44th Parl. 1st Sess.
April 29, 2024 11:00AM
- Apr/29/24 1:50:44 p.m.
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Mr. Speaker, it is said in the financial world that the best predictor of future performance is past behaviour.
I was first elected in 2008, when there was a Stephen Harper government. I was in the House when the Conservatives ran seven consecutive deficits. When I entered the House, the debt of Canada was $467 billion. It was $628 billion in 2015, when Mr. Harper left office. We will not be taking any lessons or lectures from the Conservative Party on deficits or debt, since the record speaks for itself.
The capital gains provision in this budget would apply to 0.13% of people, with an average income of $1.4 million per year. Could my hon. colleague tell us what the Conservative position is on capital gains? She has talked about transparency. Will the Conservatives keep that or endorse that policy, or do they oppose it, yes or no?
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- Apr/29/24 1:52:05 p.m.
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Mr. Speaker, I know that the member opposite is gutted because he used to be an opposition member and now he has joined the government. He is going to have to go back and tell the people who voted for him that he supported the government on every single thing, including raising the carbon tax by 23% on everybody, on April 1. He will have to tell them why he continues to vote with the government and gets nothing for it.
The Prime Minister told us, nine years ago, that the rich would pay for his addiction to spending. I might remind the member opposite that it was the Harper government that balanced the budget after the economic crisis in 2015, eight years after they ran those deficits.
I will say this: Canadians are the ones who pay for all the spending of the Prime Minister, including everyday Canadians, single mothers, workers and everybody in between. They pay at the pumps, at the grocery store, with double the housing costs and with double the rent and mortgage. They pay for the Prime Minister's addiction to spending.
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- Apr/29/24 1:53:29 p.m.
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Mr. Speaker, there are two ways to go broke: gradually and suddenly. Canada is not going broke; it is broken.
In the battle for the soul of Canada, we are confronted by two ideologies. There is that of the Liberal and NDP socialism, which is of spending beyond reproach, high crime rates, divide and division, high taxation, an unproductive economy and a monopoly economy, in which housing and food have become unaffordable for so many. On the other side lies the vision of a common-sense Conservative economy, in which government is leaner, taxes are lower, paycheques are bigger, and competition thrives. It is a vision where we prioritize toughness on crime to ensure equal opportunity for all who call Canada home. The problem with socialism is that it eventually runs out of other people's money.
After the government spent $350 billion in deficit spending outside of COVID relief programs, the budget is set to spend another $50 billion while raising taxes. Another $60 billion in spending is projected for next year. That is $460 in deficit spending since 2015 for bigger government and more social programs. The result is that Canadians are worse off.
After nine years, too many young Canadians feel as though the deck is stacked against them. They get a good job and work hard. However, far too often, the reward of a secure, prosperous and comfortable middle class remains out of reach for them. After nine years, we have seniors who have been priced out of their homes and are going to the food bank. Their pensions that once made sense and their fixed incomes that promised a comfortable life are now not enough to cover their basic needs.
After nine years of Liberal governance, too many Canadians feel disheartened seeing their aspiration to live a secure, prosperous life slipping away. They see the effects of big government, suffocating regulations and reckless spending. It is anything but fair.
This generational injustice has 62% of Canadians aged 18 to 34 giving up on owning a home. That number is 73% for those who are 35 to 54 years old. Taxes are going up more than $20 billion. The GST now only covers debt payment interest. It is now the minimum payment. It should probably be called the DST, the debt service charge, at only $50 billion a year.
Grocery prices have risen to a point where most Canadians now buy less food, and food banks are recording record numbers. Crime is at an all-time high. There has been a 300% increase in car thefts in Toronto alone. Child poverty is on the rise in Canada, a G7 nation, with one in five children facing challenges.
More and more Canadians are finding out they cannot even get a doctor. More and more visits to the ER result in hour after hour of wait times.
The carbon tax has gone up 23% this year alone, raising the price of groceries, heat and gas. There is a bureaucracy that is growing with it. There are over 500 employees just to collect a carbon tax. Meanwhile, our productivity, or doing more with what we have, is at an all-time low. We lack skilled trades, education for our youth and business investment.
