44th Parl. 1st Sess.
November 14, 2022 11:00AM
- 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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Madam Speaker, unfortunately I have bad news for the member. The fall economic statement is going to make things far worse for seniors in his riding and all of our ridings. The reason is that the government spent $500 billion in a very short period of time and printed a lot of that money it make it happen. That is the petri dish for triggering inflation.
Conservatives had two simple asks in the fall economic update. We wanted no new taxes and no new spending unless it was paid for by commensurate savings within existing budgets. The fall economic update did neither of those things. In fact, it went the opposite way and increased taxes and spending. Additional spending at this point on the order of $20 billion or more is going to trigger even more inflation and make it much harder for seniors across Canada to make ends meet.
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Mr. Speaker, the costly coalition strikes again. The fall economic statement gave us a window into the government's ongoing spending problem and the uncertain economic future that Canadians are bracing for. Liberal-made inflation continues to be a reality for Canadians and their families, while Liberal spending continues at a record pace.
After this Prime Minister spent more than all prime ministers before him combined, the finance minister had an opportunity to get her government's spending under control, listen to Canadians, stop new taxes and cancel the tripling of the carbon tax. There was hope that the finance minister would hear the plea to follow the wisdom of the Conservative leader that a dollar of savings would be found for every new dollar spent.
This update shows that the Prime Minister's addiction to spending shut her down. What is unfortunate is that it means Canadians will continue to pay record prices for groceries, gas and home heating. It means mortgages, loans and rent will all cost more, and it means Canadians continue to fall further and further behind.
It is like our country is being pulled back into the days of Pierre Trudeau, a prime minister who also inherited an excellent fiscal position and stable economy but then spent everything in the treasury and more, adding billions to the national debt. One deficit after another increased Canada's debt by 1,000%, and the deficit in his last year in office was over $37 billion, which is roughly $90 billion in today's money and eerily like last year's deficit. Canadians were also hit with high Liberal-made inflation and high interest rates caused by that spending. As a result, it took 13 years for the federal government to be pulled out of the deficit tailspin left by that government.
We are seeing the same pattern re-emerge as this Prime Minister adds hundreds of billions of dollars to the national debt. Liberal-made inflation continues, and interest rates caused by his out-of-control spending are rising. The Liberal government took over from the Conservatives, who balanced the budget and left the finances in good shape. Conservatives shepherded Canada through the 2008 recession without record-high spending or inflation. The inflation rate under the previous government never reached 4%, despite the recession and wars in the Middle East.
In contrast, before even one COVID case was detected in Canada, the Prime Minister had already added $110 billion to the debt. He then proceeded to spend and spend and spend, to the tune of half a trillion dollars in just the last two years. Liberals told Canadians that their enormous spending spree was to protect people from COVID. We learned that almost half of the $500 billion was actually not even related to pandemic measures and supports. Even the part of those hundreds of billions of dollars that was COVID related is also very questionable.
In budget 2022, the government continued to add to the debt with a $90-billion deficit as it announced $30 billion in new spending. This was at a time when inflation was at 6.7% and climbing, and stakeholders such as the Conference Board of Canada warned that new spending on this scale would add further fuel to this inflationary fire.
Since fiscal year 2014-15 and all the way to 2020-21, the government's program expenses have increased by 113%. The bureaucracy has also grown to almost 400,000 employees, costing taxpayers $60.7 billion. The government loves to claim it was creating jobs, but it turns out it did it for its bureaucracy, using money it got from Canadians struggling with Liberal inflation. What the government's economic update does not show Canadians is how the Liberals plan to return to fiscal stability or how they will rein in their spending. It instead reannounces several billion dollars from the 2022 budget and adds over $6 billion in new spending.
The PBO, economists and the Conservative leader have all warned the government that its out-of-control spending is driving up inflation. Now Canadians are getting hit from the left with inflation, as well as being squeezed by higher interest rates hiked by the same Bank of Canada that has kept printing money for the Liberals to spend.
