44th Parl. 1st Sess.
November 17, 2022 10:00AM
Madam Speaker, we have heard many of the member's comments several times before from members opposite.
The member mentioned that spending has not come down at all. There was an article on Global News recently about budget 2022 and Canada's incredible disappearing deficit, and that the deficit has been reduced significantly. It has shrunk by $275 billion in just two years.
I am wondering where you are getting your facts from when you say the deficit has not shrunk at all.
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Madam Speaker, it is my honour to rise today to speak to the fall economic statement implementation act.
As the member of Parliament for Aurora—Oak Ridges—Richmond Hill, I know the people I represent expect at least two things from me. One is to show compassion and the other, responsibility, and I know, by extension, it is what they expect of our government. That is why, when I saw the fall economic statement that was presented by our Deputy Prime Minister and Minister of Finance, I was so pleased. I think it struck the right balance between compassion and responsibility.
We know Canadians are going through a tough time right now. Global inflation, the post-COVID economy and supply chain disruptions exacerbated by the war in Ukraine have caused economic challenges for every country around the world. We know that Canadians are among those who are facing challenging times. As such, in the fall economic statement, we have introduced a number of programs to help Canadians who are struggling the most.
What programs did we introduce and how are they helping? The GST rebate, for one, will be doubling the GST tax credit for six months. There is the elimination of interest on student loans and the top-up to the Canada housing benefit of $500. We are changing the Canada workers benefit so that hard-working families and people who are often making minimum wage but want to continue working get a top-up to their earnings. That is now going to be paid quarterly and in advance.
We are expanding the health care program by including dental care. We are providing funding for children's dental care for families that may not have enough money to pay for it and have to make a choice between dental care or food and clothing. Last is the Canada early learning and child care program. We have managed to reach agreement on that with all 10 provinces and three territories. It is program the Liberal government has worked on for over 50 years. It is finally being implemented with the agreement of the provinces and territories. This program is going to see parents receive 50% rebates, in the province of Ontario where my constituents live, this December, either as rebates to themselves or as credits on future payments. That is real money in the pockets of families that are struggling right now with inflationary pressures.
These are examples of investing in social infrastructure. We have heard many comments from across the aisle about how we should stop spending. They are mostly based on the doctrines of Milton Friedman, whom the previous speaker mentioned and of whom the current Leader of the Opposition is a great disciple, but we know these failed economic theories of trickle-down economics have been disproven many times. The best way to help Canadians is not to hope that money trickles down from the rich, but rather to give direct assistance.
These programs, such as the investment in early learning and child care, will increase productivity in the Canadian labour force, not only for women, but for both parents by having affordable reliable child care. The uptake in Ontario is 92%. Ninety-two per cent of licensed child care facilities will be participating in this amazing program.
There are so many other things we are doing. We know, though, that we cannot continue the wide-set supports that were provided to Canadians during the COVID pandemic, because we are facing inflationary pressures. This is where responsible government comes in. As much as we would like to help every Canadian who is struggling, we know we have to have targeted measures and be responsible.
Spending has been reduced in this past budget and the fall economic statement. It has come down significantly from where it was during the COVID year benefit programs. These were programs, I will remind members opposite, that they voted for, under another leader however, knowing full well that Canadians needed that support and that it would benefit our economy.
We now have a deficit of 1.3% of our GDP. We have received a AAA rating from Moody's, and we have the lowest debt-to-GDP ratio in the G7. In addition, we have increased selected taxes to make sure everyone pays their fair share. We are not increasing broad-based taxes, as the members opposite like to say. We are only increasing taxes, such as the Canada recovery dividend, on banks and insurance companies that have made excess profits during this period. We are being responsible. We are also being responsible with other important social programs we have in place and in continuing the fight against climate change.
We know that climate change is one of the most existential threats facing not only our country, but the planet. We are committed to stay the course, to follow the program we have put in place to combat this threat. Unlike the members on the other side of the House, who have gone back and forth as often as their leader has changed, on whether they support the price on pollution or not, we are following through on what we told businesses and Canadians we were going to be doing. This is important because the kind of uncertainty that the threat the Conservatives make about this program discourages investment in our clean economy and works against a just transition. We know that the cost of doing nothing is far greater than the cost of doing something. We also know, and the members opposite know, that all the money that is raised from this price on pollution, all the money taken in, is returned to Canadians. It is a net-neutral program. It is not an additional tax.
