SoVote

Decentralized Democracy

Member of Parliament

Gabriel Ste-Marie

  • Member of Parliament
  • Member of Parliament
  • Bloc Québécois
  • Joliette
  • Quebec
  • Voting Attendance: 68%
  • Expenses Last Quarter: $132,165.46

  • Government Page
Context: House Hansard - 252 - Nov/21/23
Mr. Gabriel Ste-Marie
  • Nov/21/23 5:35:59 p.m.
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Mr. Speaker, I thank my House leader for making this point again. This is basic economics. Are there any economists in the Liberal Party? Do they understand these notions? The government often gives the impression of nickel-and-diming, but by trying to save the grant part of the loan, it could cause so many bankruptcies and have such a wide-ranging impact that it could end up being more detrimental to society and the government's finances. When we discuss this informally with ministers, most of them agree with us. The problem is with the Minister of Finance. In that regard, I want to highlight the great work by my colleague from Terrebonne, who wrote the finance minister to make her aware of this. She also reminded her that the Quebec National Assembly unanimously demanded a one-year extension of the loan repayment deadline on September 26, well before this November economic statement that the minister just presented. Why are elected officials of all stripes in Quebec City asking for this? It is because they are just that little bit more connected to their community. They talk to their SMEs, they meet with them and they are worried about them. Like us, they are able to do the math and come to the conclusion that, even if the aim is to save a little money, there is a risk of losing a lot more in the end. Moreover, it will destabilize the economy. Really, the economic statement was the place for this kind of announcement. This is another missed opportunity, another disappointment. It is more proof that this government has grown out of touch, very out of touch, with the people and with SMEs.
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Context: House Hansard - 105 - Sep/29/22
Mr. Gabriel Ste-Marie
  • Sep/29/22 5:05:06 p.m.
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Madam Speaker, I thank my colleague and friend for the question, although when he mentioned the second CEGEP, I realized he was talking about UQAM. That is a serious mistake. I would have him know that the economics department at UQAM does good work. Keynes' work certainly contributed to the establishment and creation of the first central banks and highlighted their importance. The other thing that came out of his work is the famous equation for the quantity theory of money. It does not happen automatically and instantaneously. It depends on several other factors. Keynes particularly drew attention to the perceptions or psychology of people and economic players in the phenomenon of inflation. For example, the U.S. dollar is the global reserve currency. If a lot of money is printed, prices will rise much more slowly than in an economy where the currency is weaker, where foreign investors have less confidence in their currency. If they deviate slightly from established practice, prices can soar because confidence is lost more quickly in those economies. The central bank plays an important role, and it is important to respect its autonomy.
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