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Context: House Hansard - 237 - Oct/23/23

Oct/31/23 2:40:26 p.m.
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Mr. Speaker, as inflation continues to remain, Canadians are realizing the Prime Minister is not worth the cost. The Bank of Canada is concerned that the soft landing it once projected is now much narrower. That is because economic uncertainty is increasing while inflation still has not been tamed. Two things the government could do to help the Bank of Canada tame inflation are cancel the carbon tax and reduce its spending, so why is the government not taking up these two very simple ways to make the Bank of Canada's job easier to bring inflation down for Canadians?

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Context: House Hansard - 237 - Oct/23/23

Oct/23/23 2:36:02 p.m.
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Mr. Speaker, maybe the government has not received the memo. Nobody cares about meaningless G7 comparative statistics. After eight years of prolific spending, the bills are finally coming due. The government borrowing is driving interest rates. This year, the government has to borrow $421 billion. Next year, the government has to borrow over $350 billion. That pushes up mortgage costs for everybody. Once again, will Liberals acknowledge that they need to rein in their spending and produce a plan to balance the budget so Canadians can keep their homes?

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Context: House Hansard - 232 - Oct/16/23

Oct/23/23 2:34:44 p.m.
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Mr. Speaker, after eight years of the Liberal-NDP government, spending is out of control and inflationary deficits are pushing up mortgage costs. The Parliamentary Budget Officer says that the deficit this year will increase to over $46 billion. Everyone now agrees that spending is driving interest rates. Every month, 70,000 households are renewing their mortgage and they are realizing that the Prime Minister is not worth the cost. Will the government rein in inflationary deficits and put forth a plan to balance the budget so Canadians can keep their homes?

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Context: House Hansard - 232 - Oct/16/23

Oct/16/23 2:40:55 p.m.
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Mr. Speaker, while households are dealing with higher interest rates, taxpayers are now on a bigger hook. That is because interest on the debt is going up. The government projected just a few months ago that it would spend $44 billion on debt-servicing costs this year, but that assumed that interest rates would go down. Instead, interest rates have gone up. Will the Minister of Finance finally tell Canadians how much they are now on the hook for with higher debt-servicing costs, because interest rates have not come down?

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Context: House Hansard - 197 - May/15/23

Oct/16/23 2:38:32 p.m.
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Mr. Speaker, it is nice to welcome back the finance minister. I was beginning to think she had forgotten the address of this location. After eight years, Canadians are realizing that the government is not worth the cost. Canadians are struggling and the government continues to increase its deficits and inflation. Everyone now agrees that deficits increase interest rates. Will the finance minister finally confirm for Canadians that she will balance the budget so that interest rates can come down and Canadians can keep their homes?

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Context: House Hansard - 180 - Apr/19/23

May/15/23 2:47:18 p.m.
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Mr. Speaker, the finance minister and the government have quite a bad track record for making predictions. They told us interest rates would remain low, so we must spend. They told us that deflation was more likely than inflation. When inflation came, they said it would be here for just a little while. The minister assured us the economy would continue to grow, and now it has slowed to a halt. They are always playing catch-up, and Canadians are paying the price. We are now spending as much on interest on the debt as we are sending to provinces for health care. How can Canadians afford any more of the Liberal government?

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Context: House Hansard - 163 - Feb/17/23

