44th Parl. 1st Sess.
October 17, 2023 10:00AM
- Oct/17/23 10:19:01 a.m.
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After eight years of the Prime Minister and his NDP-Liberal government, we are starting to see the hard reality that inflation is the price one pays for all of the programs the government told us were free. We will remember that the Prime Minister said he could double the debt, but not to worry, because the budget would balance itself. He said that interest rates were low, so not only were deficits permanently affordable, but also we could not afford not to spend. Here we are, with the devastating human consequences not so long after that because, as Pythagoras says, numbers rule the universe. No matter how many words are spoken, no matter how many soft lullabies are sung, the reality is that when we spend what we do not have, we drive up the cost for everyone else.
Here we are. The cost of government has driven up the cost of living. Half a trillion dollars of inflationary debt has bid up the goods we buy and the interest we pay. According to former Liberal finance minister John Manley, government spending is pressing its foot on the inflationary gas pedal, which forces the Bank of Canada to press on the brakes with higher interest rates. Now, I bump into people across Canada who are living in financial terror. A shipyard worker in Vancouver told me that his monthly mortgage payment is now $7,500. He is a shipyard worker. Of the $7,500, $4,000 is just for interest. His family is basically spending $50,000 a year on interest for their mortgage. This is after the Prime Minister, his budget documents and his bank governor told that man that rates would stay low.
One would think the government would reverse its policies, but it is doing the opposite. A year ago, it said it would balance the budget by 2028. Six months ago, it changed its mind and said it would never balance the budget. Last week, we found out from the Parliamentary Budget Officer that the deficit is 15% bigger than the government claimed only six months ago. It has totally lost control of the spending.
Our common sense plan is to cap spending and cut waste in order to balance the budget and bring down interest rates and inflation. Let us do it before the hundreds of billions of dollars of mortgages renew into these higher rates. Let us save people's homes and our future. It is common sense. My colleagues will work to bring home this common sense here in Canada. It is your home, my home, our home. Let us bring it home.
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- Oct/17/23 10:39:42 a.m.
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Mr. Speaker, inflation is caused by a variety of factors. Some people may include government spending in there, but the cost of housing is also part of it. According the Canada Mortgage and Housing Corporation, in Quebec alone, an estimated 1.6 million housing units will need to be built by 2030 to adequately accommodate all the people who are currently living in Quebec and those who will move there.
However, according to the most optimistic forecasts, only 500,000 housing units will be built by 2030 in Quebec, driving up rental costs by 102%. The Conservative Party of Canada supports population growth. I would like my colleague to explain how eliminating the federal deficit will solve the housing crisis and, by extension, address rising costs and inflation.
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- Oct/17/23 11:01:13 a.m.
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Yes, we borrowed extensively, billions of dollars, in order to have the backs of Canadians. We spent that money, most of it supported by the Conservative Party, on things such as small businesses.
Yesterday, I heard a Conservative member talk about small businesses being so important to Canadians and Canada as a nation. I have talked about small businesses as the backbone of our country when it comes to economic development. During the pandemic, this government spent billions of dollars supporting small businesses, preventing them from going bankrupt in many ways.
We supported Canadians, who were no longer in a position to work, through programs such as CERB. Millions of Canadians were supported by billions of dollars, which did increase the debt. However, the Prime Minister, this government and many members of this chamber supported spending that money. It is like the leader of the Conservative Party giving a child a chocolate bar and then condemning the child for eating it.
However, at the end of the day, it was important for the government to spend that money to support Canadians and small businesses, not to mention the billions of dollars that were there to support our seniors through one-time payments for those on GIS and OAS or individuals with disabilities.
The Conservatives talk about this huge debt. In part, they supported us at the time and now they criticize us for it. They need to be more transparent and honest with Canadians about that when they criticize the government for spending money. Are they now saying, retroactively, that we should not have supported Canadians, that we should not have supported small businesses and others? That is what it sure sounds like. Today, in a question that I put forward to the leader of the Conservative Party, I challenged him on that point.
