Madam Speaker, I appreciate the opportunity to rise in the House today. It is always an honour to speak in the House, especially in a time where we remain virtual. It is much better to be in the House to speak.
I would like to thank my colleagues, the member for Parry Sound—Muskoka and the member for Langley—Aldergrove, for their presentations today about what we believe is important when talking about the budget implementation bill.
Governments have historically had three sources of revenue: tax, borrow or print money. This process has been around for governments for a long time. The Egyptians, 3,000 years ago, had an extensive twice-yearly collection of grains that they could then distribute in less productive times, for government workers or lesser classes. The Incas has a similar system in the Americas.
Over time, forms of governments that have been ruling have taxed those they are in control of with some form of payment, be it commodity, currency or even servitude. The ruling authority would decide on the use of the collected tax. In my family history, going back to Scotland in 1207, there was a tax collector. He is part of my family history. The collection of taxes has been going on for thousands of years.
When it comes to taxes, people can pay, resist or be non-compliant. Penalties for non-compliance varied over time. Many of us remember the Boston Tea Party and how the American colonies resisted paying taxes.
Since 1867, in Canada, taxes have been based on trade. It was a trade-based type of tax. In 1916, there was a corporate tax. There was a world activity going on called World War I. In 1917, there was a temporary Income Tax War Act, combining corporate and a new individual tax to be reviewed after the war, after World War I.
After World War II, in 1948, the temporary act was replaced by the Income Tax Act, the basis for what we have today, which should be totally thrown out and redone, as it has only been tinkered with for the last 60 or 70 years.
Different levels of government in Canada have taxation. The federal and provincial governments can rack up debt, but municipalities cannot. We have huge debt in both federal and provincial governments, but the municipalities have figured out how to do it without creating that long-term debt.
Over two calendar years, we have had an economic snapshot, a fall economic update, but no budget. Finally, Canadians will be able to understand, maybe, for themselves what their tax dollars will pay for.
When phone books were still being printed some years ago, there were times they were used as substitute booster seats for children to reach the top of the table at dinnertime. Phone books are not printed too often these days, but at 724 pages, this budget could be a fitting substitute. There are 724 pages jammed with Liberal promises, promises that will add to the federal debt of more than $1.2 trillion. It is a great tactic to make certain Canadians never read it; it is so long and complicated.
In fact, we heard before that the current Prime Minister added more debt than all the other prime ministers before him combined. That is quite an infamous accomplishment. I have listened to Liberals extolling accomplishments, and it almost sounds like they are making acceptance speeches for an Oscar. It may not be the award that many of my constituents would like to give them for this budget, one with $100 billion, not million, unaccounted for. However, what is a few billion between friends.
This is taxpayer money. I often hear the Prime Minister say, “We will take this debt on our shoulders.” It is the taxpayer money and taxpayer debt, and it is their children and their grandchildren's debt. Is it printed money by the billions on a weekly basis on which the government has depended? This modern monetary theory is interesting: print all the money it wants and do not worry about the debt. That does not work at the municipal government level or at the personal level, so how can it work at the federal level.
This is not a new idea. Government spending based on a backed commodity, like the holding of gold, is many centuries old. However, it was disrupted a few times in those days, too, when there was an oversupply of gold at certain times.
Paper began to appear as a writ of value for governments to replace rare metals currency, but it was backed by rare metals—not now. When governments produce volumes of paper currency with no backing or faith in the currency, what happens?
Many of us have heard the stories of Germany in the 1920s. There was hyperinflation, spending rapidly as the value dropped. A wheelbarrow full of money could buy a loaf of bread one day, but not the next day. The Great Depression brought stock market paper with no value. More recently, there was the 2008 bank depression. Greece, Venezuela and other countries just printed bigger numbers on their bills and there was still no value.
What is the Liberal government doing with this budget? If the government continues this trajectory, by 2026 Canada will have spent $39 billion on debt interest payments alone. That is more than child care at $8.3 billion, more than EI benefits at $25.6 billion and more than the Canada child benefit at $27 billion, all of which are programs in this budget.
We must look introspectively and ask ourselves where this money is coming from. It is being generated as numbers on a screen and then printed on expensive paper, or plastic bills these days, which is another resource sector product. The government will be printing more money than it earns from Canadian taxpayers. Is this a recipe for disaster? I know what my constituents think, and it is not a pretty picture.
What is the government promising for Canadians? I have heard about many government programs, but what drives the economy despite this incredible spending on government programs and increase of government employees? Does the private sector not build the economy by producing services and products of value? It employs people to do this. The companies and the employees then pay taxes that support the needs of society.
Do government programs build the economy based on printed money? This has not worked in other countries or historically. Each person in Canada now owes an average of $33,000 in federal debt. Does the Liberal government want people to depend on it instead of gainful employment? I would hope not, but does this budget do that?
Canadians and future generations will be saddled with the burden of the government doubling the national debt, and for what? I cannot wait for members to ask me about government programs. What about the $100-billion recovery line in the budget? Is that more government jobs?
I speak with my constituents in mind. They are hard-working, no-nonsense, results-driven people. Do they want a budget with handouts? No, they do not. We have incredibly intelligent, innovative, hard-working people in my constituency and across this great country who are willing to invest in businesses and hire productive people to produce services or products that are valued. Is the government interested in doing that with this budget? My constituents question that. If the government was as focused on getting Canadians back to work as it is on marketing and slogans, my constituents would be better off.
In this House, parliamentarians must follow certain standards of House procedure and conduct. It would be impossible for me to accurately convey the feelings my constituents have, using the words they have spoken to me. I would be subject to reprimand and would certainly be compelled to retract my comments.
All parties agreed to temporary measures to address the difficulties in conducting House business going forward, but since then, even though we have adapted new methods of representing Canadians in this House, we have been more dysfunctional than ever. Though this new online method has been streamlined, it took many months of tedious technical tinkering. Nothing will be a viable substitute for the ability to look a colleague in the eye and have a conversation about our constituents.
The spending promises are at an all-time high and there is no plan to balance the budget in the future. Generations of Canadians will be paying for the Liberal government's promises. The snowball effect of this pandemic on every sector of the economy, on every moment of our lives going forward will not be easily forgotten. I remember the 20% interest rates on my mortgage, and that was a response to inflation in the 1970s. Can members imagine what that would do to my constituents' mortgages today?
Canada's future does not rest in a slogan, a campaign or even a single political party, but in the determination of our people to work, to innovate and to flourish.