There is going to be an increase in personal taxes, which means we will be losing companies in Canada to the U.S., which has lower personal taxes. This is coupled with the fact that a home in the U.S. can be bought for half the cost of a home in Canada. Foreign and domestic investors are leaving Canada at record rates. Innovators and doctors say this budget will drive them out of the country.
Countries cry out for Canadian LNG, but the Prime Minister says that the increased jobs are not worth it. Poland, Japan and Germany have all been turned down for liquefied natural gas by the Prime Minister; he says there is no business case. Meanwhile, the U.S. has opened hundreds of wells and provided billions to its economy.
Our monopoly problem means that Canadians are paying the highest rates in the world for cellphones, airlines, banking and groceries. These are all worse, while the government said it has lowered cellphone bills by half. Can anyone believe this? The Prime Minister said he lowered cellphone bills for Canadians, but Canadians know the real answer is that bills have never been higher.
To top it off, high inflation because of high interest rates is driving the costs for Canadians up based on a very simple fact: The government is spending way more than it is taking in. This is not a budget about Canadian fairness; it is a socialist political manoeuvre described as fiscal responsibility, with generational unfairness that will ensure our next generation inherits the national debt. There has been $460 billion in deficit spending, and we can remember that this is over and above COVID-19 programs. Despite this, there is just more government. Canadians are getting less, paying more and being taxed to death for it.
Canadians who pay taxes on every dollar earned, every dollar they spend, every dollar they inherit, every dollar invested, every dollar saved, every dollar in property tax are tired of seeing their hard-earned money wasted on inefficient government programs and bureaucracy. They deserve a government that respects their efforts and works tirelessly to ensure their prosperity and well-being.
Despite $460 billion in deficits, we have no more doctors or hospital beds; no more affordable rent or homes; no better prices at the grocery store for groceries; no better prices for cellphones; no better prices at banks. We have no bigger paycheques and we have more taxes. At the end of the day, we need a government that will look after Canadians, and that is a Conservative government.
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- Apr/29/24 5:49:36 p.m.
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Madam Speaker, it is another year and another broken 2015 election promise. Let no Canadian or anyone on those benches who ran in 2015 forget what the current government promised. In 2015, the Liberals promised that more spending, more taxes, more deficits and more borrowing would lead to a magical utopia where budgets would balance themselves. They promised they would take a balanced budget that they inherited from the Conservative government and turn it into a deficit, but Canadians were not to worry: It would be a small, short-term deficit.
The Liberals ran on a commitment in 2015 that they took door to door to Canadians, telling them they would run deficits to fund unprecedented national infrastructure spending. Within three years the budget would balance itself. Here we are nine years later, and everything in that promise they made and were elected on turned out to be false. They broke that promise in the very first budget they tabled. For nine fiscal years in a row, the government has promised more spending, more borrowing, more taxes, more deficits, more interest payments, more inflation and more debts amid a further deterioration of the national balance sheet and declining living standards that are hollowing out the middle class. The government has broken the main election promise it made to Canadians in 2015. It promised it would not do that. It promised that a limited deficit would be it and that the budget would then balance itself.
However, budget 2016 was almost Orwellian in the way it pretended that the promises the Liberals made in the previous year had never happened. In 2017, they brought in what some called the “Seinfeld” budget, a budget about nothing, just more of the same. In 2018, I called it the “Britney Spears” budget: oops!... I did it again. In 2019, they promised the debt-to-GDP ratio would shrink forever.
In early 2020, the country was on the brink of a recession, the credit rating had been downgraded by Fitch and the debt-to-GDP ratio was rising. This was all before the pandemic. The government had already squandered its fiscal inheritance and abandoned its promises and so-called fiscal anchors and guardrails.
After the pandemic, the Liberals tabled the “pants on fire” budget, which continued to ignore every fiscal promise and projection they have made in successive election campaigns, previous budgets and fall economic statements.
Budget 2024 says, “we can make sure that Canadians at every age can find an affordable home.” However, the 2015 Liberal platform said the same thing: “We will make it easier for Canadians to find an affordable place to call home.”