It is interesting when we look at the waffling of the Conservative Party. The best example is the previous speaker, the seconder on the motion. After I posed a very straightforward question for him, the member spent so much time, as many members of the Conservative Party have, criticizing the price on pollution, or as they call it “the carbon tax”. Like their apparent flip-flop on the need to support Canadians during the pandemic, the member failed to acknowledge that he supported a price on pollution, or the carbon tax, and he was not alone. Every member of the Conservative Party who ran in the last federal election supported it. When I pointed that out, he replied that he personally did not support it. It would appear that the first thing we need to ask every Conservative candidate is whether he or she personally supports this.
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- Oct/17/23 11:23:57 a.m.
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Mr. Speaker, the member talked about frivolous spending. I would like him to explain whether it was frivolous to support Canadians during the pandemic with the Canada emergency response benefit and whether it was frivolous to invest in a national child benefit program. We learned that he was not in favour of dental insurance, but the millions of Canadians who are eligible for the program may not agree with him.
Could he elaborate?
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- Oct/17/23 12:10:22 p.m.
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Madam Speaker, I think Canadians should be suspicious anytime they see a motion that talks generally about government spending without anyone having done the homework to identify the real waste.
There is sometimes waste in government spending. We have seen our fair share of that with the ArriveCAN app and the tens of billions of dollars that have been shunted out the door to big consulting companies to do the work that properly belongs in the civil service, padding the pockets of KPMG and others.
There is waste in government, but a motion like the one before us should be singling it out. I think also of the massive investments in child care that I ran on in 2015 and that the New Democrats supported for a long time. They are actually helping to make room in Canadians' household budgets. There is more than one way to tackle inflation, and in the NDP we believe the best way is to work collectively to lower the cost of things Canadians cannot do without rather than simply cutting taxes when we know grocery stores and oil companies will gladly raise their prices to eat up the extra disposable income.
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- Oct/17/23 12:21:32 p.m.
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Thank you very much, Madam Speaker.
History continues to repeat itself today as we see the Liberal-NDP government force the Bank of Canada to raise interest rates due to their out-of-control spending habits. This Liberal Prime Minister is just not worth the cost.
The Liberal-NDP government must exercise fiscal discipline over its inflation-driving deficits, so that interest rates can be lowered in order to avoid a mortgage default crisis as warned by the International Monetary Fund and to ensure Canadians do not lose their homes. The government must introduce a fiscal plan that includes a pathway to balanced budgets in order to decrease inflation and interest rates. Alternatively, it needs to get out of the way, so that Conservatives and our Conservative leader can fix what the Liberals have broken and bring hope back to Canadians.
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- Oct/17/23 12:40:25 p.m.
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Madam Speaker, this gives me the opportunity to actually let my hon. colleague know what our plan is. First of all, we are seeing today that productivity is as bad as it was back in the Great Depression. We would make sure to bring up productivity, including by getting more of our resources to market to make sure more of Canada gets our low-carbon intense energy and to bring better jobs and a better economy to this country.
We would also bring in a dollar-for-dollar law under our next prime minister, the member for Carleton, where we would have to find a dollar of savings for every dollar the government spends. Because of the failed policies of the Liberal-NDP government, Canadians are having to make the choice of finding a dollar of saving to spend a dollar, just because of how bad things have gotten and how much their taxes are hurting them. The government should work that exact same way. The government needs to work for the people, and that is how we would do it.
We would bring in a dollar-for-dollar law and make sure we got rid of all the wasteful spending, such as the $22 billion that was spent on worthless Liberal insider consultants because the ministers are too incompetent to do their own jobs.
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- Oct/17/23 1:18:56 p.m.
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Madam Speaker, what I do remember is having a balanced budget under the Conservative government before the Liberals took office. I remember that very clearly.
My hon. colleague talked about spending during COVID. We did not sign up for the $54 million of wasteful spending on the ArriveCAN app. We also did not sign up for the $200 billion that they have spent that was not related to the pandemic during the COVID pandemic. Although my hon. colleague talked about that, I have a very clear memory and I know what it takes to get back to a balanced budget.
Right now, under the NDP-Liberal government, Canadians are struggling to put food on the table. We will fix that once we are in government.
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- Oct/17/23 1:19:44 p.m.
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Madam Speaker, to listen to the Conservatives, one would think that every bit of spending is inflationary spending.
