44th Parl. 1st Sess.
November 14, 2022 11:00AM
- Nov/14/22 2:23:22 p.m.
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Mr. Speaker, what our government believes in is an economic approach that is both compassionate and fiscally responsible. In fact, here is what the Globe and Mail, which as a rule does not agree with our government's policies, had to say about the fall economic statement. It said, “It is, broadly speaking, the right approach” and that Canada has “the slimmest government shortfall in the G7. In inflation-fighting terms, that has Liberal fiscal policy looking pretty good, especially graded on a curve.”
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- Nov/14/22 2:24:46 p.m.
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Mr. Speaker, every single member of Parliament who sits in the House is privileged. We all earn good salaries and we have hard-working staffers who support us well.
I absolutely recognize how privileged my family and I are, and that is why in the fall economic statement tabled earlier this month, we focused our government's finite resources on helping the Canadians who need it the most. We did that by doubling the GST credit, providing a $500 top-up to Canadians struggling to pay the rent and providing dental care for Canadian kids.
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- Nov/14/22 2:33:01 p.m.
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Mr. Speaker, let us talk about some really terrible advice that was offered to Canadians in the spring by the Conservative leader. He urged Canadians to invest in crypto as a way to opt out of inflation. Now, Bitcoin has crashed by 21% over the past week and by more than 65% since the Conservative leader first gave Canadians that reckless advice. The Conservatives should apologize today for this reckless policy and admit that investing in crypto would have bankrupted Canadians.
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- Nov/14/22 2:34:14 p.m.
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Mr. Speaker, what should be cancelled is the reckless advice that the Conservatives offered to Canadians, for which they have never apologized, which was to invest in crypto. If a Canadian had invested $10,000 in crypto when the Conservative leader told them it was a good idea, today they would have less than three and a half thousands dollars. If they had invested in a crypto exchange platform, they would be totally wiped out. What should happen is that the Conservatives should apologize and withdraw that reckless advice.
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- Nov/14/22 2:36:41 p.m.
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Mr. Speaker, let me tell the House what is really out of touch. It is an economic plan which would eviscerate the EI system, endanger seniors' pensions, make pollution free again, claw back climate cheques from Canadian families, leave Canadian children without dental care and deprive low-income renters of the support they urgently need.
Our plan is responsible and compassionate. The Conservative approach is neither.
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- Nov/14/22 2:37:54 p.m.
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Mr. Speaker, our plan is both compassionate and responsible. The day we released our economic update, Moody's affirmed Canada's AAA credit rating with a stable outlook. The next day, Canada released an excellent jobs report, with Canadians adding 108,000 jobs in October. Canada has now recovered 116% of the jobs lost compared to 104%—
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- Nov/14/22 2:46:29 p.m.
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Mr. Speaker, for Denise's sake, I really hope she did not follow the Conservative leader's advice to invest in crypto as a way to avoid inflation. If she had done that, at best she would have lost 65% of her savings. She may well have been entirely wiped out had she listened to the Conservatives and invested in a crypto platform. It is time for the Conservative leader to take responsibility for this reckless advice and apologize.
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- Nov/14/22 2:47:52 p.m.
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Mr. Speaker, our government is absolutely committed to ensuring that everyone in Canada pays their fair share. Let me give just a few examples.
We have permanently raised corporate income tax by 1.5% on Canada's largest and most profitable banks and insurance companies. We have introduced a Canada recovery dividend of 15% on banks and insurance companies to help pay for the cost of fighting COVID. We have also now introduced a luxury tax on planes, cars and yachts: planes and cars worth over $100,000 and yachts worth over $250,000.
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- Nov/14/22 2:59:38 p.m.
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Mr. Speaker, the Conservative leader did have a very specific plan, which he recommended to Canadians, on how to opt out of inflation. It was to invest in crypto. If Canadians had followed that advice, at a minimum they would have lost 65% of what they invested. Many of them, had they chosen to invest in crypto platforms, would be totally wiped out. That is the Conservative inflation fighting plan. I have to say I prefer our compassionate response.
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- Nov/14/22 3:08:31 p.m.
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Mr. Speaker, I would like to thank the hon. member for the work he does for his constituents every day, which I have seen first-hand. It is very impressive.
In the fall economic statement, we introduced tax credits to encourage investment in clean technology and clean hydrogen. We advanced the Canada growth fund to attract private capital to fund the green transition. We invested in Canada's most valuable asset, our people, by moving the Canada workers benefit to an advance payment, and 4.2 million Canadians will get this important top-up.
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- Nov/14/22 3:00:55 p.m.
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Mr. Speaker, Canadians know our approach is compassionate. It is about doubling the GST credit. It is about giving kids under 12 dental care. It is about helping people struggling to pay their rent. What else? It is fiscally responsible. The day we tabled the fall economic statement, Moody's reaffirmed Canada's AAA rating with a stable outlook. The day afterward, Canada had a blockbusting jobs report with 108,000 jobs created in October alone. We have recovered 117% of the jobs lost to COVID, just—
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