Thanks very much, Chair.
I have questions for a couple of our witnesses today.
First of all, it's interesting, when we talk about Canada's.... I know we're here to hear about the challenges that folks are facing and how we can solve them.
Maybe you were thinking, as you heard your colleagues present here at committee, what a tough job the finance minister has. There are so many asks that come to us, and all of that has to be.... To the extent that finance is involved, that funding has to be found somewhere. At the same time as we're hearing about those asks—and they're all very important, and we've all taken note of them—we're hearing about the importance of managing the fiscal books responsibly and making sure that we're not taking on too much debt and everything.
Right now, for example, Canada's debt-to-GDP and deficit-to-GDP are the lowest in the G7. Our economy bounced back quicker than any other after COVID. There are some things, to my mind, that we should be celebrating in this country as well, in terms of our economic prosperity and how the last eight years have been managed—especially the last few years.
On the issue of the cost of living crisis that folks are facing and that my constituents are facing, it's the number one issue I hear about from folks every day, whether it's on housing or whether it's on the cost of living. Usually, it's on groceries. Sometimes, it's on energy as well.
We've studied this issue. We've had people come to us and present on what's causing inflation. Inflation in Canada is lower than in most of our G7 counterpart countries. That said, the main causes, they say, are extreme weather events driven by climate change—the agricultural community keeps coming to us and saying this is the main reason that food prices are going up for them—and the war in Ukraine and Russia's blockade of Ukrainian food exports, which are causing global food prices to go up.
In terms of affordability, one of the things we're trying to do is address the root causes, so making sure that Ukraine wins the war as soon as possible and making sure that we're fighting climate change.
To the extent that there are arguments for why we should stop action on climate change, I'm reluctant to do that. It's not just because I care about the future of our planet, but because I care about affordability and the economic costs if we don't act.
I'd like to ask you this, Ms. Anderson. One of the things you asked for.... I'm a business person by background. I have two business degrees. I used to be a management consultant. I get the important work that business does and how important it is to have a growth agenda and support a growing economy. You have me there.
My question is on the taxation front. You talked about the taxation burden that businesses face. One of the challenges I face is that when I go back to Minister Freeland and say I think we should reduce this tax on anybody or on any business, I also need to bring the solution as to how I would pay for that.
I get that economic growth over time helps pull in some revenue, but that takes time. In the short run, the funds need to be found. I'm just wondering if you have any thoughts for us on.... To the extent that you're asking us to cut taxes, are you suggesting that we raise taxes in other areas to pay for that? Are you suggesting that we cut spending in certain areas to pay for that? Are you suggesting that we not adjust in any particular way?
I'd love your thoughts on that. It's not a rhetorical or difficult question, but it's a practical one for us.