Last week, the Government of Canada and the Government of Quebec finally came to an agreement on a program to speed up the construction of housing, something that we voted on a year and a half ago and from which we are now finally starting to see some results. The federal government will provide $900 million.
I would like to remind the House that, at last count, there were 10,000 homeless people in Quebec alone. Does my colleague think that the $900 million that will be used to build housing to help those 10,000 homeless people constitutes inflationary spending?
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- Oct/17/23 2:24:42 p.m.
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Mr. Speaker, after eight long, miserable years, the Prime Minister is not worth the cost. He massively increased the money supply by $600 billion, inflating housing costs by over 100%. That forced one Seaspan shipyard worker, who I met last week, to buy a normal house for over a million dollars. Now interest rates have gone up because of inflationary deficits, something the Prime Minister promised would not happen, and he is forced to pay $7,500 a month on his mortgage while supporting his three kids.
Will the Prime Minister reverse his inflationary spending so that this gentleman, his wife and three kids can afford to keep their home?
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- Oct/17/23 2:27:03 p.m.
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Mr. Speaker, the Leader of the Opposition is proposing to cut spending. The reality is that we have the lowest deficit in the G7, we have the best debt-to-GDP ratio in the G7 and we have preserved our AAA credit rating. We are fiscally responsible, as we support people with things like the grocery rebate, with investments that are bringing down inflation and by working with the different grocery chains.
The reality is that Canadians have a right to know which programs he would be cutting. Would he be cutting child care for families? Would he be cutting dental care for kids? Would he be cutting pensions for seniors? He has campaigned against all three of those measures for Canadians.
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- Oct/17/23 2:35:28 p.m.
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Mr. Speaker, do members remember the middle class and those working hard to join it? Do they remember that the Liberals would take on more debt so Canadians did not have to? Do they remember that the budget would be balanced in six years? Those were the promises, and after eight years there is no talk of the middle class anymore because it is underwater from Liberal-NDP spending sprees. Now the budget will be balanced in the year never.
Has the finance minister completely lost control of the books, or is there a new promise this week about when she will actually stop the inflationary spending so that Canadians do not lose their houses?
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- Oct/17/23 2:38:12 p.m.
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Mr. Speaker, after eight years of the NDP-Liberal government, the federal deficit is projected to exceed $46 billion this year according to the independent budget officer. This spending is driving up interest rates and mortgage costs to the point where people are worried they will not be able to afford to keep a roof over their head.
We know the Prime Minister is not worth the cost, so when will he finally stop his inflationary spending and reduce the deficit so that Canadians can afford to keep their homes?
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- Oct/17/23 2:39:34 p.m.
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Mr. Speaker, unfortunately, after eight years of the government, it is too little, too late for many struggling people. We know the government's housing crisis brings with it a generational divide. According to a survey reported on by BNN Bloomberg, nearly 70% of young people have chosen to delay their home purchase. Why is that? They cite rising interest rates and rising home prices. That is why people are overpaying for an individual room or are simply trapped in their parents' basement.
I ask this again: Why does the government not stop its inflationary spending so that Canadians can afford a home?
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- Oct/17/23 2:40:55 p.m.
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Mr. Speaker, after eight years under this Prime Minister, the situation in Canada continues to deteriorate. That is what the Parliamentary Budget Officer says. It is hard to believe that things could get worse, but they can. Spending and the deficit are even higher than projected. That is nothing new with this government, which only knows how to do one thing: waste taxpayers' money.
Will the government finally admit that the budget will not balance itself? Will it be responsible and stop this inflationary deficit?
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- Oct/17/23 2:49:08 p.m.
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Mr. Speaker, every day I hear from Canadians that after eight years of the Liberal-NDP government, they are unable to pay their bills. Recently, Rob wrote to me, telling me that he can barely afford his mortgage payments, so he and his wife have started selling off their personal possessions to pay their monthly bills. He realizes that the Prime Minister is just not worth the cost.
When will the Prime Minister stop his irresponsible spending, which is driving up inflation and driving up interest rates, so Canadians can afford their homes again?
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- Oct/17/23 2:53:15 p.m.
