Mr. Speaker, I would like to start off by saying that a big part of this economic update touched on things that have happened over the course of the last few months. As members are well aware, when we first hit the pandemic, the government was certainly willing to work with opposition parties, and the NDP stepped up.
Members will also recall that the first action of the government during the pandemic was to offer supports to the banking sector with about $750 billion in liquidity supports from a number of different federal institutions. That was a bold move. It is not matched by any boldness to actually support regular Canadians at this stage in the pandemic.
We are well aware of what the member for Burnaby South did. The entire NDP caucus stepped up with a series of proposals that we knew would make a difference in the lives of Canadians. Canadians have really struggled through this pandemic. They are still struggling. We believed that there needed to be a series of measures that would make a difference in the lives of individuals as they struggle to put food on the table and keep a roof over their head.
We needed measures to support small businesses. People often give their lives to their small businesses, and we want to keep them operating so we can avoid the tragedy of people turning the key in the lock for the final time as they leave that small business behind. That was the measure that was brought to this pandemic response. This is what we proposed and pushed the government to put into place.
We had the emergency response. When the government had a series of holes in the emergency response benefit, we pushed for the student CERB as well, and we pushed for a 75% wage subsidy. The member for Burnaby South was very eloquent in this regard. Other countries had already done that, and we believed firmly that Canada needed to put in place a 75% wage subsidy too to make sure that businesses could continue to operate and people could continue to work.
We then pushed support for seniors through this House. We pushed for a moratorium on student loans. We did not think that students should have to pay back their loans to the federal government during a pandemic. We pushed for supports for first nations communities. A number of members from our caucus were very strong in pushing the government to provide those supports.
We also pushed for supports for the people who were not receiving supports through other means. That is why we pushed for things such as the Canada recovery benefit. The member for Burnaby South, numerous times, pushed for a national sick leave, which is historic in nature. It means that people who are unfortunately not able to work because of their sickness, or are concerned about catching COVID-19, could actually, for the first time, take that paid sick leave and not have to chose between putting food on the table or doing the right thing. That paid sick leave is historic, and we believe it should be made permanent as well.
We provided and pushed for sectoral supports for a variety of industries. Members of this caucus, including the member for Courtenay—Alberni, who is our small business critic, pushed for an emergency rent subsidy. We pushed for very strongly for this and for our supports for people with disabilities. These are two areas in which the government basically only did a part of what was needed to be done to provide those supports and make sure that those Canadians had the wherewithal to get through the pandemic.
Originally the emergency rent subsidy the government rolled out was a program through a company that had ties to the chief of staff of the Prime Minister. The initial program that was rolled out was actually with a commercial mortgage company, and it was for landlords who held commercial mortgages. This is very clearly inadequate and a very strange approach.
We continued to push for the second emergency rent subsidy, which is a much better program. That program has not been retroactive for the course of the spring and summer. It should be because many of the businesses that went through all those difficult periods in the spring and summer are now living through these difficult periods in the fall. They need the wherewithal, and they need those supports.
We continue to press the government to make that rent subsidy retroactive to the spring for those business owners who were not able to benefit because the program is so complicated. It is actually a failed program in so many respects. With this new rent subsidy program, which the NDP applied pressure to bring to bear, those business owners would actually be able to benefit from it.
For people with disabilities, I have expressed on the floor of this House my deep disappointment. While the banking sector got three-quarters of a trillion dollars within the first days of the pandemic, the government had to be pushed and prodded repeatedly. The member for Elmwood—Transcona, the member for Hamilton Centre and other members of the NDP caucus pressed the government repeatedly, and finally, after an eight-month wait, the Liberals put in place partial supports. They are only for people with disabilities who are registered and exist in the federal database.
There is no doubt that there are many other people with disabilities who need support. The only way for them to receive support is with planning and forethought to make sure that those who are registered provincially for disability programs get supports. In short, what the NDP brought to bear was a series of measures that would make a difference for people, and we will continue to do this.
This is where my disappointment lies and our disappointment with the fall economic statement. We believe that those supports need to be continued. There needs to be a sense that all Canadians matter, that we can all come through this pandemic, and that, coming out of the pandemic, we can actually put in place a very solid foundation for Canadians in the future.
However, the government has refused to do this. With the fall economic statement, the Liberals have refused to take any of the revenue measures that have been suggested, not only by the NDP but by many forward-thinking people who are thinking ahead.
The Parliamentary Budget Officer is an independent officer. All Canadians can rely on his advice. He said, very clearly, that with the fiscal situation of the country there are only two alternatives. One is to cut those services and supports to people, otherwise known as program cuts or austerity.
Liberals may laugh at that, but they also laughed at austerity when we suggested it back in Paul Martin's day, and we know the result. The cuts in programs have an impact even to the present day. Ending the national housing program for the justification of austerity meant that today there are people who remain homeless because the federal government stopped building affordable housing, which is so necessary for so many Canadians.
