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House Hansard - 170

44th Parl. 1st Sess.
March 21, 2023 10:00AM
  • Mar/21/23 7:14:18 p.m.
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Mr. Speaker, it is a pleasure to participate in tonight's debate about affordability as well as fiscal responsibility in Canada. I share the concern that many Canadians are struggling to make ends meet in this period of elevated global inflation and the fact that the high cost of food and housing, in particular, is having significant economic repercussions. We have disagreed significantly on the cause of inflation, and that has led to significantly different policy outcomes. While the Conservatives have made proposals such as cutting seniors' pensions and reducing employment insurance, we have put forward an affordability plan with measures to support Canadians, such as increased retirement security as well as inexpensive access to child care and dental care. Thankfully, we continue to see a gradual decrease in inflation, and the OECD predicts that we will return to target by 2024. Last June, inflation in Canada was at 8.1% and, as we heard earlier today, it is down to 5.2%. That is still much too high, but it is lower than what we are seeing in peer economies. For example, in Europe, inflation is at 8.5% and in the U.K. it is at 10.1%. In fact, Canada is facing global economic headwinds from a position of fundamental economic strength. In the member's opening statement, he spoke of worrying about Canadians losing their jobs, while Canadians have actually created more than 800,000 new jobs since the pandemic. This represents a 126% recovery rate from jobs lost due to COVID, compared to just 114% in the United States. In fact, the unemployment rate in Canada remains at historic lows. Also, the International Monetary Fund projects that Canada will have the strongest annual growth in the G7 by the fourth quarter of this year. Through the COVID-19 pandemic, our government provided over $119 billion of support, which benefited 8.9 million Canadians through the CERB and over 900,000 small business owners through the CEBA. This allowed our most vulnerable families to put food on the table, and it helped to keep small business owners from going bankrupt. It is always difficult to demonstrate counterfactual arguments or, in other words, what would have happened if we had not stepped up to support Canadians during the pandemic. However, it is fair to say that our recovery would have been significantly worse and that thousands of businesses, whose doors are still open, would not have survived. The Conservatives have criticized us by saying that not all of these funds went to their intended recipients. However, the Conservatives also know that we are continuing to audit and cost-recover those specific cases. Further, it was actually the Conservatives who put forward and passed a motion to stop auditing businesses that claimed the wage subsidy. As we prepare for budget 2023, I would like to reaffirm our government's continued commitment to prudent fiscal management. We continue to enjoy a AAA credit rating as well as the lowest deficit and lowest net debt-to-GDP ratio in the G7. This allows us to continue to support our most vulnerable citizens who are struggling with elevated levels of inflation. It includes $2.5 billion for 11 million Canadians with low and modest incomes through the special GST credit payment. It is spending that was supported by the Conservatives, including the member opposite. I thank the member opposite for his support because it benefited over 50% of seniors. We are also providing dental care for 230,000 children under the age of 12 and providing affordable child care so that working parents can re-enter the workforce more easily. We will continue to invest in our economy to provide opportunities for middle-class Canadians, while making life more affordable and getting inflation under control.
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  • Mar/21/23 7:19:41 p.m.
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Mr. Speaker, our government understands that inflation and affordability are important issues for many Canadians, and that is why we are working hard to help Canadian families who need it the most. Our plan is simple. We are making life more affordable for Canadians while continuing to build an economy that works for everyone, and that includes the carbon price. As the member knows, the climate incentive program and carbon pricing are making life more affordable for eight out ten families in his riding. If we cancelled it, it would make life less affordable. Why he would advocate to make life less affordable for Canadians at this time of elevated global inflation is beyond me, but I am sure we will have more opportunities to debate it.
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