Apr/19/23 5:21:36 p.m.
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Mr. Speaker, I do not know how I will top the remarks and wonderful intervention by the member for Calgary Confederation. We are in trouble as a country. It is very serious. We are a country in decline, but listening to the government, it is as if Canadians have never had it so good. The Liberals say things like that we have the lowest net debt-to-GDP ratio in the developed world, or that we have the best growth in the G7. What they do not say is that our living standards are in serious decline. Our living standards have been in decline since the 1980s. In fact, in a research report released just yesterday, the Institute for Research and Public Policy highlights an urgent need. The report says, “In 1981, Canadians enjoyed a $3,000 higher per capita standard of living than the major Western economies (adjusted for inflation and currency fluctuations). Forty years later, Canada was $5,000 below that same average. If the trajectory continues, the gap will be nearly $18,000 by 2060.” We care about per capita because that is how we measure standard of living. We often hear people talk about the economic pie, which can grow, but if people's slices still stay the same, they are not better off. The government is achieving economic growth solely on the basis of volume alone. What do I mean by that? We are growing the pie, but the size of everybody's piece of the pie is staying the same. Our population is growing. We are only growing demand. That is the only thing that is happening and will continue to happen. Last year in the budget, the government was transparent about this issue. It highlighted a chart that showed Canada toward the bottom of the OECD in peer countries from GDP per capita growth. All of a sudden, this year, that chart disappeared. I wonder why. It is because the story is so awful. I have to read a quote from 2015 for my colleagues: The OECD has cut its 2015 GDP forecast for Canada to a dismal 1.5%. By way of excuse, the minister today claimed, “We are doing better than most developed countries.” That is simply not true. The OECD puts us behind Australia, Germany, Ireland, Israel, the Netherlands, South Korea, Sweden, the U.K., the U.S. and yes, even Spain. This is no global problem, as the government likes to pretend to excuse its shoddy management. This is a made-in-Canada runway to recession. The Deputy Prime Minister said that. Maybe the Deputy Prime Minister should go back to her 2015 self and take some lessons. This is the context in which we have to think about this budget. It was not even one year ago when members on this side stood up and asked the government what it would do if inflation does not come down and we see economic uncertainty. What was the answer from the government? It was that these hon. members are “economically illiterate”. Guess what? Unfortunately, the worst is happening. Inflation is still high and unemployment is going to go up. We are walking into a recession because the government's spending is out of control. The government's own projections state that unemployment is going to go up by 1.3%. That is 275,000 to 300,000 Canadians who, the government is projecting, will lose their jobs before the end of the year. I do not think they really care at all what inflation is in the U.K. or in the U.S., or that we somehow have a little bit better growth than some of our peer countries. We can argue about whether the causes of inflation are domestic or international. They are both, but more recently, really smart people are saying that we have too much demand in Canada. Our own central bank governor says that inflation is caused by too much domestic demand. Stephen Poloz recently said that the size of the deficit last year caused interest rates to go higher. What does this mean for Canadian families? Derek Holt at Scotiabank suggests that one full percentage point of central bank increases is related to government overspending. What does that mean for the average Canadian? If the average mortgage is $360,000, they are paying $3,600 extra per year in interest because the government has been overspending and increasing demand, meaning interest rates have to go up to cool inflation. If someone happens to be a new homeowner or is trying to get an $800,000 mortgage, that is $8,000 extra a year they have to pay. The bank is working very hard to bring inflation down, and we should be supporting it. Instead, the government is making its job harder. It is putting on additional taxes that have been determined to be inflationary. We have had food inflation in double digits for more than a year, and the government has never bothered to even ask how the carbon tax affects food prices in Canada. Food has to be produced, and farmers are paying the carbon tax. One farmer in a nearby community showed me a bill with $13,000 in carbon tax alone in one month for natural gas. Also, the government thinks farmers have so much money that it put HST on top of the $13,000. It is absolutely incredible. The Liberals are not willing to admit this massive problem. They can only stand up and point to few things, saying that we are so much better off than the rest of the world. The only thing they have done to help people over the last year has been the GST rebate to help low-income Canadians. There is one in the budget and one in the fall, and the Conservatives supported and support both of them. We would like to see that go forward. All of this spending has consequences. We are spending almost as much, this year coming up, on interest on the debt as we are giving to the provinces to spend on health care. How incredible is that? Just a couple of years ago, when the Deputy Prime Minister was asked about interest rates increasing and how much that would cost, the response was, “These are investments in our future, and they will yield great dividends. In today's low interest rate environment, not only can we afford these investments, it would be short-sighted of us not to make them.” The Liberals ignored inflation when it came and said it was transitory. Now they are ignoring economic uncertainty and a recession. They are calling it a shallow recession that is going to be short. Maybe they are also saying it is going to be transitory. They were asked about economic uncertainty, and they called us economically illiterate. They said the debt-to-GDP ratio was going to keep declining, but they have broken that promise too. Now Canadians are paying the price for their prediction. The plan is not working, inflation is high, economic growth is slowing and the impacts on Canadians are real. I will give just a couple of examples of what is happening. People are not getting great service in many circumstances. I heard from a young woman who is a PSW at a retirement home in Midland caring for our vulnerable. She is trying to get her PR card. She is also a nurse, but she cannot change jobs while she is waiting for her PR card. She has been waiting two years, which is an incredible injustice. We are preventing a young nurse from getting into the system. Then there is Gary, a pilot who is retired. He builds planes. All he needs is his medical approved by the the transportation department so he could fly his plane and enjoy his retirement years. That is not happening either. If members thought it was all doom and gloom, I want to end on a positive note. Last week I was in Ms. Thompson's grade 11 law class. Mr. McEcheran is a student of Lakehead who is observing that class and helping out. These students asked the most amazing questions. It gives me a lot of great hope for the future of the country. They asked about crime, homelessness and land conservation. I was very energized by this conversation. I think the country is in great hands when we have student leaders like them engaged in civics discussions. I could not answer many of those questions and could not point to things in the budget to address their concerns. I hope next year we will have a better shot.