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Mr. Speaker, that is precisely the problem. This time last year, they said they were going to eliminate the deficit. That is not true at all. That is why we are very skeptical when they announce such things.
Anxiety is a growing reality among young Canadians. Today's Journal de Québec and Journal de Montréal report that 61% of young people fear they will never be homeowners. Claude Pinard, the head of Centraide of Greater Montreal, has said that many young people are realizing that they will never be able to buy a home, so they are giving up on their dream.
To be young and have your dreams crushed is very un-Canadian. Will this government finally understand that in order to curb inflation, the government must at the very least control its spending?
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- Oct/17/23 3:01:58 p.m.
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Mr. Speaker, seniors, such as Ford Snow of Gander, are finding out after eight years that the Prime Minister and his Liberal-NDP coalition are not worth the cost. Reckless inflationary deficits have driven up interest rates, forcing landlords to raise their rents. They have had no choice. Ford's rent has gone up by 22% in a year. He is left without a nickel to spare.
Will the Prime Minister stop his inflationary spending to reduce interest rates and give renters like Ford a break on their rent?
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- Oct/17/23 3:55:43 p.m.
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Mr. Speaker, I left off talking about the importance of the government, and ultimately the Liberal Party, being somewhere between the two prisms that we see in the House. As I said, the Conservative opposition day motion is not binding on the government. The opposition party has not put forward any detailed plans of what exactly it would cut in terms of program spending. I think it is important, and it is incumbent upon the government to find that fiscal pathway.
It has been mentioned in the House, both during question period and indeed during this debate, that Canada has the lowest deficit in the G7. We also have the lowest debt-to-GDP ratio in the G7. We have an AAA credit rating. Those things are important, but they are never recognized on the other side of the House.
Can we do more? Absolutely. I am proud of the work that the President of the Treasury Board has done in terms of signalling a program review to look at departmental savings. I think that is a great start, and members know that part of what I talk about a lot in the House is non-cost measures. I am evangelical in terms of reducing red tape, and I think that there is more work, respectfully, that the government can do on that front. However, it is incumbent upon all members of Parliament to actually be providing reasonable solutions, ways that we can do that. I will be presenting a private member's bill tomorrow, in which I will be calling on the government to adopt, either in the fall economic statement or in budget 2024, reduction of the regulatory tape around approvals for products that matter for farmers. I will have more to say about that. There is a lot we can do, but at the same time, we have to walk a careful balance because Canadians are relying on the programs that we have.
The point I want to make before I give way to my hon. colleagues and engage in some great debate questions is on the assumption of getting back to balance tomorrow, which I think is a laudable goal and something we should be working towards. The assumption is that if we did that tomorrow, all of a sudden interest rates would drop precipitously. I do not think that is going to happen. With respect, I think that it is a bit immature or disingenuous for the opposition party to suggest that interest rates, tomorrow, would go from 5.5%-plus all the way down, back to normal rates. That is not going to happen, and there are a lot of global factors that play into that.
As I have said, I think we could actually welcome a very mature debate about monetary policy and how, of course, the Bank of Canada is working to do its job. However, there are other factors that are global in nature in the way that our economy actually works right now and that are fighting against our monetary policy. There are global conflicts that we have talked about, such as the war in Ukraine. There is a new war between Israel and Hamas. There is climate change, and there are demographic challenges and supply challenges. These challenges are leading to increasing costs such that the Bank of Canada, notwithstanding its work, is going to struggle to be able bring down interest rates.
I will leave it at that, and I look forward to taking questions from my hon. colleagues.
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- Oct/17/23 4:00:48 p.m.
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Mr. Speaker, I think that there are some things on which we can agree. First, public spending is needed in times of crisis, that is obvious. Even when we are not in a crisis, public spending is needed, which can sometimes create deficits. Of course, balancing the books must not be synonymous with brutal austerity, like in the disastrous days of triumphant neo-liberalism.
At the end of the day, what this motion calls for, despite the Conservatives' usual overblown rhetoric, is the introduction of a plan. To govern is to anticipate, as they say. The government will table a plan. When this plan is before us, we will debate it to see whether it is a good plan to get back to a balanced budget.
What is wrong with that?
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