44th Parl. 1st Sess.
June 21, 2023 02:00PM
- Jun/21/23 3:00:17 p.m.
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Mr. Speaker, we have the lowest deficit in the G7. We have the best debt-to-GDP ratio in the G7, and we still have a AAA rating from rating agencies around the world.
We are taking a fiscally responsible approach to protecting our economy and creating growth. At the same time, we are investing to support low-income Canadians, to help people buy new homes, and we are also investing with municipalities to create more housing and to build more new apartments and housing units.
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- Jun/21/23 3:01:40 p.m.
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Mr. Speaker, Canada has the lowest deficits in the G7. We have the best debt-to-GDP ratio, and the lowest one in the G7 as well. We are one of the three largest economies in the world, along with Germany and the United States, to have a AAA credit rating from the bond rating agencies.
Our fiscal plan is sustainable, even as we continue to invest to support low-income Canadians, to support municipalities in building more housing, and to move forward with a plan, while the Conservative Party, once again, continues to talk about cuts to programs, cuts to services and cuts for Canadians.
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- Jun/21/23 3:02:20 p.m.
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Mr. Speaker, Canada has the worst household debt in the G7, by far the worst, and that debt risks blowing up when rates rise.
One of the ways the Prime Minister has been wasting money is that he gave $210 million to the Asian infrastructure bank, which is controlled by Beijing and designed to build the infrastructure of Beijing's Communist empire throughout Asia. We warned him five years ago and now some of that bank's own executives are speaking out against it. He claims he is stalling his involvement in the bank, but the real question is this: When will we get our $200 million back?
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- Jun/21/23 5:20:18 p.m.
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moved:
That, given that, (i) Liberal budget 2023 adds more than $60 billion in new spending — that is $4,200 per family, (ii) inflation in Canada increased following the introduction of $60 billion in new Liberal spending, (iii) following the increase in Canada's inflation, interest rates were increased to 4.75%, (iv) the IMF warns that Canada is the country most at risk of a massive mortgage default, (v) average mortgage payments are up 122% since the Liberal Prime Minister took office, (vi) Canadian households have the most debt as a share of GDP of any country in the G7, (vii) the solution is to eliminate the deficits, balance the budgets in order to bring down inflation and interest rates, the House call on the government to table a plan to return to balanced budgets.
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- Jun/21/23 9:24:40 p.m.
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Madam Speaker, it is my understanding that we are still paying the debt from the Great Depression, and it is important for us to understand what the biggest priority is right now to serve Canadians in need.
We understand that prices have been inflated after the pandemic for many reasons, and we are here to debate how we can deliver more supports and resources to those in need across our country. It is always top of mind with our government to understand the needs of Canadians. That is why we implemented the CCB, the dental care plan and other supports to help Canadians get through this hard time.
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- Jun/21/23 9:37:53 p.m.
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Mr. Speaker, I appreciate the compliment. I know everybody is waiting with bated breath to hear what I have to say next. I will try not to disappoint.
The fact of the matter is the IMF is now urging Canada to bring a debt anchor and to keep fiscal policy tight. What does that mean, keeping fiscal policy tight? It means moving toward balanced budgets, not just relying on what they might call fiscal guardrails or reducing debt-to-GDP ratios, but actually having a hard fiscal anchor. This is the IMF talking, not me. A hard fiscal anchor. What they mean is a plan to get back to balanced budgets.
The Bank of Canada, to its credit, has been engaged in a policy of fiscal tightening, trying to reduce the money supply and raising interest rates, trying to grapple with the scourge of inflation. The problem is that the fiscal policy of the Government of Canada is running counter to that.
We have loose fiscal policy in this country, meaning that billions and billions of dollars are still going out the door of the budget this year. It was $495 billion, almost half a trillion dollars. Mr. Speaker, I know you have been here for a while, and I know you know that is a lot of money. It is way more than it was even in 2019.
We have a real issue in this country, and I think we need to bridge the gap. We need the government and its coalition partners to take this concept seriously, go back to the drawing board and at least come back with a plan. That is all this motion asks for, not to balance the budget tomorrow or at two o'clock this morning when we are voting on the appropriations, but to come back soon with a plan, just like they had for 2027, to bring the budget back into balance.
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