44th Parl. 1st Sess.
October 3, 2023 10:00AM
- Oct/3/23 3:38:29 p.m.
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Mr. Speaker, Canadians should not have believed the finance minister when she said to borrow as much as one wants and that interest rates will be low for a very long time.
She turned around and threw hundreds of billions of dollars of fuel onto the inflationary fire, giving Canadians the worst inflation in 40 years and the most rapid interest rate hikes, which we have not seen in the last 30 years. Anyone who took on a mortgage five years ago at 2% will now have to renew at 6% or 7%. That is an increase of more than 200%.
Will the Prime Minister rein in his inflationary deficits so interest rates come down, or does he want people to start losing their homes?
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- Oct/3/23 3:39:48 p.m.
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Mr. Speaker, the rating she brags about came at the high cost of one in five Canadians skipping meals and seven million Canadians visiting a food bank in a single month. She is completely out of touch, but she is in line with her incompetent government's legacy. The finance minister was doing victory laps two months ago, saying that she stopped inflation. It went up 43% since then. What did she think was going to happen when she added $1.2 billion of debt in the first quarter of this fiscal year alone?
Will the Prime Minister rein in his inflationary spending, or does he think that this too is not one of his responsibilities?
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Madam Speaker, it is amazing that all of this was predicted. The affordability crisis we find ourselves in, runaway inflation and high interest rates were all predicted by the Conservative leader.
It is actually a shocking amount of spending. The federal government, under this NDP-Liberal coalition, now spends $176 billion per year every year more than in 2015. I hear from constituents when they raise that issue, and I ask, “What in your life is better?” No one can answer that. All of this spending has really driven the affordability crisis and has not helped the vast majority of Canadians.
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Madam Speaker, I support the fact that the Competition Bureau's powers needed to be amended and strengthened so that it can undertake market studies and look at mergers that may not be in the best interest of Canadians or in the best interest of a competitive marketplace, which is specifically what Bill C-56 aims to do.
It is outlined in the work that we did when I was on the agriculture and agri-food committee. The Competition Bureau clearly cited in its recent report on grocery price inflation just how limited some of its powers were and how much that inhibited its ability to come to conclusions. I think these powers are a great addition.
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Madam Speaker, the member opposite and I served on the Standing Committee on Agriculture and Agri-Food, so he knows we have some disagreements on this.
The Bank of Canada Governor recently said that carbon pricing contributed 0.15% to inflation. That is equivalent to about 15¢ on a $100 grocery bill. The European Central Bank has estimated that climate change contributes as much as 3% to the cost of food per year globally, which is three dollars on a $100 grocery bill. This means that climate change has 20 times the influence that the carbon price has on food prices.
If the member opposite really wants to fight inflation and is serious about it, then why does his party not have a plan to fight climate change?
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