We look at the fine print. We in the NDP do not only look at what is said, the basic speech and the basic balance sheet of this economic statement, we also look at the details. The summary statement of transactions clearly indicates that the government is planning substantial cuts in program expenses next year. Many of those program expenses came through COVID-19. The intention of the government is not, on the revenue side, to put in place supports that make our rebuilding sustainable. Instead, it is making the choice of looking to wind down programs of support without looking to replace them with other programs that can make a difference in people's lives.
Members will recall that so far during this pandemic, Canada's billionaires have added to their wealth in the order of $53 billion. Canada's big banks, who received that massive dose of liquidity support within days of the pandemic hitting, are looking at substantially increased profits. In the next few days, when each of the big banks release their latest quarterly figures, there is no doubt that we will see an increase, just as we did in the spring and the fall. They have had $15 billion in profits so far during this pandemic.
The reason 90% of Canadians support a wealth tax is they see that discrepancy. They see that contradiction of billionaires having massive increases in wealth, some web giants having massive increases in profits and significant profits for the banking sector through the pandemic, while so many Canadians are struggling to put food on the table, making ends meet and keeping a roof over their heads. Many small business people are struggling to keep that small business operating. They see the contradiction between the banking profits and the addition to billionaires' wealth of over $53 billion. They are well aware of the massive amounts of money we lose every year to overseas tax havens.
As the House is aware, the Parliamentary Budget Officer, as an independent officer of Parliament, has advised all parliamentarians that we lose over $25 billion each and every year to overseas tax havens. That means that over the last five years under the Liberal government, over $125 billion have been lost to overseas tax havens. When we talk about the supports Canadians need now, those massive amounts of money have not been diverted to help Canadians, but rather have served to pad the bottom line of some of Canada's wealthiest people and some of Canada's most profitable corporations.
We also have the web giants. During this pandemic, we have seen substantial increases in profits by the web giants like Facebook, Amazon, Netflix and Google, yet they do not pay corporate taxes in Canada. The measures announced today, which only talk about implications around the GST-HST, are minor compared to the impacts of those web giants not paying that corporate taxation.
As well, we have seen significant subsidies going to oil and gas companies. The government wants to spend what could be up to $20 billion on the Trans Mountain pipeline. The private sector walked away from this project, a project that has profound implications for the climate emergency. The government is intending to spend money on this project. The PBO will define that in the next week or two. It has as been asked to produce a study and the bottom line in the rapid rise in construction costs. However, we are looking probably in the order of $20 billion that the government wants spend on a project that is not financially viable. Basically, it will have dramatically negative impact on any hope of Canada meeting its obligations to meet the climate emergency.
The question is very simple. Why does the government's priority always seem to be billionaires? Why is protecting that increase in wealth and those profits more important than ensuring we take care of regular people?
I mentioned people with disabilities earlier. Most of them have not had access to even that one-time emergency benefit of $600. Getting that $600 makes a dramatic difference in a person's life. A constituent of mine was unable to get medication for a number of months. With the $600 the person did receive, they were able to get their medication for the first time in months.
When we think that most people with disabilities are suffering the same type of financial challenges through this pandemic and were not able to receive even that one-time payment, we can understand there has to be higher priorities than allowing Canada's billionaires to increase their wealth by tens of billions of dollars and Canada's banks to reap the profits they have during this pandemic, and having the have the web giants not pay a dollar in corporate tax. The priorities of the government really do not seem to be in conjunction with what most Canadians are feeling through this pandemic.
It is really a matter of billions of dollars for billionaires.
When we look at this economic update as a whole, the government is giving Canadians crumbs compared to what is needed. Meanwhile, as I said, the government is not putting a tax on wealth or excess profits, web giants are not being required to pay business taxes, and tax havens are having a huge impact on the money laundering that we see across the country.
What is more, the government is still refusing to implement a public registry of beneficial owners, which would enable us to put an end to money laundering. The government could have and should have made investments in a different approach in this economic update. I am thinking about measures like pharmacare, which people across the country are calling for. I will come back to that later, but the reality is that pharmacare is essential. We have seen that. Coming out of this pandemic, people are still going to be in great need of a pharmacare program.
There is also child care and the day care system. That comes up all the time, but it is a shortcoming of this economic update. The issue of affordable housing is even more critical right now because so many Canadians are struggling and having difficulty finding affordable housing because there is a shortage of it across the country. Some members of the Liberal Party are saying that it is okay. I can point out every cut that was made under Paul Martin's government, which are, of course, still having an impact on today's lack of affordable housing in Canada.
