Madam Speaker, it is an honour to rise to speak to Bill C-30, the budget implementation act.
The Liberals, after failing to deliver a budget for two years, finally got around to delivering one a few months ago. I have to say that the budget delivers. The only problem is that it delivers in all the wrong ways. The Liberals have delivered a historic deficit of $354 billion, the largest deficit in Canadian history, and the Liberals have delivered a mountain of debt, with the national debt projected to reach $1.4 trillion by the end of this year.
To put that staggering figure in some context, the Liberals have managed to nearly double the national debt in the span of less than two years. This Liberal budget delivers yet another near historic deficit for this year of $154.7 billion, with deficit after deficit projected year after year, and no plan whatsoever to see a return to a balanced budget.
The members of the government say, as one of the excuses that they peddle for the massive deficits and massive debt, that it is all about COVID, and that COVID has necessitated all of the spending, except that simply is not true. Indeed, when one looks at program spending for 2021-22 of $475.6 billion, only a little more than 10% of that is attributable to COVID. Speaking of $475.6 billion in program spending, that represents a 40.5% increase in spending from 2019-20 levels. That is right. It is a 40.5% increase in spending in two years under these Liberals.
In the face of this massive, reckless spending, to paraphrase the great late former U.S. president Ronald Reagan, one could accuse the government of spending like drunken sailors. However, as President Reagan would say that at least the drunken sailors were spending their own money. The same cannot be said for the government. Whose money are the Liberals spending? It turns out that a lot of what they are doing is printing money.
In an unprecedented manner, the Bank of Canada is buying the government's debt. There was a $354-billion deficit last year. Of that, the Bank of Canada bought over $300 billion, or over 80%. We have seen, in terms of the supply of money, an increase of some 20% over this past year alone. That represents an increase in the supply of money that we have not seen in this country since 1974, nearly 50 years ago.
There is a price to be paid for all of this borrowing and all of the spending, and we hear the excuses from the government. The Liberals' justification is to say that now is a better time than ever to borrow and spend because interest rates are low.
Interest rates will not always be low, and it must be said that the government does not entirely have control of interest rates. Market forces also help determine what interest rates will be. Putting that aside, there is a cost being borne by everyday, middle-class Canadians in inflation.
Indeed, the consumer price index for April saw an increase of 3.4%. That was its highest recording since September 2011. It was a 10-year record in the consumer price index, and it was broken one month later when it rose by 3.6%. That has hit Canadians hard in the wallet.
We have seen the costs of just about everything go up. Homeowners' replacement costs increased 11.3% from last year, representing the largest annual increase since 1987. Housing prices have skyrocketed 42% in the span of one year. We have seen gasoline prices increase by about 50% from last year.
Regarding essentials such as groceries, the Canada Food Price Report projects that the average family of four will pay $695 more in groceries this year compared with last year. That represents the largest projected increase in the cost of groceries since the report was first published, more than 10 years ago.
I know that for our silver-spoon Prime Minister and other Liberal elites, $695 is chump change. It means nothing to them. For everyday Canadians, at a time when 53% of Canadians are $200 away from insolvency, $695 can make the difference between putting food on the table and being able to stay in their homes.
For this budget, we have heard the finance minister talk so much about stimulus. By the way, the Parliamentary Budget Officer said it was totally miscalibrated. For all the talk about recovery, I say where are the jobs? There were 200,000 jobs lost in April and 68,000 jobs lost in May. Canada has the second-highest unemployment rate in the G7, and the sixth-highest unemployment rate out of 37 countries in the OECD.
For a government that has spent so much, it has failed to deliver as Canadians fall farther and farther behind. This is a failed budget from a failed Liberal government.