Mr. Speaker, I hope members sort out among themselves just what the apology is for, given that memories seem to be somewhat short here.
I am rather hoping that I can bring a bit more light than heat to this debate. I propose to divide my remarks into three parts. The first part is to actually refer to the fall economic statement. I know that is a novel idea. The second part is to canvass why Canadians are pessimistic about the economy. Then, in an aside, I will compare that to why Americans are pessimistic about their economy.
With that, there is no doubt a disconnect between the economic metrics and how Canadians are feeling about their general state of welfare. If we open the fall economic statement, the first chart shows that Canada is number one in the G7 for real GDP growth. If I said that at the front door of some member of my constituency, they would probably close the door on me. Maybe they would be polite, and maybe they would not. Nevertheless, those are the facts. Our peer nations are not experiencing economic growth at the rate that Canada is experiencing economic growth, and I would contrast that to the concerns Canadians have about their economic welfare and ask them if they would prefer to be at the bottom of the G7 growth spectrum.
The second chart has to do with foreign investment. It appears that foreign investors have a great deal of confidence in Canada's prospects, as we are third in the world, and probably second, since the United States necessarily attracts by far the most investment.
The third chart is with respect to the budgetary balance projections for G7 nations. As Sir John A. Macdonald used to say, “Don't compare me to the Almighty. Compare me to the alternative.” The alternatives are Germany, Japan, the U.K., Italy, France and the U.S. We are number one in terms of budgetary projections. For all the harping, whining and complaining we hear in this chamber about the management of the fiscal framework, Canada is number one, and dramatically ahead of our neighbour to the south.
The fourth chart is on consumer price inflation, which has fallen over the course of the last 12 months by about four points, a significant drop in inflation.
Only economists could possibly be interested in some of these other charts. They are very difficult to convey to folks. I sometimes wonder why they put these charts into these economic statements, but they do.
In real GDP growth in G7 economies from Q1 of 2022 to Q2 of 2023, Canada is again number one in economic growth.
On employment and the change in employment, again, Canada is number one, way ahead of all the other nations. In fact, Japan and the U.K. have experienced negative employment growth since 2020.
I appreciate that trying to convince people, based on charts, about Canada's management of the fiscal framework, the monetary policy and the economy generally is somewhat of a challenge, and I have probably already lost the chamber. Having said that, it is a necessary setting in order to address the concerns Canadians have about their own economic well-being. I would just make the point over again about whether Canadians would prefer this government and this Parliament to address their concerns from a different position in the charts I have just mentioned. Would they like to be last in economic growth? Would they like to have challenges with employment? This is the environment in which we operate, and I think it is a necessary corrective to some of the conversation I have heard today.
If we ask what the concerns of Canadians are, economic uncertainty is their number one concern, along with income inequality, housing affordability, job market challenges, high household debts, climate change and environmental concerns, and global economic trends.
I put the economic uncertainties in the context of global events. We have had a Ukrainian war, the Middle Eastern war and instability in Asia-Pacific. These concerns are of great significance to Canada, particularly as Canada is a trading nation; a great deal of our GDP depends on trade. We have yet to see how the rerouting of ships in the Suez Canal area is going to affect Canadian prospects; it is necessarily going to be an added cost to the cost of goods and services in this country. We have yet to see that play through, but it is a dispute that Canadians are internalizing and recognizing, and I expect that the result will be an increase in commodity prices.
Income inequality is a serious concern, and I have to say that, over the course of this government, there have been a number of really innovative initiatives on addressing income inequality. The first, and one of the most significant in my riding, is the Canada child benefit. Because I have a relatively impoverished riding with quite a number of children, that means something in the order of $100 million a year into my riding alone. If it is not the number one riding in Canada, then I think it is one of the higher-ranked ridings for the receipt of the Canada child benefit. It is similar with the Canada workers benefit and the child care initiative. These are all concerns that have been internalized by Canadians and create anxiety, but the address by the government is well placed in terms of addressing issues of income inequality.
Finally, before you open the trap door and make me disappear, Mr. Speaker, I thought it would be interesting to compare what Americans' concerns are as opposed to ours. A number of the concerns are clearly shared: income inequality, stagnant wages, job insecurity and cost of living. One is student loan debt. We recollect that President Biden tried to do something about it, but Congress has defeated him on that. Furthermore, Americans are deeply disturbed by their health care costs, even with Obamacare. There is also political polarization and policy uncertainty. We cannot turn on a television without commentary on the almost intractable policy and partisan contrast. Those last three things are not challenges that this country faces thus far, thank goodness, but they do cause a level of anxiety. Moreover, we somewhat reflect the concerns of Americans here with respect to our own economic uncertainty.
The reconciliation between the metrics of this economy and how people are feeling about their own personal economy is the challenge of this government and this Parliament, and it will continue to vex us all. The government has taken a number of initiatives, such as the housing initiatives, that can ameliorate the immediate effects.
Therefore, I encourage colleagues to support this bill, recognizing fully that they are hearing the same thing that we are hearing at the door: Canadians are concerned about their own personal situation.
