Madam Speaker, I am pleased to share my time with my hon. colleague from Sarnia—Lambton today.
There are many names that have been used to describe this budget. One I have heard is the Peter Pan budget. Another one calls it the Seinfeld budget because it is about nothing. I have a few other names myself for it, perhaps the Led Zeppelin budget because it would leave one dazed and confused in reading it.
Here is a quote about the budget from the Minister of Status of Women: “The lens applied to the budget has been an intersectional gendered lens because our brand of feminism is based on the belief that feminism is a diverse as Canada itself.” At the same time, the budget itself says that men and boys also have gender intersecting identities, experience inequality, and are not a homogenous group. This work will recognize that this gender is not synonymous with women, dazed and confused.
We could call it the budget of broken promises. We heard earlier today about the broken promise of small deficits. Remember, the Liberals originally promised just $24 billion in deficit and then balancing the budget in 2019. Instead, we are going to be looking at $83 billion in new debt by 2019 and no balance in sight. In fact, numbers from the Finance department show that we will not be in balance until 2045, which is 27 years from now.
The finance minister and the Prime Minister refuse repeatedly to answer the question of when the budget will be balanced. The mandate tracker that the Liberal government launched to great fanfare says on the budget, and remember that the mandate was to balance the budget by 2019, that it is under way, with challenges.
We could call it “Dude, where is my infrastructure?” There is $24 billion of infrastructure spending on the original debt and a promise, but so much has been reprofiled and lapsed that even the Parliamentary Budget Officer cannot track it.
The Senate did a study on the infrastructure spending. Remember, this infrastructure spending was supposed to be the golden bullet. It was going to improve productivity, get us home to our families faster because of a shorter commute, make us happier, make the Maple Leafs win the Stanley Cup. The Senate said in its study that the only metric for success for outcomes for infrastructure spending is that the money was spent. It was not that it would increase productivity, not that Canadians were getting good value for the money. The Senate dominated by Liberals and independent Liberals, stated that their only measure of success is that they spent the money itself.
Now these are all good names, but I want to go with a different name. It will be a sequel to the Rick Moranis film, Honey, I Shrunk the Kids, except we will call this budget the “honey, I sunk the kids budget”, because it sells out our children and our grandchildren. It sticks them with billions and billions of added debt and interest.
How bad is it? There will be $98 billion added over the next five years. That is $3,800 for every single Canadian taxpayer over five years. A husband and wife with one of their children working has three taxpayers. That is $10,000 of added debt for that one family in just five years.
Over the next five years, we are going to be spending $175 billion in interest payments. Think about that $175 billion. That is $6,730 for every single taxpayer for five years. Now, if people have kids graduating from high school or in their first year of university, when they enter the workforce around 2022-23, in that one year, they are going to be on the hook for $1,300 in taxes just to cover interest rates.
What could that $175 billion in interest that we are paying to foreign banks and Bay Street billionaires buy? It could get us 700,000 trips for the Prime Minister for his trip to billionaire island; 22,000 hockey rinks on Parliament Hill; 525 sole-sourced Super Hornets from Boeing, which we could cancel because we do not like Boeing, and then go to Australia to buy Boeing Hornets. We could do 470 bailouts for Bombardier, and almost two million Twitter accounts for the Minister of Health to do her two tweets a day.
Seriously though, what could that money do? With that $175 billion, we could build 15 brand new hospitals, in Toronto, Montreal, Vancouver, Edmonton, Ottawa, and Calgary. The Misericordia hospital in west Edmonton, where my oldest son was born, needs to be replaced. They say it is a billion dollar price tag. We could replace that 15 times. With the other money, we could build a brand new hospital in every single town or city in Canada that has a population of 20,000 or more.
Going forward, let us look at the future. Both the budget and the PBO talk about upward and downward risks of the budget, and risks of the economy being higher or lower than they are forecasting. On the upward side, they state that we could have higher growth globally. We could have economic activity driven by unsustainable consumer debt, or higher oil prices. However, we know we cannot get the oil to market under the Liberal government, so it is massively discounted. The only good news, the only way things could get better is to rely on the world economy, higher oil, even though we cannot get our oil to market, or more consumer spending.
On the downside, we could have NAFTA crashing, and there is nothing in the budget that addresses the possibility. We could have higher interest rates or higher debt. We do not have a lot of upside, but there is a lot of downside on this.
What does this budget do for Alberta? Well, let us see: nothing. It does nothing for Alberta. We realize that the Liberals do not care about Alberta. They only have two or three MPs left, depending on the scandal of the week. That being said, when I look at the wanted infrastructure from the government, what do we get? The Minister of Infrastructure and Communities is from Alberta. Alberta has about 12% of the population of Canada, but we get 9.5% of the infrastructure that has been spent so far. Even with the Minister of Infrastructure based in Edmonton, we are underfunded by 18% per capita. Keeping in mind that Alberta overcontributes because of a higher wealth to equalization, we are underfunded by 18% per capita.
What have we had from the spending so far that we have heard so much about? We have garbage and cigarette disposal units for our bus stops. Thanks to the minister. We have five passenger shelters purchased for Alberta. We have a review of transit feasibility and bus stop upgrades. From Edmonton to Fort McMurray, there is Highway 63, and it is called the highway of death because there have been 150 people who have lost their lives. I used to work in Fort McMurray and have driven that highway several times. Of all this historic infrastructure spending, with the infrastructure minister based in Edmonton, what do we get? We get $29 million for upgrades for Highway 63. It is an absolute disgrace what is going on with this budget. It provides almost nothing for Alberta. All it does for this country is drown us in debt.
I want to summarize what it does. In good times, the government is spending like there is no tomorrow and driving up debt when it should be putting away money for the future for our aging population, the possible downturn of the global economy, and higher interest rates. When times are good, with a strong global economy, the government is racking up the debt and leaving us with nothing in the bank for when things go down.
This diverts massive amounts of taxpayers' dollars out of needed resources for hospitals, the military, and infrastructure, and drives it into interest payments to foreign bankers and Bay Street elites. This is a budget for Bay Street elites and foreign financiers. It is not a budget for Canada or Albertans.