44th Parl. 1st Sess.
February 14, 2023 10:00AM
- Feb/14/23 10:26:54 a.m.
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Madam Speaker, the hon. member spent some time discussing the importance of building homes and of the supply side of the housing crisis here in Canada. We, as a government, put forward a national housing strategy that would address that very issue, and the Conservatives voted against it. I would like to understand why it is that the member opposite talks about the importance of building new homes and yet votes against the very measure that would create more supply of housing here in Canada.
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- Feb/14/23 10:46:47 a.m.
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Madam Speaker, I am pleased to be sharing my time with my colleague, the member for Sherbrooke.
I am actually rather delighted to take part in today's debate on the economy. In examining the Conservatives' motion, I suspect that I am not the only person to note the unbridled enthusiasm with which the Canadian economy is being bashed.
Indeed, the Conservatives' motion makes it sound like Canada is causing all the problems around the world, while that is obviously not the case. I am delighted to have this opportunity today to disabuse the Conservatives of this notion.
The Conservatives seem unaware that we experienced a once-in-a-generation pandemic and that such an event would inevitably have significant and widespread adverse impacts around the world, impacts from which Canada was not and is not immune. The pandemic necessitated a shutdown and a restart of our economy, not just here but in countries right around the world.
Vladimir Putin then illegally invaded Ukraine, sending shockwaves through global energy and commodity markets, with predictable and compounding adverse impacts on economies around the globe.
Analysts have clearly indicated that the ensuing global inflation was not the result of decisions made by one government. On the contrary, global inflation is due to the combined aftershocks of two and a half years of historic turmoil. These global historic events cannot be dismissed or ignored.
Unlike the Conservatives, our government did not ignore them. We faced them head on, and we gave Canadians the assistance they needed to overcome them. As a result, Canada is doing better than most of the other G7 countries during this extremely difficult period.
I would like to point out that inflation eased throughout the last several months, notably in December. In total, I believe it is down 22% since its peak. I also do not want to minimize or dismiss the fact that the cost of living has gone up, which it has, and that inflation does remain higher than normal. The cost of goods has risen, but it has risen all over the world, and every indication is that it is better to be living here in Canada during this time of global economic instability than just about anywhere else in the world. Inflation is lower here in Canada than it is in the United States. It is lower here in Canada than in the average of the European Union as well.
There is every indication that the current challenges flowing from the pandemic supply chain disruptions and from Russia’s illegal war on Ukraine are receding. The Bank of Canada and private sector economists expect inflation to ease towards the 2% target over the next two years.
Moreover, as a result of the targeted investments we have made as a government in order to support Canadians and our economy through these difficult times, Canada has experienced a strong rebound from the pandemic recession, with our 3% growth so far in 2022 being the strongest among G7 countries.
With close to 150,000 jobs created in January alone, our 5% unemployment rate is now close to historical lows. In fact, my friend, the hon. member for Simcoe North just said in the House that unemployment is at an exceptional low here in Canada. At the same time, the labour force participation rate rose once again to over 65%, and we are seeing labour force participation hit record highs across the board, but in particular for women aged 25-55.
Canada also saw the largest increase in real disposable income in the G7, and that should not be downplayed. Outperforming our peers in times of global challenges is a sign of strength, not weakness.
That is not to say that we are not still facing challenges, which is why the rising cost of living is at the heart of our government's concerns. There is no doubt that we see this as the number one economic challenge facing our country at this time.
That is why we introduced our affordability plan to support Canadians who are having a rough time making ends meet. It is already making life more affordable for millions of Canadians. Under our affordability plan, we have doubled the GST tax credit, which is providing targeted support to roughly 11 million individuals and families, including more than half of Canadian seniors. Many received that additional payment just recently, in November.
We have enhanced the Canada workers benefit to put up to an additional $2,400 into the pockets of low- and modest-income families starting this year. We set out a plan to further improve the workers benefit so that it reaches up to 1.2 million additional hard-working Canadians. This means, in total, the workers benefit will top up the income of up to 4.2 million of the lowest-paid Canadians, because no one who works a 40-hour week should have to worry about paying the bills or putting food on the table.
As part of our affordability plan, we also introduced a permanent 10% increase in old age security for those over the age of 75. That began in July.
This year we will provide a one-time payment to 1.8 million low-income Canadian renters who are struggling with housing costs. We have also reduced child care costs. The majority of provinces and territories managed to reduce fees by at least 50%, on average, by December 2022 as a result of agreements we have reached with our partners. We are building a dental care plan for Canadians, starting with hundreds of thousands of children under the age of 12.
In addition, indexing benefits to inflation means that key benefits that Canadians rely on, such as the Canada child benefit, the GST credit, the Canada pension plan, old age security and the guaranteed income supplement, increase with inflation.
These supports are targeted, and they reflect the actions of a responsible government. We have the lowest deficit and the lowest debt-to-GDP ratio among all G7 countries, and we have ensured those fiscal metrics while we were supporting Canadians who needed it.
Allow me to conclude on that note. Our approach is about balancing fiscal responsibility with compassion, and it is working. We are outperforming our global peers in the face of this shared challenge of the global economic instability we are all facing. We are supporting Canadians through those challenges while being fiscally responsible.
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- Feb/14/23 10:56:10 a.m.
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Madam Speaker, if we are talking about cuts to programs and services that are essential for Canadians, we need only look at the years of the Harper government. The Harper government actually cut health transfers to provinces. It is our government that is attempting to fix the health care system in this country.
I was personally both surprised and glad to hear that the leader of the Conservative Party would support and maintain the transfers that the Prime Minister announced just last week following a meeting with premiers from across the country.
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- Feb/14/23 10:57:57 a.m.
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Madam Speaker, I find it interesting that the Bloc Québécois is talking about consultants. The use of consultants is necessary in order to provide Canadians with services that meet their expectations. I do not understand why the Bloc is criticizing the federal government's use of consultants when the Government of Quebec, the government of Mr. Legault, uses the same consultants to provide services to Quebeckers. The Bloc does not seem to have a problem with that.
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- Feb/14/23 10:59:25 a.m.
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Madam Speaker, I would like to point the member opposite to the taxes that we have introduced on large corporations, including large banks and large insurance companies. We agree that everybody needs to pay their fair share.
With respect to her specific question regarding Loblaws and perhaps other grocery store chains, I am very encouraged by the fact that our minister of innovation has demanded that the Competition Bureau review grocery store chains in order to ensure that the prices are fair for Canadians. I look forward to its report, which should be coming out in the next few months.
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