Mr. Speaker, this fall economic statement arrived during one of the most difficult financial periods in many Canadians' living memory. For my constituents of Edmonton Mill Woods and for Canadians across the country, life has become increasingly difficult. We are witnessing an unparalleled affordability crisis, and too many Canadians are barely hanging on. My constituents are struggling to deal with inflation, which is at a 40-year high, and with interest rates that are increasing at the fastest rate in decades.
This crisis derives almost entirely from a government that, since being elected into office, has decided to spend more money that Canadians do not have on projects and initiatives that Canadians have not seen. After years of imprudent spending, the government has run out of Canadians' money. The Bank of Canada is working overtime, attempting to keep up with the government's fiscal irresponsibility.
This is why Canada finds itself in the position that it is in today. Our national debt has doubled, and the Prime Minister has created more debt than all other Canadian prime ministers combined. We have heard from the government benches that the Prime Minister had no choice but to double our debt, yet 40% of all the new spending measures have had nothing to do with COVID. That amounts to 205 billion dollars' worth of unnecessary and harmful debt that future generations of Canadians will have to account for.
Similarly, government spending is now up 30% from prepandemic levels. The cost that it takes for the government to service the debt that it has created, often needlessly, is as much as the Canada health transfer. This means that Canada can spend less and less money on crucial social expenditures like health care. Canadian tax dollars that could have gone toward hospitals and nurses are instead being squandered on the effort to keep up with the Prime Minister's debt.
This is just one example of how government spending is hurting Canadians. There are the real-world consequences to the Prime Minister's reckless decisions.
The Prime Minister is happy to spend $6,000 a night on the most expensive hotel room in London while Canadians cannot even afford to pay their rent. As a consequence of this, we are now in a position where the cost of government is driving up the cost of living for Canadians. The Prime Minister's inflationary deficits, to the tune of half a trillion dollars, have created more dollars while Canada produces fewer goods. Worse still, inflation has increased the cost of producing and distributing these goods. This is how we have come to find ourselves in this very difficult position.
Canadians are having to skip meals and food banks were visited over 1.5 million times in a month, a 35% increase in comparison to just last year. Canadians across the country can no longer afford basic necessities like heating their homes and gas. Mothers are having to mix water into their babies' milk, and as we head into this holiday season, parents have less to spend on their children.
Nearly every single component of the Canadian economy is failing. Home prices have doubled, and a significant number of young Canadians simply cannot afford to purchase a home in the cities and towns they grew up in. There was once a time when being able to afford a home was not a luxury reserved for the wealthiest. However, now in Canada, the second-largest country in the world with the second most space for housing developments, purchasing property is outside the realm of possibility for too many Canadians. The cities of Vancouver and Toronto have the third- and tenth-most overpriced housing markets in the world. This means that poor and working-class kids and new Canadians will never be able to afford a home.
Despite Canada having the most inflated housing bubble in the world, those who have been able to afford a home may lose it. Monthly payments on mortgages are rising even as house prices are starting to drop. Families that bought a typical home five years ago with a typical mortgage that is now up for renewal will pay $7,000 more per year. This is clearly unsustainable for many Canadians.
Recently, a constituent of mine wrote to me about how they can no longer afford to pay their mortgage, which had increased significantly every single month. How can we expect Canadians to afford this? Despite this, the Bank of Canada has said that it will have to continue hiking interest rates just to keep up with the government's inflation. We now face a crisis where many Canadians can no longer afford to pay for their mortgages.
As the Prime Minister's inflation makes the cost of everything even more expensive, household debt has skyrocketed, as more Canadians are relying on credit cards instead of paycheques. Despite this, Canadians have never paid more in taxes to the government. The government goes on collecting taxes, further draining the pockets of Canadians. It has revealed no intent to slow down.
The government plans to triple the carbon tax, making vital goods like food and heating a home even more expensive than they are today. The Conservatives have consistently voiced our concerns for seniors and families unable to afford food or even heat their homes this winter. For some families in Mill Woods, this will be the toughest holiday season yet. However, the Prime Minister continues to carry on with his wasteful spending agenda on the backs of hard-working Canadians.
Canadians need a break. The government cannot go on spending like this while providing little to no support for Canadians who are struggling to keep their heads above water. This economic update does not come close to what Canadians are expecting and what they need to see. It fails to address the cost of living crisis spurred on by the government's out-of-control spending.
Before the fall economic update, the Conservatives made two demands of the government: that it stop the tax increases and that it stop the spending. We urged the government to introduce no new taxes on the backs of my constituents and those who are struggling across Canada. This includes cancelling all planned tax hikes, like the tripling of the carbon tax. We need to work toward making life easier for Canadians. Instead, the government chooses to actively make life more expensive and much more difficult.
We also asked the government to stop the needless spending. A Conservative government would ensure that new spending is matched by equivalent savings. However, as we have seen from this economic update, the government will continue its wasteful spending and expanding its inflationary deficits, which will drive up the cost of everything.
Despite the government saying that it will now be fiscally prudent, it has refused to commit to any of our requests. This fall economic statement will keep Canada regressing down the path of economic hardship. Instead of creating more cash, the government should be supporting the creation of more of what cash buys. The Prime Minister should be looking at building more homes and developing our ethical natural resources. This would mean the production of cheaper food and other essential goods right here in Canada.
For this reason, we cannot support the government's inflationary update, and we will continue to represent Canadians who are struggling by holding the government to account. It is time for a government to address the cost of living crisis. It needs to plan to make energy more affordable.
That is why the Conservatives will repeal anti-energy laws and get Canadian energy out to market. We will remove government gatekeepers, get more homes built and make Canada the quickest place in the world to get a building permit. We will reform the tax and benefits system to ensure that whenever somebody works an extra hour, takes an extra shift or earns an extra bonus, they are always better off working.
Canada does have a future, and hope in the Canadian dream can be restored. However, first the government must control its wasteful spending and address the cost of living crisis that is affecting every Canadian.
