Mr. Speaker, Robin Hood took from the rich to give to the poor. However, our Prime Minister and his merry men have turned that legend on its head. They take from the poor and give to the rich.
Bank profits for the first three quarters of 2010 were in excess of $15 billion. The Conservatives' tax cuts have fattened that number by $645 million. That is $645 million that went to the wealthiest corporations, while the poorest seniors are being robbed.
Incredibly, the measly cost of living increase on CPP benefits for Canada's must vulnerable seniors, those who are collecting the GIS, is being clawed back. When their CPP goes up, that modest increase is treated as additional income. For many, that means their GIS entitlement goes down in the following year, leaving this country's poorest seniors with less money in July than they received from January to June.
This House unanimously passed the NDP plan for comprehensive pension reform. We are still waiting for its implementation. However, let us at least live up to the spirit of that plan by ensuring that retirees get more money. Clawing back pension increases makes a mockery of the very purpose of keeping pace with inflation.
At a minimum, let us ensure that Canada's most vulnerable seniors are not being robbed to pay for tax cuts for the rich.