is to cut taxes for the wealthy and to cut services for everyone else.
In stark contrast, our last Liberal government paid down our national debt significantly. We have demonstrated that one can be a good fiscal manager while investing in Canadians, growing the economy and continuing to fight poverty and climate change.
Budget 2022 lowers our debt-to-GDP ratio and will help build a Canada where no one is left behind.
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- Apr/29/22 11:48:17 a.m.
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Madam Speaker, budget 2022 is entitled, “A Plan to Grow Our Economy and Make Life More Affordable”. This budget lowers our debt-to-GDP ratio and seeks solutions for the labour shortage because our jobs-based recovery strategy has successfully lowered Canada's unemployment rate to all-time historic lows.
The budget addresses some of Canada's greatest challenges, including child care, affordability, climate change, economic growth and indigenous reconciliation. It is a plan that invests in people and that will help build an economy where no one gets left behind.
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