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Feb/17/23 11:33:28 a.m.
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Mr. Speaker, one year ago, a Liberal MP said, “It’s time to stop dividing Canadians”. What has happened in the last year? Canadians are more divided than ever. Inflation is at a 40-year high, 50% of Canadians are cutting on groceries, rent is up and mortgage costs are up, except we cannot question these issues or we would be called unpatriotic by the government. Canadians are struggling, and the Prime Minister wants to keep dividing. How come the government will not even take the advice of its own Liberal MP?

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Feb/14/23 10:45:54 a.m.
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Madam Speaker, I will consider any recommendation that sees the energy bills of Canadians reduced. In addition, if the member wants to talk about profiteering corporations, I am not sure how a windfall tax is going to lower inflation for Canadians. However, I do support reviews by the Competition Tribunal and other independent officers as to whether there is unnecessary profiteering or price gouging going on. These are officers and agents of the country. We should be listening to them and taking their advice. There is a grocery study happening at committee. The Competition Tribunal is also looking at the grocery study. If we want to do more of that, I would be open to that as well.

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Feb/14/23 10:44:38 a.m.
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Madam Speaker, if Conservatives were in power, one of the things we have consistently said we would do is to reduce energy bills by cutting the carbon tax, or we could take the suggestion of the NDP and reduce the GST on energy bills. However, we would also reduce government spending. We are spending $15 billion a year, every year, on high-priced consultants to do things that the civil service could do. There are many ways that we could reduce the size of government and free up some money to spend on the things that everybody cares about, such as social security, supports to help the most vulnerable and, of course, health care.

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Feb/14/23 10:43:16 a.m.
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Madam Speaker, I will resist the temptation to quote Nickelback, but if the hon. member listened to the speech, I had recognized that there are two causes of inflation. One is demand and the other is supply, both of them cause inflation in this country. More recently, economists, former Liberals and Bank of Canada governors are suggesting that the causes of inflation are more domestic than they are international. That means the things that happen here at home are causing inflation.

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Context: House Hansard - 127 - Nov/15/22

