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Decentralized Democracy

House Hansard - 306

44th Parl. 1st Sess.
May 1, 2024 02:00PM
Context: House Hansard - 306 - May/1/24
Hon. Pierre Poilievre (Leader of the Opposition, CPC)
  • May/1/24 3:06:24 p.m.
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Mr. Speaker, the Prime Minister has already doubled the national debt by adding more debt than all the other prime ministers in our history combined, and all with the support of the Bloc Québécois, which, by the way, voted for a $500-billion budget. The Bloc Québécois leader has never voted against a single budget proposed by this Prime Minister. Today, we learned that the Prime Minister will continue to increase the debt by another $300 billion, with the approval of the House of Commons. How much will that raise mortgage interest rates?
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Context: House Hansard - 306 - May/1/24
Hon. Pierre Poilievre (Leader of the Opposition, CPC)
  • May/1/24 3:07:47 p.m.
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Mr. Speaker, as a result of the Prime Minister's decision to double the national debt, with support from the Bloc Québécois, we are paying $54.1 billion in interest on the debt alone. That is more than we spend on health care. That is the total amount collected in GST. Every time Canadians buy something, the GST simply goes to pay wealthy bankers. Why is he wasting our money to benefit wealthy bankers instead of using it to provide services to Canadians?
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Context: House Hansard - 306 - May/1/24
Hon. Pierre Poilievre (Leader of the Opposition, CPC)
  • May/1/24 3:12:17 p.m.
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Mr. Speaker, the Prime Minister is not worth the cost of debt interest. He doubled our national debt, adding more debt than all previous prime ministers combined. Now, we learn in his new budget bill that he is going to seek another $300 billion of debt, money that he would borrow out of the economy. That is equal to over 10% of our GDP, which would surely put upward pressure on interest rates. How much would all this government binge borrowing add to the mortgage payment of the average family?
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Context: House Hansard - 306 - May/1/24
Hon. Pierre Poilievre (Leader of the Opposition, CPC)
  • May/1/24 3:13:39 p.m.
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Mr. Speaker, we actually have the highest mortgage debt of any country in the G7, and by far. It is higher, as a share of our economy, than the Americans had during the mortgage meltdown. Now, interest rates are higher and families risk losing their homes. Government deficits push inflation and interest rates higher, and that makes the problem worse. Therefore, once again, how much would $300 billion of yet more debt add in mortgage payments for the average Canadian family? How much?
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Context: House Hansard - 306 - May/1/24
Mr. Damien Kurek (Battle River—Crowfoot, CPC)
  • May/1/24 5:18:05 p.m.
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Mr. Speaker, I was astounded, quite frankly, when I saw in the ways and means motion, which the Deputy Prime Minister and finance minister will be putting forward, an increase to the debt borrowing limit of this country of $295 billion. That is astounding. I am troubled by the massive increases in spending that this budget sees and by the fact that there is an increase of $295 billion. Can the member try to explain to the House and to Canadians why in the world they need a $295-billion increase to Canada's borrowing?
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Context: House Hansard - 306 - May/1/24
Ms. Julie Dzerowicz
  • May/1/24 5:18:54 p.m.
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Mr. Speaker, here is what I would say: I think that sometimes we have to remind ourselves of this, even though we want to forget it. We, not just Canada, but also the world, have come out of a massive pandemic. I think all of our economies have been struggling to recuperate. Very blessedly, here in Canada, we have been very lucky that we have been able to bring back over 100% of all the jobs that had been lost and that we continue to have strong fundamentals in terms of our finances. Our growth, right now, is predicted to be the highest this year and the next, according to the Bank of Canada and the IMF. We continue to have a AAA credit rating. Only 11 countries in the world have that. We have the lowest debt-to-GDP ratio in the G7, and it continues on a downward track. Canada's balance sheet remains the best of the G7's. Therefore, I would say that we have a good track record. We have a good balance sheet, and we have a lot to look forward to, in terms of prosperity, moving forward.
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