Mr. Chair, the Brookings Institution estimates that a deficit of 1% of GDP drives up interest rates by approximately 0.6%. That might seem like a small amount, but actually is a very big cost to someone who has, say, a $300,000 mortgage. It is over $1,000 in extra interest payments for or that family every single year.
The finance minister, with his borrowing binge, is competing with Canadian borrowers when he runs these deficits and putting upward pressure on interest rates. Does he at all worry that his spending binge could contribute to higher interest rates and, therefore, higher costs for Canadians trying to own a home?