- Member of Parliament
- Deputy whip of the New Democratic Party
- NDP
- Victoria
- British Columbia
- Voting Attendance: 61%
- Expenses Last Quarter: $127,392.53
- Government Page
- May/21/24 10:22:36 a.m.
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Mr. Speaker, corporate greed is driving up costs.
At a time when Canadians are struggling, it is unacceptable to see a government fail to tackle a key driver of inflation. It is one key reason that families are having a hard time putting food on the table, paying rent, paying their mortgages and paying for essential medication.
So many Canadians are struggling right now. They have been doing everything right, yet they still cannot get ahead. The cost of living has gotten out of hand. At the same time, the biggest corporations and their rich CEOs are doing better than ever. Between 2019 and 2023, the Liberals decided to give out $25.5 million to Loblaws and Costco. This is while these grocery store chains were making record profits.
No matter where people live in Canada, they should be able to buy the food they need. Canadians are worried about how to put food on the table; the Liberals are worried about how many millions of dollars they want to hand out to their wealthy friends and people at the very top.
Considering that they gave out over $25 million to corporations that were already making massive profits, it is no surprise that we have people across Canada boycotting these chains right now. It is because the Liberals and the Conservatives have failed to tackle corporate greed. Really, they lack the courage to do so.
It is the role of government to make our country fair. Instead, the Liberals and the Conservatives before them have been making rich CEOs even richer. This $25 million is in addition to the $2.35 billion in handouts to the three big grocery chains given by successive Liberal and Conservative governments; taxpayer money is handed out to corporations that are making record profits.
It is no wonder that the majority of Canadians support an excess profit tax. We are talking about a tax on grocery store chains, but I also want to take a moment to talk about the need for a windfall tax on oil and gas. On the eve of the federal budget, it was reported that the Minister of Finance was considering a windfall tax on oil and gas. However, according to the Globe and Mail article, multiple sources confirmed that she backed down “in the face of strong lobbying from oil patch executives and the Canadian Association of Petroleum Producers.”
The same lobbyists and executives are raking in record profits, increasing their emissions and gouging Canadians at the pump, all while handing out millions of dollars in bonuses to their CEOs. Luckily for them, the Liberal government has their back.
Canadians are not so lucky. They have been experiencing the dual crisis of the cost of living and the climate crisis. There are wildfires, heat domes that kill hundreds of people and multi-year droughts; at the same time, communities are evacuated because of extreme flooding. This is costing our economy and our communities billions of dollars in damages. It has taken the lives of hundreds of Canadians.
While Canadians are struggling with the impacts of the climate crisis, they are also struggling with the price gouging from big pharma, big grocery chains, real estate developers and investors, and oil and gas corporations, which are driving up prices while corporate profits hit record highs. Left unchecked, soaring corporate profits are a major driver in the recent inflation spike. These inflationary price increases hurt workers' pockets while padding corporate profits, particularly in oil and gas.
Most Canadians can see that greedflation is a problem. The majority of Canadians support a windfall tax on oil and gas. The concept of a windfall profits tax or an excess profits tax is not a radical solution. It is a pragmatic approach that has been adopted by countries around the world. A windfall tax has been implemented by the United Kingdom and more than 20 European countries. It has raised over $10 billion. In response to record profits, these countries decided to put in place a windfall profits tax.
The global surge in energy prices that has been exacerbated by geopolitical tensions, market manipulations and corporate greed has generated a response; countries levied additional taxes on the surplus profits of oil and gas companies. However, in Canada, both the Liberal government and the Conservative opposition have shown a disheartening reluctance to take on big oil and gas. While New Democrats successfully forced the Liberals to put a surplus profits tax on the big banks, the Liberals refuse to ruffle the feathers of their friends in oil and gas. The Liberals lack the courage to take on corporate greed.