The government is repeating old, broken promises verbatim, never mind that housing prices have doubled in that time and rents in some cities have nearly tripled in the nine years since it made those identical promises. Just how much credibility does it think it deserves for anything that it claims in its various announcements?
After nine years, we have unaffordable rents, home ownership no longer an attainable middle-class ambition, record food bank use and another budget that promises more of the same pattern of out-of-control spending and new tax increases. Let us call this one the “Hall and Oates” budget, because it is obvious to Canadians that the government is out of touch and Canadians are out of time.
It is not just with respect to fiscal mismanagement; the government has lost control of the institutional machinery of government. It is a government that has presided over a record expansion of the bureaucracy and an exponential expansion of the use of private consultants. Despite this record bloat, access to government services has never been worse.
The immigration decision queue is 2.5 million people long. The CRA call centres continue to give false information to Canadians or are unavailable when they need them. Most distressingly, the Canadian Armed Forces are in a “death spiral” crisis of retention and recruitment. Those are not my words, but the words of the minister himself.
For nine years, the government has pursued an anti-energy, anti-industry, anti-jobs policy that has resulted in Canadians dropping to near the bottom of peer countries in productivity. This is driving down the standard of living for Canadians at a time when they desperately need economic leadership in order to sustain program expenditures and our national security and public safety.
Conservatives do not want to fix the budget simply because we like the look of a nice tidy financial statement. The budgetary madness of the NDP-Liberal government threatens the prosperity of ordinary Canadians, the sustainability of programs that vulnerable Canadians rely on, Canada's national security, and Canada's ability to be a trusted and meaningful ally in global affairs. This then threatens our trade relationships, our diplomacy and our national security.
The budget has the same formula that has seen the gap in the standard of living between Canadians and Americans widen rapidly. That is not my opinion; it is what economists and the government's own reports are saying. Statistics Canada said, “Real GDP per capita has now declined in five of the past six quarters and is currently near levels observed in 2017.” This past January, Jack Mintz said, “real GDP per capita has stalled since 2018, fell in 2023 by 2.4 per cent and will likely fall again this year.”
According to the Royal Bank, “The Canadian economy is sharply underperforming global peers.... Since 2019, Canadian gross domestic product per capita has declined 2.8% versus a 7% increase in the U.S.” The bank notes that this is the single largest underperformance of the Canadian economy in comparison to the United States since 1965, almost 60 years ago. We should let that sink in: Per capita GDP is now lower than it was five years ago, while in peer countries, it is higher. We have Canada's worst underperformance in comparison to the U.S. economy in that time.
The OECD expects that Canada will record the worst economic growth among advanced countries for decades to come. The C.D. Howe Institute says:
Comparing investment in Canada to that in the United States and other OECD countries reveals that, before 2015, Canadian businesses had been closing a long-standing gap between investment per available worker in Canada and abroad. Since 2015, however the gap has become a chasm.... Having investment per worker much lower in Canada than [in other countries] tells us that businesses see less opportunity in Canada, and prefigures weaker growth in Canadian earnings and living standards than in other OECD countries.
To put it another way, the government is chasing business investment out of Canada, and the result is a lower standard of living for Canadians. The budget itself reveals that interest on the national debt is now more than the entire Canada health transfer. It is also way more than the entire national defence budget. Taxes from Canadians are increasingly going to pay Canada's creditors instead of paying for health care and defence.
Nine years of budgets that spend, borrow and tax more than they promised in their election platforms are making Canadians poorer, and they know it. Canadians know that they cannot afford rent, home heating, gasoline and mortgage payments. They know that inflation is ruining the purchasing power of their wages and the value of their savings. They know that, as government piles on more debt from more spending, they are going to be the ones who will have to pay for it all. They know it is not going to be the ultrawealthy who will just cheerfully pay a little more because it is only fair. Canadians know it is going to be the workers, seniors, small business owners and especially the young who will end up paying for the intergenerational theft that is contained in this budget.
That is why Canadians are increasingly ready for a government that would axe the tax, build the homes, fix the budget and stop the crime. That is why I will vote against the budget. I will vote non-confidence in the government. The Liberal government is out of touch. Canadians are out of time. Let us have an election and bring in a Conservative government to clean up this mess.
