The member is right, Madam Speaker. It is shameful. It is going to hurt poor people. I really do not get it. I will be quite glad to get back to my riding to tell that story to my constituents.
The Liberal government is also have in the BIA new legislation that will create the infrastructure investment bank. We are really worried about that move. Why?
During the election campaign, the Liberals were saying that we were experiencing a deficit in infrastructure in our country, and we agreed. They said that the interest rates were so low that this was time for the government to get some money from the market at 2% interest, which is a really low rate, and to take the opportunity to invest in our communities and build new infrastructure. It looks good and seems logical.
However, the big player in this bank will be the private sector, which is there to make profits, to make money, not to serve the public. Instead of borrowing at 2%, we will have private investors asking for profits of 7%, 8%, 9% per year. It will be the taxpayers who will pay for that. Infrastructure will cost more at the end. Also, during that time, we can expect a lot of new fees in order to drive on a highway, or to go to the airport, or to cross a bridge, if the airports are still public, which we are not quite sure of right now. The government will probably sell the airports to start its bank.
One aspect of this budget implementation bill that worries us is the creation of the infrastructure investment bank. During the election campaign, the Liberals talked about an infrastructure deficit and said that investments were needed. We agreed. Interest rates were low, so it was a good time to borrow and it would not be too costly for the government. It seemed logical, but surprise, the Liberals never told us that most of the investments in this bank would come from private investments, investment funds whose purpose would be to earn a return, to make a profit. Based on models we have seen in the provinces and other areas, the Liberals already knew that their investors would be asking for a rate of return of 7%, 8%, or 9% on their investment.
Why did they tell us that they were going to borrow at 2%, that it would be cheap, and now suddenly they have decided to take money from the private sector and they are going put between 7% and 9% back into their investors' pockets in profits? Our infrastructure is going to be more expensive, it will be privatized, and we will have to pay many new user fees for our highways, airports, and bridges.
For all these reasons, I ask for the unanimous consent of the House for the following motion: That, notwithstanding any Standing Order or usual practice of the House, Bill C-44, an act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures, be amended by removing the following clauses : (a) clauses 128 to 191, related to the parliamentary budget officer; (b) clauses 403 to 406, related to the Canada Infrastructure Bank Act; that the clauses mentioned in section (a) of this motion do compose Bill C-48; that Bill C-48 be deemed read a first time and printed; that the order for second reading of the said bill provide for the referral to the Standing Committee on Government Operations and Estimates; that the clauses mentioned in section (b) of this motion do compose Bill C-49; that Bill C-49 be deemed read a first time and printed; that the order for second reading of the said bill provide for the referral to the Standing Committee on Finance; that Bill C-44 retain the status on the Order Paper that it had prior to the adoption of this order; that Bill C-44 be reprinted as amended; and that the law clerk and parliamentary counsel be authorized to make any technical changes or corrections as may be necessary to give effect to this motion.