Feb/14/23 10:32:12 a.m.
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Madam Speaker, it is always a pleasure in this place. Today, I want to talk about inflation and spending. I have been here for just over a year. I have driven all over Ottawa, and I still cannot find the money tree that the government seems to have in its backyard, which it finds to spend on just about everything. Let us find out why spending matters. It drives inflation. There are two kinds of inflation. There is demand-side inflation, where there is too much demand for too few goods or, as we often hear, too much money chasing too few goods. There is also supply-side inflation, which is not enough goods to meet the demand. We have both of those in Canada. The problem is that the government would have us believe that the only issues causing inflation are supply-side issues that are outside of Canada's borders. However, many are now pointing out that inflation is being driven by too much demand in Canada, because we have too much money chasing too few goods. That is because we extended COVID supports longer than we needed to. We have prominent Liberal members, former members of Parliament, former finance ministers and former governors of the Bank of Canada suggesting that there is too much demand in Canada. The Bank of Canada is trying to lower demand. That is why it keeps raising interest rates. However, when one raises interest rates, it really hurts people, including those vulnerable folks who are looking for shelter. Inflation is even worse. Inflation hurts the lowest-income people, seniors and the most vulnerable Canadians the most. Every time they go to the grocery store, they feel like they are getting squeezed. They see it every day. One of the main drivers of inflation is energy prices. It has been happening for the last number of years. Consistently, on this side of the House, we have put forward ideas to reduce the cost of energy. If one reduces the cost or the price of the thing causing inflation, one will reduce inflation. I talked about spending and COVID supports. The government would have us believe that this is a binary discussion, and if one does not believe in government spending, then one did not support any of the COVID supports. That is not what we have been saying on this side of the House. In fact, this side of the House supported, in the very earliest days, the government putting forward programs to help people. However, as COVID wore on and it became clear that there was abuse and that people were receiving COVID support payments that they should not have received, including prisoners, people who were lying, fraud artists and organized crime, people said, hang on a second, maybe we should consider making some changes. Even the Auditor General recommended that the government make some changes to the process they were using. The government said not to worry. At the end it would go back, it would audit everybody and it would recover the money. However, the cheques were cashed and the money is gone. The CRA, which is supposed to be in charge of auditing the payments, said that it is not really worth the effort to go after everybody the Auditor General identified. That seems a little unnerving. We are talking about $32 billion that the Auditor General said should be investigated. That is for payments that went to individuals who were ineligible but who got money anyway. There are also additional billions of dollars that went to people who were eligible, because of the government's poor design of a program, who should not have been eligible. That includes corporations that paid dividends to their shareholders, and they took the wage subsidy. They also had money to repurchase shares. That was about $7 billion or $8 billion. The Canadians for Tax Fairness put out a report yesterday showing how much abuse there was of the wage subsidy by very high-earning corporations. In addition, we gave money to students, when the economy was open, to stay home and not work. That was another $8 billion or $9 billion. We are talking about almost $50 billion of COVID support payments out of a total $200 billion that might have gone to people who should not have had it. That is like 25% of the program. That is why we are concerned. That is why we think that the Auditor General has given the government pretty good advice when she says that it should identify, go after and recover the payments. It will increase Canadians' confidence in the integrity of the system. If the government just hopes that we all forget about it, Canadians are not going to believe that the government is working in their best interests. In fact, we need the government to take more seriously those who abuse the system so that it ensures the integrity of the system. Canadians' support for institutions is falling, because the institutions are failing Canadians. We cannot simply say it is going to be too hard to look at these payments or to recover the money, so it is not really worth the effort. It should always be worth the effort to make sure that we recover payments that were improperly paid to Canadians. We could have an honest discussion about those very low-income individuals who made an honest mistake when they applied. The amount is probably one or two billion dollars, and we could have a discussion about what kind of program, repayment or amnesty would make sense. The Auditor General has called into question some of those payments. The Parliamentary Budget Officer also identified that over 40% of all spending that happened during COVID never actually went to helping Canadians through COVID. Those are two respected, independent officers of Parliament who have called into question the government's entire COVID support plan. In times of inflation, we should always worry about top-line government spending, because when the government spends, it competes for goods. The government is spending 25% more per year, every year, than it did pre-COVID. The government calls that fiscal restraint. I have never met somebody who increases their spending by 25% and says they are spending a lot less money than we think they are. We also have the tightest labour market ever seen. Unemployment is at an incredible low, yet the government continues to hire employees at a blistering pace. The private sector is trying to hire employees. They want to grow their businesses, to recover from COVID, to employ people who pay taxes and who pay corporate taxes. They cannot find anybody to work. We have hotels with entire floors shut down, because they cannot find anybody to work there. It is not that they do not have the demand. They are turning people away. However, they do not have people to work, to open the rooms, to get the revenue, to pay the taxes, to pay the labour and to grow the GDP. Instead, the government wants to hire all those individuals and have them work for the government. That is not the way to grow ourselves out of this issue. The government said, for almost five or six years, that we have to spend money because interest rates are so low. When the government was asked what happens if interest rates go up, it said not to worry because interest rates were going to remain low for the foreseeable future. When the government was asked what would happen to the cost of servicing the debt if interest rates went up, it said that was never going to happen. Just this year, the government is going to spend $43 billion a year servicing and paying interest on the debt. Last year, it was $24 billion. Do members know how much we will spend on health care transfers to provinces next year? It will be $45 billion. We are going to spend almost as much money on servicing the debt as we will on transfers to the provinces for health care. Everybody is wondering where we could find more money for health care. How about we spend less money on interest on the debt so that we would have more money for the things that Canadians rely on. However, that means we would have to spend less money on the things that are not important. The government has so many priorities that it has absolutely none at all. The other issue is that the government does not need more revenue. The government has decided to continue to increasing taxes on things like the excise tax, which is a great example. The excise tax is going up on alcohol, beer, spirits and wine. It is going to cost industries tens of millions of dollars, which may even increase the price of those libations that members of Parliament and Canadians enjoy. The government is increasing the excise tax because it linked it to inflation. However, when it decided to link that tax to inflation, no one believed that inflation was going to be 7%. All reasonable people are saying to take a pause on raising that tax. We do not need to continually hurt people as they try to purchase a six-pack of beer, a bottle of wine or a bottle of their favourite spirit. The government does not need the revenue. It is making more money than it has ever made before. It is breaking records every day. The government needs to reduce its spending, to make sure that it is not taking on as much debt, to reduce the interest cost on the debt and to make sure that it does not compete with the private sector. We need to make sure that we reduce inflation and to make sure Canadians can afford to live in this country.

