Hon. Leo Housakos: Senator Gold, can you tell this chamber how much your government is spending this fiscal year on the servicing of and interest payments on the Trudeau debt? Can you compare that to the 1.29% of GDP that your government is spending on national security, defence forces and our NATO obligations?

Honourable colleagues, can you imagine if we had to carry out an operation today like we did this week in 1944 with our Canadian troops? What would happen if they had to carry out an operation on behalf of Canadians in the name of freedom? I can tell you what would happen, Senator Gold: We would be in quicksand. I read the CBC story a couple of days ago where we have Canadian soldiers paying out of their pockets for helmets and basic equipment that they need to do their job. One just has to shake their head.

Why is this government spending so much more on interest to pay for the debt that Trudeau has accumulated compared to supplying resources needed by our forces? Isn’t your government — the Prime Minister and its ministers — ashamed of the fact that you’re spending tons more to service the debt than you are to supplying our national forces with the equipment they need?

Senator Housakos: Government leader, the only thing this government’s wild and overkill spending has achieved is to create historic inflation that, again, is pummelling middle-class and poor working Canadians. This government is oblivious to the fact that interest rates can rise at any moment. That’s why, a year ago, we did have one of the best debt-to-GDP ratios in the world, as we did in 2015, but we are in decline there. We are falling behind. If interest rates go unexpectedly, about which you guys were shocked — it went from 2% a year and a half ago to 5% — wait until it gets to 7% or 8%. What kinds of excuses will we hear from this government then?

And yes, the Prime Minister lied; he misled Canadians when he made a commitment to balance the budget by 2019. In this town, we have to start coming up to speed with the fact that when we mislead taxpayers, we have to account for it somehow and not double down.

In this budget tabled a few days ago, your Minister of Finance has added $63 billion of new debt. Do you think that’s fiscally responsible when we’re on the eve of a recession?

Senator Housakos: Government leader, the only reason Canada still has a half-decent debt-to-GDP ratio in the world is because your government inherited the best GDP-to-debt ratio in the world in 2015, which has been constantly going down over the last seven years.

Furthermore, the other things you are champions of are setting record-high debts and deficits in this country and, while doing all that, running up inflation that is devastating middle-class Canadians and those working hard to join it.

My other question for you is linked to this inflation problem we have. Energy costs are scheduled to skyrocket this winter. Again, you’re going to say I’m looking to hold somebody responsible. No, I am trying to figure out the reasons for this so maybe your government can change course.

The Chancellor of Germany was here in Canada recently. He called on Canada to provide more liquefied natural gas, or LNG, and more clean, Canadian energy to Europeans in this time of need. Canada doesn’t have the infrastructure or capacity to do that today.

The question is, in large part, because your government has been very irresponsible and lacking balance in dealing with our energy sector and the environment thanks to policies like Bill C-69 and Bill C-48 that your government passed.

Will you acknowledge that your lack of balance in dealing with the energy sector and the environment has led to the catastrophe of higher energy prices that are around the corner, coupled with the inflation from this government?