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House Hansard - 129

44th Parl. 1st Sess.
November 17, 2022 10:00AM
Context: House Hansard - 129 - Nov/17/22
Mr. Dave Epp (Chatham-Kent—Leamington, CPC)
  • Nov/17/22 11:22:25 a.m.
  • Watch
  • Re: Bill C-32 
Mr. Speaker, you might rule me out of order, because I wish to ask a question on the fall economic statement. Finally, I did hear a comment at the end of the speech that listed a few topics broadly that were listed. In an earlier exchange with the member for Calgary Shepard, he asked a question of the previous member. One of those things the hon. member across the way did not list was the $14.2-billion blank cheque. I have yet to hear what that is about. How is that not incendiary spending, as identified by the Parliamentary Budget Officer? I would like to know whether that is a measured response, which a previous speaker so described.
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Context: House Hansard - 129 - Nov/17/22
Mr. Dave Epp (Chatham-Kent—Leamington, CPC)
  • Nov/17/22 5:26:55 p.m.
  • Watch
  • Re: Bill C-32 
Madam Speaker, it is always a pleasure to rise in this chamber and bring the voices of the constituents of Chatham-Kent—Leamington to this place, and it is an honour to speak to Bill C-32, the fall economic statement implementation act. The Conservative Party had two asks going into the fall economic statement process. One was to stop the tax increases and have no new taxes, which includes cancelling all of the planned tax hikes and the tripling of the carbon tax. The other was to stop the spending and have no new spending, and ensure that any new spending by ministers or ministries is offset by equivalent savings found elsewhere. We need to cut the wasteful spending and stop the inflationary deficits that drive up the cost of living. Of course, none of our demands were met in the fall economic statement, and for that reason, the Conservatives, me included, will not be supporting it. I know that is a shock to the members opposite. The cost of government spending is the main driver of the increasing cost of living. As stated by a colleague in an earlier speech this week, Canadians now have to make tough decisions. Why? It is because the government did not make tough decisions. Of course, the pandemic required extra spending. The Conservatives knew that and supported the early programs. However, $200 billion of it, almost half of the $500 billion of added debt, was not pandemic-related. Program spending by the government is now 30% above prepandemic levels. It is amazing. Last week I was in my riding and hosted a series of coffee meetings over two days to hear from constituents. I was just talking about the rising cost of living, and that is exactly what I heard from my constituents. Over and over again, the rising costs of everything, particularly food, fuel and housing, were highlighted. Last month it was reported that there was 11.4% food inflation. This month the rising cost of food is reported as being 10.7%. That is what Canadians are facing when they make a trip to the grocery store. While rising inflation is causing pain for Canadian families in their everyday lives, it has boosted the tax revenues of the government. One would think there would have been an opportunity in the fall economic statement to bring some fiscal responsibility to budgeting. I am not an economist, but let me share some thoughts from some respected voices on the fall economic statement. I will begin with Douglas Porter and others from BMO Capital Markets, who stated: Less than half of this year’s revenue windfall will make it through to an improved bottom line. Moreover, the double-whammy of slower (or no) growth and rising interest rates will limit flexibility into 2023.... [T]he boost to government finances from higher inflation is temporary. Eventually, costs do catch up to the run-up in prices, and revenues get crimped by the economic slowdown. Accordingly, after a nice run of better-than-expected fiscal outcomes, Ottawa’s finances are expected to turn more challenging next year. Will the government look ahead and plan accordingly? Obviously from prepandemic times we know that it did not.
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