I talked about the cost of climate change. Since 1983, the cost of climate change impacts has risen from $0.4 billion to $1.9 billion annually. In addition is the cost of the health impacts. A recent article in The Lancet talked about the global impact, but the monetary value of global heat-related mortality was estimated to be $144 billion in 2021. These are significant impacts that cannot be overlooked. The responsible thing to do is to keep on a steady path to fight climate change, and we are doing that.
We are also investing in our economy, in businesses, and ensuring that we are putting in the incentives to attract investment in Canada. We know that the recent changes under the Inflation Reduction Act in the United States have brought about some challenging programs that we have to respond to. The tax credits under the clean tech program and the green hydrogen program have been put in place to try to keep Canada competitive with the United States in this.
We need to be responsible and we have to be sure that we are not putting out irresponsible messages. On this point I would like to say that the disinformation and misinformation that is being spread with half-truths, cute phrases and slogans is really increasing fear and anxiety in Canadians.
Just now, the Leader of the Opposition mentioned that everything in Canada is broken. I do not agree. Things in Canada are going fairly well. We have challenges we have to get through and we know it. There are real challenges due to these global inflationary pressures, due to the COVID pandemic and due to the supply chain disruptions that we have experienced, but those challenges are being experienced worldwide. We are taking responsible, targeted measures to help those who need help the most. This is the responsible thing to do.
What is irresponsible is quoting partial pieces of Tiff Macklem's or Mark Carney's statements, just using little quotes and pieces, or saying that things are happening that are not happening. Do members not realize that the price on pollution has not increased since April of last year? It cannot be the cause of these inflationary pressures. It is not due to increase again until April of next year. How is it accountable for the inflation that is happening right now? There are many countries around the world that do not have a price on pollution and they are experiencing greater inflation than we are. We are responsible for taking care of Canadians, for addressing the challenges that Canadians are facing due to this inflation and we are taking that responsibility seriously and with compassion.
Let me end by saying that we have to also let Canadians know that our economy is strong. Not only were our results during the COVID–19 pandemic strong with respect to our health results, but also with respect to our economy. We have over 500,000 more new jobs now than we had before the pandemic. Our economy had the largest growth of any in the G7. As we have heard, our deficits are the lowest and the only thing that has tripled is our AAA credit rating.
We are in a good position. We are facing challenges. Our government recognizes this and is taking action to address it, but we should not be increasing Canadians' anxiety. We should focus rather on sharing the values of compassion and responsibility and all work together to make this an even better—
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Madam Speaker, I will try to address this properly this time.
I do not really understand what the member was talking about when he said “triple, triple, triple”, and so I do not know how to answer that, quite frankly. We are not tripling any tax right now. We have not increased the tax. I am not sure what he is talking about.
I would say that, when it comes to economic theories, by following the failed economic theories of Milton Friedman that came out in the 1970s and have been refuted time and time again, how can the member stand there and criticize us?
I am sorry, but I think you have to look at your plan, if you even have one.
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Madam Speaker, yes, we agree that we need to do more on climate change. However, I would say that while the frames on my glasses are red, the lenses are not rose-coloured. I am citing facts today, but I am happy to hear that the Bloc supports us in continuing with the price on pollution and fighting climate change.
We have to do more, but I would point out that our emissions intensity has declined. We would like to say that our emissions have not gone up, and we have met some of the targets, but our economy has also grown significantly over this same time. We have a natural resource-based country, and we are taking action to address that in going to net zero in the oil and gas sector as well as doing other measures. We have to do more, but I am glad to hear that the Bloc is with us on keeping the price on pollution and doing even more.
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Madam Speaker, we are focused on workers. We have many programs in place that are addressing the affordability crisis right now. We know that employment insurance is important, which is why we are continuing to fund it and to see increases in premiums. Workers are our utmost concern in this fall economic statement, and we will continue to work to support them going forward.
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