Of course there is the climate emergency. Trans Mountain might end up costing us up to $20 billion. The Parliamentary Budget Officer calculated some estimates that will be released in the coming weeks. We already know about nearly $13 billion to which is added nearly $5 billion for the cost of acquiring the company, while the private sector saw no interest in Trans Mountain. Of course, we are in a context where the government is prepared to pay any price for this project, even though the private sector does not think it is profitable and did not want to invest in it. We know full well that the repercussions on the environment will be enormous.
These are not minor decisions. This is a series of decisions and Canadians are the ones who will pay the price for these bad decisions. The choice is very clear. We have to prioritize the needs of the people instead of always prioritizing corporations that make huge profits. We have to stop thinking that billionaires have to come first.
On this side of the House, we do not agree that we must not tax excessive profits, wealth, or the profits of web giants, and that these companies should not even pay a corporate tax just as everyone else in the country does. We do not agree that we should continue with the Trans Mountain project, no matter the climate cost to be paid and no matter the cost of construction. The private sector does not want to have anything to do with the project and taxpayers will have to pay for Trans Mountain.
That is why we can say that this economic update is extremely disappointing. This government refuses to think clearly, make good investments and take charge of its revenues. The Parliamentary Budget Officer was very clear about that: Either the government cuts services and the assistance it provides to people, or it increases revenues. There is a significant amount of missing revenue, and the government refuses to collect it.
What is missing from this economic update that could have made a difference?
We have the regular reference to pharmacare, which has been written for the last five years, and the government keeps saying that eventually it will do something about it. However, commitments for pharmacare have been made for over a quarter of a century and we still do not see or have in place a universal pharmacare program that provides supports for everybody.
Ninety percent of Canadians support universal, publicly administered pharmacare in this country, so we are talking about a broad public consensus. Why is that? It is because we know that hundreds of Canadians die every year because we do not have universal, publicly administered pharmacare.
We know as well that a million Canadians are trying to pay for their medication now in a pandemic. They have to make the desperate choice between putting food on the table, heating their home and paying for their medication. In a country as wealthy as Canada, for anybody to be forced into that position is simply irresponsible governance. When a government puts a person in that position, the government is neglecting that person's basic needs.
The reality is that pharmacare brings a huge cost savings to Canadians. The Parliamentary Budget Officer, an independent, non-partisan officer of Parliament whose reports are well worth reading, says that we would save $4 billion overall as Canadians. Businesses would save about $6 billion, and individuals who are paying for medication out of their pocket now would save about $5 billion.
What the economic update should have announced, instead of the direction the government took, is that we are moving to get pharmacare in place now, that we are actually going to put in place the steps that are needed and that we are going to sit down with the provinces. We already have an NDP bill on this, Bill C-213, which is coming up for a vote in February. Thousands of Canadians have written to their members of Parliament urging them to support Bill C-213, which is the legal framework for universal, publicly administered pharmacare.
The Liberal government should have said that it was going to sit down with the provinces now because it understands, from this pandemic, that it is time it actually put in place a universal pharmacare program in this country. It is long overdue. It should have happened 50 years ago, and the cost to Canadians has been enormous ever since. Now that we have a bill that would actually set the legal framework, the government should have sat down with the provinces to negotiate the financial framework and made sure that pharmacare became a reality in 2021. That should have been in the economic update.
What also should have been in the economic update is a real commitment to child care. Child care advocates across the country know how important child care is for our economic prosperity. The reality is that for every dollar invested in national child care, we get about six dollars in economic stimulus. It is probably the best investment a country could make. Countries that have universal child care programs know that with the participation of families and women in the workplace, there is a huge economic boon that happens when investments in child care are made.
Tragically, in this economic update, the government just basically drew the line on the next steps that should have been phase two for national child care. It basically stopped at phase one and said that was enough. However, the reality is that Canadian families are spending up to $2,000 a month per child because there is no child care. We need to turn this around and put in place a child care program.
We already know from child care advocates the investments that are needed. The investment for next spring would need to be $2 billion or more. The government is not even providing half of that amount and is basically freezing it at an amount that is well below what is needed for national child care.
A constituent of mine named Michelle works with her family and children. She says trying to find a child care space has been a real struggle. She has been able to substitute in with a local child care facility, which is filled up, so her child can sometimes have access to it, but she is like so many other families across the country struggling with child care costs of up to $2,000 per child. They think this needs to happen. It is surprising to me that the government has not taken the opportunity, in looking to build back better, to build into the framework coming into 2021 a universal pharmacare plan and a national child care plan.
If we are looking to build back better, we need to establish the revenue foundation. We need to put into place the measures I spoke about earlier. We cannot keep giving $25 billion away to overseas tax havens. We cannot refuse to put in place a wealth tax next to this profits tax when billionaires have increased their wealth during the pandemic by $53 billion. If we do not put in place the revenue foundation, it will lead to, as the Paul Martin government found out, austerity and cuts.