Of course, then there are the Conservatives, who continue to do the bidding of the oil and gas executives who are flocking to the Conservatives' fundraisers. Conservatives champion increasing production and emissions; they disregard the long-term environmental and economic consequences of these policies. The corporate-controlled Conservatives have no climate plan. They have no problem letting oil and gas companies pollute and gouge Canadians without consequence.
It is not surprising that the Conservatives will not even talk about corporate greed or about a windfall profits tax when the Leader of the Opposition's top adviser had to use a shell company to try to hide her lobbying, which she denies. The fact is that their party is run by lobbyists. However, no matter what the Conservatives believe, climate change is real; the cost of living crisis is real. These crises are costing Canadians. They are costing our economy billions of dollars in annual disaster response, mitigation and adaptation. Canadians are struggling. However, the Liberals have shown that, despite a clear mandate from Canadians, who support a windfall tax and demand accountability, the Liberals would rather be wined and dined by big oil, big grocery store chains and big pharma. For years, Liberals have sat on their hands while Canada's biggest polluters have made more money than ever before and while the biggest grocery chains are gouging Canadians and price-fixing with no accountability.
The Parliamentary Budget Officer reported that, if the Liberals just made oil and gas companies pay their fair share and just implemented a windfall tax on oil and gas companies, the government would generate $4 billion a year. This could be invested in helping Canadians who are struggling with the cost of living, in clean energy, in public transportation and in helping families switch to heat pumps, ultimately driving down emissions and helping people with the cost of living. A windfall tax on the profits of grocery store chains and on oil and gas profits is not just wise; it is essential. It is a needed policy to support Canadians when they are struggling.
I want to take a moment to talk about an amazing organization in my community: Flourish! School Food Society. It is a school food program for many communities in my region. Canada is the only G7 country without a national school food program, so we need to generate funds to ensure that we can support Canadians and make sure that kids never have to worry about where their next meal will come from, that they never have to worry that they cannot focus on school, cannot learn or cannot grow. We need to invest in Canadians, tax the corporations that are making record profits and ensure that every Canadian can make a good life.
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Madam Speaker, I wanted to ask about the idea of an excess profit tax. The member spoke about some of the struggles that Canadians are facing, about the high cost of living. We also know that grocery store chains and big oil and gas companies have been gouging Canadians. One way to address that is to put in place an excess profit tax that would disincentivize that kind of price gouging. The Liberals have been unwilling to tackle corporate greed. The Conservatives do not seem to be talking about corporate greed and the role it has in inflation and the rising cost of living.
I am curious about the member's opinion on this.
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- Feb/14/23 4:15:13 p.m.
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Mr. Speaker, one of the concerns I have with this motion is that it ignores the role of greedflation in inflation. The Canadian Centre for Policy Alternatives and Canadians for Tax Fairness have shown that corporate greed accounts for up to 25% of inflation here in Canada. This is at a time when we are seeing Canadians struggling.
I spoke to a taxi driver the other day. We were talking about how many people are using food banks, and he said something that broke my heart. He said he is hungry but cannot go to the food bank because he is someone who gives to the food bank. It is unacceptable that in a country as wealthy as ours, people are going hungry. It should not be everyday Canadians who are paying the price. It should be the corporations that are profiting off these crises. We want a windfall profits tax on insurance, oil and gas, and big box stores.
Will the member push his government to ensure that we make big, greedy corporations pay for the support Canadians need so that it is not struggling Canadians paying the price?
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Madam Speaker, a report came out this summer showing that one in four Canadians are spending less than they need to on groceries. Many are going hungry. I want to thank him for his support for the critically important NDP initiatives, such as doubling the GST credit, ensuring we have a targeted support for people struggling to pay their rents and ensuring kids under 12 receive dental care as a first step toward a federal dental care program.
One thing I did not hear about in his speech, which is a crucial part of this equation when it comes to rising costs, is corporate greed. The Liberals, so far, have refused to put a windfall excess profits tax on corporations that are making record profits. Would the member support an excess profits tax, or are the Liberals going to keep protecting corporate profits while Canadians go hungry?
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