Madam Speaker, the final point is in regard to the feedback I received during question period.
A number of individuals wanted me to do a quick recap of the information I gave out in the first hour of debate. They said that they wanted to take some notes because they had not received this information from Statistics Canada, and understandably so. We are bringing forward this economic information so that Canadians can compare the difference between the rhetoric we get from the Conservative government and the reality. I will quickly recap the concerns I mentioned in the first hour of debate.
First, we have a record merchandise trade deficit. In other words, we have never had a deficit this large on our exports of manufactured goods in Canadian history.
Second, the current account deficit on balance of payments covers all exports. We have never had a greater deficit in that regard in Canadian history. It simply shows that the raw materials, bitumen, logs and minerals, we are shipping out of the country, along with the value added jobs that should go with them, simply have not compensated Canadians. In fact, it is quite the opposite. It has accelerated the economic decline of Canada.
Third, manufacturing jobs are at the lowest level since we first started keeping records in 1976,. At that time there were about 1.75 million jobs. Today, under the present government, manufacturing jobs stand at 1.7 million.
Fourth was the issue around lost jobs. We lost over 50,000 jobs in the last quarter of 2011 and the first couple of months of 2012. I will come back to how that is accelerated by the budget. I also said that the job losses over the last six months have been disastrous.
I also raised the point that the government was simply wrong to wildly throw figures around saying that it had created jobs. The actual figure is 200,000 net new jobs since May 2008, which might sound like the government has done something, except that the labour force grew by 500,000 people over the same period. We are well over 250,000 jobs short just for the new job seekers who are going into the labour market.
The final point I had made this morning was that the vast majority of the so-called 200,000 net new jobs since May 2008 were part-time. Estimates are that as high as 80% of those so-called net new jobs are actually part-time.
I will now go on to what all those economic values have meant for the average Canadian family. The first is something I think would be clear to most members. When we look at the job losses we have seen over the last few months, the fact that the jobs being created are part-time and also the fact that the jobs being created as a whole are paying less than the jobs we have lost, it comes as no surprise that we have seen over the past year a real wage reduction. In other words, we believe Canadians deserve a raise. Under the Conservative government, we have actually seen falling wages because the inflation rate is much higher than any increases in salaries, whether those are for part-time or full-time workers.
As a result of that, Canadian families from coast to coast to coast are finding it more difficult to make ends meet and more difficult to move forward. They are finding it harder and harder to keep a roof over their heads, to buy clothes for their kids for school and to ensure their medication is taken care of. It is not just a perception. It is a reality that, under the Conservatives, Canadians are poor.
A real wage reduction has taken place. Last year it was about 2%. In previous years it was smaller than that but over time Canadians are earning less and less. However, that is not for all income categories. Under the Conservatives, 20% of the top income earners have seen their incomes skyrocket by well over 30%. We are now seeing a small minority of high income earners taking half of the income pie in the country. We are now seeing middle class and poor Canadian families receiving a smaller piece of the pie while more and more of the pie is going to a small proportion of people.
One of the chief problems that Canadian families are facing as they struggle to make ends meet is the fact that, as part-time work replaces full-time work, salaries continue to decline. That is relative to a couple of phenomena. First is the fact that the jobs being lost are full-time and the so-called net new jobs are largely part-time or temporary, which does not give people the chance to raise a family. They are not family sustaining jobs if people are going from contract to contract month to month. That is one part of the dynamic.
The second part of the dynamic is that the Conservatives have lost the high paying, value added, family sustaining jobs. We have seen 400,000 manufacturing jobs lost over the course of just six years of the government of the day. I hate to see what another six years might bring. What that means is that as these new jobs come on the market, which are largely part-time or temporary, the wage levels go down by about $10,000.
We need to look at this picture. This is a key Conservative economic failure. The jobs that have been lost paid $10,000 a year more than the jobs that the government is managing to create in today's economy with billions and billions of dollars in corporate tax breaks. Ten thousand dollars a year less means over time that has helped to contribute to what has been a clear erosion in the quality of life and standard of living of Canadians.
I will now move on to the next index of Conservative economic failure. I talked earlier about record levels of inequality. It now reads in the OECD that, because of the government's policies, we are seeing above average inequality in Canada. Three million Canadians are living below the low income cut-off line and the richest 20% of Canadians now earn most of the Canadian income pie.
What have all these dynamics, the rising inequality, the falling levels of full employment and jobs and falling levels of wages, meant? They have meant, as a whole, that for the average Canadian household to make ends meet, to ensure the kids have new clothes or adequate cloths for school, ensure the kids have school books, ensure their elderly parents have their medication and supports in place and ensure everyone in the family is being taken care of, they are now, tragically, going into more and more debt.
This situation is nothing less than a debt crisis in our country among average Canadian families. The average debt to income ratio is now well over 150%, which means we are talking about debt levels that cannot be resolved in a year or two or three of income. We are talking about crippling levels of debt.
Members will recall the last time a country reached those kinds of debt to income ratios was the United States, at 160%, just before the collapse in 2008.
The Governor of the Bank of Canada has warned about this and consumers organizations are concerned about this. We are hearing a wide variety of professionals, like the Certified General Accountants Association of Canada, raising concerns about a crisis level of debt in the average Canadian family.
However, it is inevitable with this push to the bottom that has taken place under the present government. There is no doubt, with the policies it has put in place, with the cuts to services and benefits, such the OAS and health care support, as well as producing lower paying jobs and part-time jobs and getting rid of the value added full-time family sustaining jobs of before, which is the only way to put it because the government seems to be deliberately putting policies in place to cripple our manufacturing sector, that is what has led to crippling levels of debt in this country under the watch of the government.
What we are seeing increasingly is a country where a small number of Canadians are benefiting from the government's policies while the vast majority of middle class and poor families are struggling under record debt loads, trying to cobble together two or three part-time jobs just to keep a roof over their head and struggling to keep their head above water.
That is the context of the budget that was presented yesterday. It is nothing less than a slap in the face for middle class and poor Canadian families. It strips away some of the services they depend on. It forces them to work longer after a full working life struggling to make ends meet. And, with the announcement in December in Victoria, it also undercuts our health care system, which is not only the chief economic advantage that Canadian companies have compared to their American counterparts but it is also one of the most important aspects of the Canadian social safety net.
The Conservatives will say that they have failed on all of these various indices, jobs, exports, wages and debt, and yet they say that we are doing better than other countries. When we think about it, that has really been the their message. They mention Forbes magazine, too, but far less often these days since Davos, Switzerland and the Prime Minister's speech to the world billionaires.
We need to look at the facts. I have the GDP growth rankings. If the Conservatives failed in all these other measures, we will perhaps see how well they are doing in terms of overall growth.
In terms of the projected economic growth for 2012 in industrialized countries, the OECD countries, Canada ranks in 14th place. When we think of the economy six or seven years ago when we were doing better, although with the Liberal government it was hard to tell as it did not manage the economy generally very well at all, we have now been dragged down to cellar dwellers within the OECD numbers.
Now we need to look at how Canada did in 2011 in projected economic growth worldwide. The Conservatives will say that, yes, we are at the bottom in the OECD but that we did better worldwide. Unfortunately, I have bad news for them. This is not something they will find in the Prime Minister's Office speaking points but it is important to have the facts on the table.
I will ask my colleagues if they think Canada ranked in the top 20 worldwide? No. Anybody for top 30? Anyone for top 40?