When we look at the fine print of this document, we see that once we get past the spring, the government intends to dramatically decrease the number of supports that are going to regular Canadians. This should give everybody pause, because it is exactly what happened when Paul Martin was finance minister and we saw cuts to the national housing program, which was eradicated for a generation. We continue to deal with the fallout of those cuts.
We also have to deal with the climate emergency. We have the pandemic and the climate emergency occurring at the same time. The government is making these massive investments, up to $20 billion, in ramming through Trans Mountain when indigenous people have raised huge concerns and when there is a variety of very legitimate criticism of the government in this regard. The government cannot pretend to be working on the climate emergency when it builds a massive pipeline that will undercut anything else that it does.
This economic update should have had an announcement that the government was not going to pour more money into Trans Mountain, the $20 billion. Instead, the Liberals should have announced a shift to clean energy. That $20 billion could have been used to create hundreds of thousands of jobs in the clean energy industries.
We know that in the United States, with the change in government, the most recent projections indicate that the clean energy sector will quadruple over the next 10 years. Canada could be in a position to take advantage of that if the federal government worked with the provinces on clean energy production and on ensuring clean energy investments. However, instead, the Liberal government is building a pipeline. It makes no sense. It means the direction the government is taking in this document is simply not sustainable.
There are issues like affordable housing and investment. Affordable housing and the right to housing that the NDP brought to the House just a couple of weeks ago are fundamental in ensuring that the needs of indigenous communities are met. They are fundamental and yet what we see from the government is an approach that prioritizes the needs of wealthy Canadians and Canada's most profitable corporations over the needs of Canadians from coast to coast to coast. This is what is most disappointing about this economic update.
There are some measures that we could all say we can support. Those measures are all below what is required in this time of a pandemic and at a time when so many Canadians are suffering. So many Canadians want to see a difference in this country, with a federal government that has quite often neglected so many fundamental issues, whether it is the climate emergency, the needs of indigenous communities, the need for affordable housing or putting in place pharmacare and national child care. Those are all legitimate needs that have not been met for years and yet the government continues to prioritize other things. The result is something that Canadians will say, particularly when they read the fine print, this is not the direction they want to see going forward.
What would the NDP have been announcing today? If we had been making this economic update, what would we be saying? Of course we would be talking about the programs that we would have put into place over the course of the last few months. I would say we would very clearly have taken a different and better approach in terms of the pandemic. Some of the suggestions and things we pushed, fought for and negotiated on are in place during this pandemic and some are not.
Some things are absolutely fundamental to us. First off, for people with disabilities, months ago we would have sought to get the provinces on board to make sure that the pandemic payment that went out to people with disabilities went to every single person with a disability across the country. We would have made absolutely sure of that. It would have meant a couple of months of preparation, but it would have made a difference. There is no doubt.
On the rent relief program that New Democrats had pushed and prodded the government to bring to bear, we would have made it retroactive for all of the businesses that simply could not access the program when it was originally set up. We would be making sure that those businesses could take advantage of that retroactively.
We would be making sure that the many holes we saw through the pandemic response were filled. That is an effort that we undertook. When we saw the government leaving holes, we fought back, negotiated and pushed to make sure as many holes as possible were filled. We would have taken the approach that everybody matters and we should not leave anybody behind.
In the economic update today, New Democrats would have been announcing that we are putting in place adequate funding for the next stage in the national child care program and we would have made sure that funding was available so that Canadian parents and families could see the next stage of child care funding being put into place, the national child care program that has seen delay.
If it were up to New Democrats today, we would have said no more money for oil and gas subsidies, that we need to focus on the climate emergency, we will not be spending $20 billion on Trans Mountain and would make sure that money goes to ensure clean energy development and jobs. We would be investing in indigenous communities. We would be making sure that the shortchanging that has created so much suffering and so many crises in indigenous communities was ended and the supports were in place for health care, housing, clean water, all of those things.
We would have made sure that today we were announcing an affordable housing program that ensures the right to housing and would put into place something that, within a short period, would actually end the homelessness crisis we are seeing in our country and that has been aggravated by the pandemic.
We would have made sure that we pay for these things by putting into place the revenue measures I mentioned earlier.
The first would be an excess profits tax, as we had in the Second World War because Canadian governments understood the importance of making sure that, when we are all in this together, everybody pays their fair share. We would have made sure that there was in place a wealth tax so Canada's billionaires with their $53 billion in additional wealth during this pandemic paid their fair share. We would have made sure as well that the web giants actually paid a fair share of corporate tax, instead of taking the windfall profits they made during this pandemic and simply doing whatever they wanted with it.
In this economic update we would have ensured the legislative tools to crack down on overseas tax havens, which costs $25 billion every year that Canadians simply cannot afford.
We would have been building a country where everybody matters and where nobody is left behind. We would have taken a different approach on this economic update.