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- Apr/29/24 6:04:19 p.m.
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Madam Speaker, what is the legacy of the current Liberal Prime Minister? Sadly, his entire legacy amounts to one thing. The Prime Minister has grown the national debt more in nine years than under every other prime minister in Canadian history before him combined. That is his legacy. That is the end of it. That is the only thing that he stands for and has as a legacy. That debt now stands at $1.3 trillion, which is an enormous number. It is actually hard to comprehend or even imagine for just about any Canadian. It is really hard to visualize how much money we are even talking about there, so I want to break that down just a little bit.
First of all, our national debt of $1.3 trillion is relative to a $2-trillion national economy. For every dollar the Canadian economy generates, about 65¢ of it has an obligation attached to it. Now, a trillion dollars is a massive amount of money. If we cashed it into $100 bills and stacked those bills into billion-dollar piles, we would have 1,000 piles, each climbing about a kilometre high. That is what we are talking about in terms of what this money would look like. However, that is still viewing the situation from 20,000 feet, so let us zoom in at the ground level for a little better perspective.
For Canada's population of about 39 million people, the share of the total national debt is now about $34,000 for every person in the country. For every family of five in Canada, there is about $170,000 in debt. We can think about what that could mean for the average Canadian family of five and what they could do with that $170,000, if they had that for themselves instead of it being their share of the national debt.
Let us say a person has kids in hockey. A good, reasonably decent youth composite hockey stick, which everyone uses nowadays, is about $90 or so. The kids in that family of five would certainly never have to worry about breaking a hockey stick ever again. In fact, every one of their friends would never have to worry about it again either, because that $170,000 would buy about 1,800 hockey sticks.
A family of five can easily spend $400 or more a week on groceries these days with all the inflation, which means that $170,000 would cover food for that whole family for over eight years. Instead, under the Liberals, Canadian families are struggling to feed themselves. Food banks in Canada received a record two million visits in a single month last year, with a million additional people expected this year.
Examples of what Canadians could do with their own money is endless, but those dollars are not enriching Canadian families at all under the Liberal government. Those dollars represent the money that is owed to bankers and bondholders as their share of the Prime Minister's debt. It is interesting to be able to visualize that, but it is not a theoretical exercise. It is actually having real impacts on Canadians right now here today. The Prime Minister's inflationary deficits are driving up interest rates. He is endangering our social safety nets and our jobs by adding more inflationary debt. His government has caused rent and mortgage payment costs to double and made it harder to save for a down payment for so many young families who are just dreaming of getting into the housing market for the first time but wondering how that will ever be possible.
Those are the problems facing Canada right now, but what is the fix? Common-sense Conservatives have solutions. In fact, we have offered the Liberals a starting point to fix it. We told the Prime Minister that we would support his budget if he would just take three very simple, small little steps towards addressing the affordability issues that are plaguing Canadians by starting to address the debt. We needed to see the Liberal government, at minimum, axe the Liberal tax on food, focus on building homes and not building up more federal government bureaucracy and cap the out-of-control government spending by finding a dollar in savings for every new dollar in spending.
The Liberals did none of that. Instead, they went further down the road of recklessness, adding $40 billion more to the growing federal debt.
Common-sense Conservatives cannot support a budget that continues to further indebt Canadians. We will vote non-confidence in a Prime Minister that has driven this country into the ground. I want to know this: Will the NDP have the backbone to do the same?
The government needs to be run in the same way that people have to run their households. A Canadian family that found itself paying more on their credit card debt and on interest than on their necessities would quickly realize that they had to address their debt load. The government, in a similar circumstance, chooses to open new lines of credit to keep on spending. If the government approached budgeting the way Canadian households have to, with actual needs weighed against available resources, the craziness of paying more to bankers and bondholders in one year than what it funds the provinces for health care would be apparent to every single other Canadian, but not to the people sitting on those benches over there in the Liberal government.
Under this government, the promise of Canada has become a promissory note to its debt holders. The Liberals have tried to rebrand their undisciplined fiscal policy as equal to the aspirations of Canadians, but let us look at the real promise of Canada. It is not the agenda of bigger government that the government promotes. It is certainly not about transforming society to reflect Liberal ideology, despite what Liberals would have people believe.