Hard-working Canadians and their families are not even getting by, and any support the government proposes is evaporated by inflation, taxes, and higher mortgages and rents. Grocery inflation is at a 40-year record high as prices increased 11.4% in September. That has led to one in five Canadians skipping meals and forced 1.5 million people to visit a food bank in just one month. One-third of those food bank users are children.
It is not only grocery inflation that is eating up Canadians' paycheques. Home heating bills are also soaring. Natural gas prices were hit with 37% inflation, and other fuels increased by 48.7%.
The solution proposed by the finance minister is for families to cancel their Disney+ subscription. How out of touch does one have to be to tell Canadians that billions and billions of inflationary spending is a good thing and they should not worry if they cannot afford to eat, heat their home, or go to work, because cancelling their $14-a-month subscription will fix everything.
This is from a minister who makes way more than the average Canadian, kept her job during the lockdowns, voted to keep COVID measures in place long after the rest of the world opened up, and fed the Prime Minister’s spending addiction with taxpayers’ money. People in my riding and many parts of Canada cannot even afford Internet, let alone Disney+. They choose between heating their homes, feeding their kids, and paying for rent or their mortgage.
I grew up in an immigrant family that had very little. We knew, though, that if we worked hard and kept dreaming of a better future, we could one day achieve the Canadian dream. I know that through hard work and the grace of God, I am lucky to be standing here in this place, representing the community I grew up in and knowing my family is going to be okay.
That is not a luxury that many other Canadians and newcomers have. In a developed country like Canada, it should be possible for anyone, no matter where they come from or what their last name is, to work hard and get back what they are willing to put in. Unfortunately, the reality today is that dream is gone.
Conservatives have stood in the House week after week, demanding on behalf of Canadians that the government stop new taxes and cancel its plans to triple the carbon tax. Even after the Bank of Canada's governor said the carbon tax added to inflation, and even after the inflation numbers showed home heating costs increasing by ridiculous amounts, the costly coalition voted against our motions and responded to questions with condescending statements that ignored Canadians’ pain.
Liberals insist that spending more money and raising taxes is the solution to the fire they started. The left also loves to talk about so-called greedflation, but the real greed here is the profits the government is making off the empty stomachs of Canadians. The government is now making more revenue as inflation drives up the tax dollars the government brings in.
Canadians are hurtling towards a long, cold and hungry winter, and the other side does not look encouraging, yet the minister wants everyone to believe that Canada will be fine while all the spending, inflation and high interest rates wreak havoc on our economy. The government and the Liberal insiders might be fine, sitting on all the taxpayer money, but the people who paid those taxes are already paying the price.
Even more frustrating for Canadians is that this update had the opportunity to do what is right and stop the out-of-control spending, the taxing and the virtue signalling, yet none of that was done. Savings were not found to pay for new spending. The tripling carbon tax, payroll tax, second carbon tax and inflation tax continue targeting Canadians while loading up government coffers.
It is time to stop flooding the economy with government money and create more of what Canadians’ money buys: more homes, more energy and more food here at home. With the Conservative leader as prime minister, a Conservative government will remove gatekeepers. We will build more homes and affordable energy projects and let Canada’s world-class agriculture sector grow the food the world needs. Canadians are out of money, and the costly coalition is out of touch. While the Liberals continue to fail Canadians, Conservatives will fight to restore the Canadian promise and make hard work mean something again in this country.
For these reasons and more, I move:
That the motion be amended by deleting all the words after the word “That” and substituting the following:
the House decline to give second reading to Bill C-32, an act to implement certain provisions of the fall economic statement tabled in Parliament on November 3, 2022, and certain provisions of the budget tabled in Parliament on April 7, 2022, because the bill brings in new inflationary spending that is not matched by an equivalent saving, and does not cancel planned tax hikes.
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