Mr. Speaker, I have to say it seems a bit surreal to be here tonight debating Bill C-59.
In a way, it reminds me of the movie Back to the Future, because we are going back to the Liberals' fall mini-budget of last year with the hindsight of knowing what we know today because of the Liberals' recently introduced and massively failed budget 2024 document.
What did they call that budget again? Was it “Fairness for Every Generation”? I am still floored by that. Imagine leaving future generations of Canadians massive amounts of debt with zero plan whatsoever on how that debt will ever get paid. Only to the Liberals could this concept of leaving behind your bills for someone else to pay be considered some sort of generational fairness. Fortunately, everyday Canadians see the budget document for what it truly is, and they know that it is anything but fair to leave today's bills behind for our kids and grandkids to try to pay.
I realize we are here tonight to debate last fall's mini-budget and not the spring's latest budget failure, so I will focus my comments on the so-called mini-budget, also known as the fall economic statement.
There is one very fascinating thing about that mini-budget that caught my attention. Prior to it, the Liberals had forecast total debt would be $35 billion for the 2024-25 fiscal year and $26.8 billion for the 2025-26 fiscal year. This was comical. They actually forecast that the debt would go down in 2025-26. The sheer fallacy that this always-be-spending Liberal-speNDP partnership would ever spend less borrowed money is completely nonsensical, yet that is exactly what they tried to pass off to Canadians.
In this mini-budget, of course, the debt forecasts were revised and to the surprise of absolutely no one, except for possibly a certain CBC analyst, the debt forecast increased. The revised debt forecasts were now increased for 2024-25 and 2025-26 to $38.4 billion and $38.3 billion, respectively. However, it is all pointless, because we know the total debt proposed for this year is now up to $40 billion. Next year is an election year, so we can only speculate how much more debt will again increase as the desperate Prime Minister once again attempts to shovel as much money as he can out the door, hoping to buy Canadians' votes.
We are now in a position where we spend more money servicing debt than we are spending on the Canadian health care transfer. Keep in mind that this is just servicing the debt, not actually paying any off, because that is what “fairness” means to the Liberal-speNDP partnership: Leave today's bills behind for someone else to pay.
Going on nine years now, the Prime Minister has never honoured any such fiscal guardrail he has promised. The Prime Minister has never once tried to live within the fiscal framework he has established for his own government. Every year, the Liberal-speNDP partnership can pick a number they say the total debt will be, and every year, no matter how large that total debt number is, they still totally blow it off and come in higher. It is like they do not even try to live within their own means, let alone what is affordable for taxpayers.
Here is one really wacko thing about that mini-budget. The budget update mentions more housing multiple times, but the most significant parts of those housing promises, even though they were announced in the fall update, in reality are for programs that are still years away.
A few examples of this include $15 billion in new loan funding for an apartment construction program, mentioned by the member for Calgary Skyview. However, that program will not be available until fiscal year 2025-26. Similarly, there is an additional commitment to allocate $1 billion over three years for what the Liberals call an affordable housing fund for non-profit, co-op and public housing. However, this funding would not begin until the fiscal year of 2025-26.
Of course, we have an election that will occur no later than October of 2025. So devoid are the Liberals of ideas that they are now actually making promises today, or I should say last fall, on behalf of a future government that is yet to be decided on by voters. No matter how I look at it, the fall fiscal update was yet another very expensive failure in a long line of expensive Liberal failures.
Now, remember, despite all this massive Liberal deficit spending, things are so bad that even the Prime Minister himself now openly admits that young people feel like they cannot get ahead in the same way as their parents or grandparents could.
Another point, which I raised recently in my budget speech and I will make here again tonight, is that when it comes to total spending and debt, the Prime Minister has failed in every single budget to do what he promised he would do in the previous year. Let us ask this question: If the Prime Minister, who, if we ask him, thinks he is pretty awesome, in nine years has massively and completely failed to come even close to balancing a budget, what is he expecting future generations of Canadians to do that he has never done himself, because they are the ones who will be inheriting all of this?
Of course, on that side of the House, the question is never asked, is it? Why is that? Every member on that side of the House knows that bills need to be paid, and this is why so many Canadians are struggling right now. At the end of the month, when they pay their bills, for a growing number of Canadians, there is no longer enough left to live on. For some, each month, the line of credit or credit card debt only grows larger. Many tell me that they realize their financial situation is just not sustainable, and that is why there is such a growing disconnect. They see a Prime Minister, propped up by the NDP, who will literally spend any amount of borrowed money. It is not helping the average family in the least, and they are frustrated.
I am certain there are members on the other side of the House who absolutely understand and know this. I am also certain that there are a few members on the other side who are probably frustrated, because we all know that much of this mess is made behind closed doors from that inner circle inside the Prime Minister's Office without much input from them. I have been reliably informed that, at least in one caucus, some matters are even decided upon without a vote.
I realize that there is an expectation that the official opposition will oppose the government's fall fiscal update. It is, after all, the opposition's job to oppose and to hold the government to account. That was for the NDP. However, in this case, it is not like the Liberal government even tries to live within the fiscal limits it proposes for itself. That is why I mentioned in my opening comments that it is somewhat surreal to be here debating this.
We all know that the recently released budget, much of it, is just a sham, much as budget 2024 will also go down as a sham. Next fall, there will be another fall fiscal update, which will have an even bigger debt than what was proposed here today, and record spending deficits will once again be through the roof. Is there any person in this room who does not doubt that? What will they call the next budget? Would it be the “even more fairness budget”, as it will leave more unpaid debt? It is obviously pointless to speculate on whatever ridiculous title the Liberals will try to use to sell their next budget.
Getting back to the fall economic statement, we could summarize it as Liberals saying, “Yes, we spent even more than we promised, but don't worry, our expensive new programs are coming soon.” That is really, to me, what the update says. It is pretty much what happens with every single Liberal budget and budget update. The bottom line is that I will oppose this latest debt-and-deficit bill from the Liberals, brought to us by their speNDP partners.
I would like to thank all members of this place for hearing my comments at what is a very late hour, and to the Canadians who are at home, particularly those in Central Okanagan—Similkameen—Nicola, I thank them for sticking it through this far.