The promise of Canada is, in fact, about the opportunity and freedom to forge one's way in life. Canada has long held out the hope of achievement and prosperity for those who do the work and follow the rules, that a comfortable, secure, middle-class existence is open to anyone from any walk of life, from anywhere in the world, who works to earns it.
In year nine of the Liberal government, life in Canada has never been more unaffordable. The middle class is just a distant dream for far too many. Canadians looking for the Liberals to change things in their budget this year must be feeling incredibly disappointed, with reckless spending, deeper debt and deficits and, of course, the harmful carbon tax.
With these and other policies, Liberals are fuelling inflation and an affordability crisis, pushing middle-class aspirations even further out of the reach of many. Struggling families cannot afford more inflationary spending that drives up their cost of living. They cannot afford the interest rates on their mortgages, their taxes, all of these things.
Even Liberal spending on social programs is not as it actually seems. Many of the measures announced in the budget are deferred, so that the government can make feel-good promises now and then try to find loopholes to get out of them later. We have seen that with dental care and the other social spending Liberals have rolled out that did not quite come anywhere near as advertised. We are seeing it with defence spending promises that stretch out 20 years into the future, when they are needed now.
After nine years, the Liberals' budget is just more of the same that brought us into this mess in the first place. The Prime Minister is proving that he is not worth the cost for any generation, and it will be generations well into the future that will have to repay all of his debt.
It is clear that only common-sense Conservatives have a plan to stop the inflationary deficits that are driving up interest rates. We will protect Canada's social programs and jobs by stopping the piling-on of more federal debt.
Only common-sense Conservatives have a plan to bring down the cost of energy, food and everything else. We will axe the tax, build the homes, fix the budget and stop the crime. Conservatives will govern with common sense for this country, for all its people, in all its regions.
Canada's middle-class dream can once again eclipse the Liberals' debt and deficit nightmare.
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- Apr/29/24 8:37:21 p.m.
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Madam Speaker, it is a pleasure to rise this evening to speak about the measures that our government is taking to ensure that all generations are able to get ahead and doing so in a fiscally responsible way. Inflation is down from a peak of 8.1% in June 2022 and has now been within the Bank of Canada's target range for three months in a row.
We know that for too many Canadians, especially the younger generations, the promise of Canada is at risk. Our plan is a plan to build a Canada that benefits all generations.
A good example of this is our Canada-wide early learning and child care system. While it allows parents to save thousands of dollars per year on child care, it has also allowed Canada to reach a record high for working-age women's labour force participation in our history.
I am proud to say that we are in the process of making further investments to create even more child care spots so that more families can benefit from the system.
Another example of this is the Canada dental benefit. More than 1.7 million Canadians who have already signed up and nine million uninsured Canadians will have dental coverage next year. With the tabling of the pharmacare act just a few weeks ago, we are paving the way to build a Canada that is not only equitable, but also more affordable for all.
The first phase of our pharmacare program will give more than nine million women better access to contraceptives and help more than 3.7 million Canadians who rely on diabetes medications such as insulin.
As announced in budget 2024, we are delivering more measures to get more houses built in Canada faster. This is what building an economy that lifts everyone up and creates fairness for every generation looks like. We are committed to making investments to ensure all generations get ahead, while doing so in a fiscally responsible way. Canadians know how important it is to responsibly manage a budget. That is exactly what we are doing, and it shows.
Canada's net debt-to-GDP ratio is well below that of our G7 peers. Our deficits are declining, and we are one of only two G7 countries rated AAA by at least two of the three independent credit experts. That enviable fiscal position gives us the ability to invest in our economy and the people who power it. We are making transformative investments in clean energy, creating lifelong careers, improving housing affordability and supporting a business environment that gives investors confidence in Canada's economy. All this while sticking to the fiscal objectives laid out in the fall economic statement, setting both deficits and the federal debt on a downward track.
While the Conservatives offer nothing but slogans and want to cut services to Canadians and their families, our government will continue to build an economy where every generation has a real and fair chance to succeed. Our economic plan will lead our economy toward growth that lifts everyone up, because it is about fairness for all generations.
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