44th Parl. 1st Sess.
May 16, 2023 10:00AM
- May/16/23 2:19:36 p.m.
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Mr. Speaker, not long ago, the Prime Minister told us that inflation was falling, and his finance minister said that deficit spending would simply pour gasoline on the inflationary fire.
A few weeks later, however, she did pour $60 billion of new inflationary fuel on the fire in her budget, at an additional cost of $4,200 to each Canadian family. Today we found out that inflation is rising again.
When is the government going to reverse this Prime Minister's inflationary policies?
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- May/16/23 2:20:17 p.m.
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Mr. Speaker, the reality is that inflation is going down. Inflation was 8.1% in June and 4.4% in April. That is a big difference.
The Bank of Canada expects inflation to reach 3% this summer and to drop below 3% by the end of the year. As for our economy, our AAA credit rating remains intact.
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- May/16/23 2:20:58 p.m.
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Mr. Speaker, she is the one who said that deficits add to inflation. In fact, she said that inflation and rising interest rates were related to the deficits, the same types of deficits that she was going to introduce a few weeks later in her budget. She added $60 billion of inflationary deficit spending.
In the Prime Minister's city, one in five Montrealers can no longer pay their monthly bills.
Will the Prime Minister finally give Montrealers and Canadians a bit of a break by eliminating these deficits?
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- May/16/23 2:21:41 p.m.
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Once again, the Conservatives do not want to talk about the reality of the Canadian economy.
The reality is that Canada has the strongest economy of all the G7 countries. We also have the strongest fiscal position and the lowest deficit of all the G7 countries.
It is thanks to the work of Canadians that we have a very low level of unemployment. Inflation is dropping—
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- May/16/23 2:22:20 p.m.
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The hon. Leader of the Opposition.
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- May/16/23 2:22:22 p.m.
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Mr. Speaker, not long ago, the Prime Minister told us that inflation was falling, and his finance minister said that she would avoid deficit spending because that would simply pour gasoline on the inflationary fire. She did pour $60 billion of new inflationary fuel on the fire; as a result, today we see inflation is rising again, led by higher mortgage payments for the average Canadian.
Will the government stop pouring fuel on the fire so that Canadians could afford to pay their bills?
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- May/16/23 2:22:58 p.m.
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Mr. Speaker, yet again, despite the best efforts, which actually are not that good, of the Conservatives to mislead Canadians, the Canadian economy is strong. We have the strongest fiscal position in the G7, and our AAA credit rating was reaffirmed after I tabled the budget.
On inflation, I know that the party opposite does not really know too much about the Bank of Canada, but the Bank of Canada follows CPI-trim and CPI-median; those are the core indicators. CPI-median and CPI-trim went down between March and April.
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- May/16/23 2:23:42 p.m.
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Mr. Speaker, actually, when I said two years ago that deficits would cause inflation, that was controversial. Now, everyone agrees that I was right, including the Governor of the Bank of Canada, who now says that inflation is caused by deficits. The finance minister has agreed that I was right, when she said that deficits pour fuel on the inflationary fire. She poured $60 billion of that fuel. That is $4,200 per family.
Canadians cannot afford to eat, heat their homes or house themselves. Will that minister stop pouring the fuel on the fire so Canadians can again pay their bills?
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- May/16/23 2:24:23 p.m.
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Mr. Speaker, I have another request: Would that ex-minister stop leading Canadians astray, urging them, recklessly, to invest in crypto? That is an area where we actually really do disagree.
I want to talk about the core inflationary measures that the Bank of Canada follows, which determine the path of interest rates. One of them is CPI-trim. CPI-trim peaked at 5.6% in June of last year. It was 4.4% in March, and fell to—
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- May/16/23 2:25:04 p.m.
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The hon. Leader of the Opposition.
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- May/16/23 2:25:05 p.m.
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Mr. Speaker, actually, the Governor of the Bank of Canada said that his measure of inflation is CPI. CPI is up today, even though she said it would be down. It is up, interestingly, after the $60 billion in new spending that she brought in her budget. What is up the most, though, is mortgage payments, and she can tell us why, because she admitted that deficits “make inflation worse and force rates higher for longer.” They force rates higher for longer, and that is why Canadians are paying 28% more in mortgage payments.
Will she get off the backs of Canadian homebuyers so they can put a roof over their head?
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- May/16/23 2:25:49 p.m.
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Mr. Speaker, Canadians know better than to listen to the Leader of the Opposition when it comes to money, because he did, after all, urge them to invest in crypto. They know better than to rely on the Leader of the Opposition when it comes to the Bank of Canada, because his answer is to fire the independent Governor of the Bank of Canada. What the Bank of Canada looks at is CPI-trim and CPI-median. CPI-median peaked at 5.2% in June. It was 4.5% in March and went down to 4.2% in April.
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- May/16/23 2:26:29 p.m.
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Mr. Speaker, they called their gimmick the Century Initiative. It does not translate well, and that is by design. They want everyone to become English. They said—
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- May/16/23 2:26:39 p.m.
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I am going to interrupt the hon. member for Beloeil—Chambly. There are discussions happening between the two sides, and we cannot hear the question. I am going to ask everyone to calm down and take a deep breath.
The hon. member for Beloeil—Chambly may start his question over again.
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- May/16/23 2:27:02 p.m.
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Mr. Speaker, the government agreed to a gimmick it called the Century Initiative, which we will not bother translating into French. It does not deserve to be translated because, at that point, we would all be speaking English. The Liberals said that they would drop the slogan. That is fine.
Then, the Liberals said that they would abandon the idea of 100 million Canadians by the end of the century because we did not like it. In any case, we will all be dead in 77 years. However, they decided to keep the target of 500,000 new immigrants per year as of 2025. That is what is going to shrink Quebec and bring about its permanent downfall.
Do the Deputy Prime Minister, the voice of reason, and her government really think that Quebeckers are that stupid?
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- May/16/23 2:27:44 p.m.
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Mr. Speaker, I want to be very honest and straightforward with our Bloc Québécois colleagues and all Quebeckers. French in Canada is very important and the Quebec nation is a priority for our government and for me personally. We truly understand how important the linguistic and cultural vitality of the Quebec nation is, and I must say that, as the Minister of Finance—
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- May/16/23 2:28:22 p.m.
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The hon. member for Beloeil—Chambly.
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- May/16/23 2:28:25 p.m.
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Mr. Speaker, we have an expression in Quebec that essentially means people need to walk the talk. I will explain that some day.
That being said, this government has messed up on immigration, with one million cases being backlogged. The Liberals are incapable of managing the foreign students file. They are incapable of managing the temporary foreign workers file. In a year and a half, they have been unable to do it. What would make us think that a year and a half from now they are going to suddenly be competent enough to deal with 500,000 immigrants?
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- May/16/23 2:29:04 p.m.
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Mr. Speaker, I would like to continue by saying that we truly believe in Quebec. We truly believe in the importance of the Quebec nation. That is why we are investing in the French language across Canada. That is also why we are investing in Quebec's economy.
We are investing in health care. We are investing in child care. We are investing in the green plan for industry. All these things are priorities to Quebeckers, and they are our priorities as well.
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- May/16/23 2:29:45 p.m.
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Mr. Speaker, I have a very simple and direct question for the Minister of Housing. I am going to give an example of a single mom with two kids in the city of Toronto, paying the average rent, which is $3,300 a month for a two-bedroom, and earning an average salary, which in Ontario is $62,000 a year.
How much money would this single mom with two kids have left over, after paying her rent, to buy groceries for her kids?
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