Mr. Speaker, if the demand for new credit is at an all-time low, as the Minister of Finance and now the minister of state are saying, it is because household debt is at an all-time high and Canadians simply cannot borrow any more money.
For the first time ever, Canadian households are deeper in debt than our American neighbours. On average, each Canadian household owes $26,000 more than its income. We are headed for disaster. When interest rates go up, the minister will have to assume full responsibility.
Why did the minister allow household debt to reach this record high?