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Context: House Hansard - 121 - Oct/31/22

Nov/15/22 3:04:51 p.m.
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Mr. Speaker, Canadians should judge a government by what it does, not what it says. What the government does is spend, spend, spend. Spending is up 30% versus pre-COVID levels and Canadians are paying the price. Inflation is at a 40-year high level. Next year, we are going to spend almost as much on servicing the debt as we do on health care transfers to the provinces. Canadians cannot afford much more of this costly coalition. Will the government end its inflationary spending?

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Context: House Hansard - 118 - Oct/26/22

Oct/31/22 2:59:03 p.m.
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Mr. Speaker, it is Halloween and Canadians are spooked. They are spooked by having to pay 28% more for costumes and candy and spooked by the government's indifference about the inflation crisis, which the Liberals just wave away as being globally brought into this country. The central bank governor has said inflation is now more of a homegrown problem and Mark Carney, the former central bank governor, agrees with him. Will the government show some compassionate, reduce its inflationary spending and put a pause on its tax hikes?

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Context: House Hansard - 117 - Oct/25/22

Oct/26/22 3:12:21 p.m.
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Mr. Speaker, interest rates are up again, and the Bank of Canada says more raises are coming. Now the bank says that inflation reflects Canadian domestic factors, not the global factors the government keeps blaming. The government said interest rates will remain low, and then it went on a spending spree. It said it was irresponsible not to spend. It said there would be no inflation and then it said inflation would just be temporary. Now inflation is out of control and Canadians are paying more. Will the Prime Minister finally admit his spending has made life unaffordable for Canadians?

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Context: House Hansard - 117 - Oct/25/22

Oct/25/22 3:01:29 p.m.
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Mr. Speaker, even the Parliamentary Budget Officer said half of the COVID spending was not even spent on COVID. The government said interest rates would remain low. It said there would be no inflation and then it said inflation would be temporary. Now inflation is out of control and the government is going to spend more on interest on the debt than we do on national defence. The government's plan has not worked. How can Canadians afford any more of the government?

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Context: House Hansard - 114 - Oct/20/22

Oct/25/22 3:00:07 p.m.
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Mr. Speaker, for seven years the government's mantra has been spend, spend, spend. It added $100 billion in debt before COVID and $500 billion of debt during COVID. It told us not to worry. The Deputy Prime Minister said just over one year ago, “In today's low interest rate environment, not only can we afford these investments, it would be short-sighted of us not to make them.” However, now, in a leadership launch speech, the Deputy Prime Minister is distancing herself even from her own record, saying that now is the time for restraint. How can Canadians trust the arsonist to put out the fire?

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Context: House Hansard - 107 - Oct/4/22

Oct/20/22 2:35:08 p.m.
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Mr. Speaker, if the government wants to run on its record, it is going to have to own up to its spending having helped drive inflation to 40-year highs. Canadians are having a hard time putting food on the table. Even the Bank of Canada says that inflation is a homegrown problem. The Liberals promise to keep spending increases to 2% a year. Has the Deputy Prime Minister told the rest of cabinet about this new fiscal plan?

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Context: House Hansard - 107 - Oct/4/22

Oct/4/22 1:02:59 p.m.
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Re: Bill C-30

Mr. Speaker, I follow some of the financial markets, like my fellow colleague. I am not sure that members of the Conservative Party have said that cryptocurrency is going to solve inflation. If we say that Canada should be a destination for fintech revolution, I would welcome that. Let us remember what is happening around the world and why some people use cryptocurrency. We can look at countries like Venezuela and Argentina where inflation is incredible. Those people have turned to cryptoassets as a hedge against inflation. Yes, the amount has come down in some cases by 10% or 20% or even 30%, but if we look at what is happening to inflation in those countries we see that those people are losing purchasing power at upward of 50% in some years.

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