Mr. Speaker, it is an honour to speak in support of the fall economic statement. Let me begin by acknowledging we are all gathered here on the traditional unceded lands of the Algonquin people.
I want to acknowledge that yesterday the mayor of the city of Toronto appointed my municipal colleague, Dr. Jennifer McKelvie, as the deputy mayor for the city of Toronto. I want to congratulate her on this enormous responsibility she has. I have every confidence she will serve the people of Scarborough—Rouge Park as well as the people of the city of Toronto exceptionally. I look forward to working with her and the mayor as he starts his third term.
There are a number of things in the fall economic statement, but the most glaring issue I see is the current economic situation faced by Canadians. Inflation, although it has tapered down a bit from its high, is at 6.9% and has been persistent for the last couple of months. We had our constituency week last week, and many of us in the House were able to speak to families, individuals and students about some of the challenges they have. Many spoke to me about the increasing cost of living, the increasing cost of housing, transportation and gasoline. They talked about some of their anxieties, especially students who attend the U of T Scarborough in my riding, as well as Centennial College.
Canadians have been struggling a great deal over the last several months, but I want to assure them that, as a government, we are here to support them. We are here to ensure affordability remains front and centre in the work we do and to make sure we are there for them every step of the way. In fact, this is the reason we brought forward several months ago, and the cheques went out two weeks ago, the doubling of the GST credit. This has a significant impact on millions of Canadians who need the support.
We have also adopted dental care for young people with family incomes of less than $90,000. There is no question that it is a critical component of what is required for the health and well-being of Canada's youth. Unfortunately, many families simply are not able to afford it, and this is a very important step in ensuring young people have dental care.
We have been building supports for Canadians since 2015. The Canada child benefit, for example, supports young people and families across Canada. In my riding alone, it has had a significant impact on addressing the issue of poverty among our young people, and that is something we can all take pride in. As a government, we work very hard and diligently to make sure we target supports to those who need them and not give cheques to millionaires and those who really do not need them. It is a means-tested approach, one that is very smart and has had a significant impact on addressing the issue of poverty.
The adoption of $10-a-day child care in Ontario is a game-changer for many families. Look at how we are supporting, for example, someone with two kids in child care. We are talking about thousands of dollars in savings on an annual basis. It is something that is going to change our workforce. More women will enter the workforce, and they will be supported by the government. With the introduction of $10-a-day child care in Ontario, this year alone child care expenses will be reduced by 50%, with a goal of it being reduced to $10 a day. That too is a very important aspect of addressing the issue of affordability.
The national housing strategy is another perfect example of how we are addressing a number of things, including chronic homelessness, the need for transitional housing as well as affordable housing within the market space. We know there are many different players.
In Scarborough—Rouge Park, for example, we have a number of initiatives, one that we just announced several months ago with Fred Victor. We have modular housing being built, which will be available, with the proper supports, for those who need it. In fact, that is being replicated across not just the city of Toronto, but across Canada. It is also supplemented. We have a project called 250 Brenyon Way, which the national housing strategy and the CMHC are intricately involved in providing those supports.
Given the limited time I have, I would like to speak to a key aspect of the fall economic statement, namely the elimination of interest on student loans, the Canada student loan program as well as the Canada apprenticeship loan program.
I have always said, and I have repeated it many times in the House, that education is the ultimate equalizer in society. If we look at it, whether through history, youth, people in the House, or my personal lived experience, education has certainly given me the tools to do the things I do. Whether as a lawyer, someone who was previously in business or working with youth, it has given me those skills.
We know that the youth of today need that formal education. Whether they go to college, university or enrol in apprenticeship or trade programs, they need that education to compete in this world. We have seen some phenomenal successes whether in AI or health care. We have seen an enormous amount of young people rising to the challenge with respect to COVID–19 or developing state-of-the-art technologies.
I cannot tell members the number of times I have met people, whether during Christmastime or the summer, who have gone from Canada to the Silicon Valley or to other countries, such as Germany. Very recently I spoke with someone who went to Finland to work in a high-tech firm. However, oftentimes young people are very apprehensive of going forward with such a huge debt, if they or their families do not have the means to support it. We know that programs such as law and medicine, in particular, have a very high cost of tuition, with the assumption that once students finish the program they have the ability to earn a higher income.
The challenge, and this is very true for many racialized first generation or indigenous peoples, is that the burden of the high level of debt they would have to incur to pursue a specialized program, or any program, can be a deterrent to them being able to pursue post-secondary education or training. Therefore, the elimination of the federal interest portion on the student loan program is a game-changer.
I was able to drop by the University of Toronto's Scarborough campus, as well as Centennial College, to speak with some of the students. They are very happy about this elimination. I have also spoken with some people who have already graduated and are working. They also feel this is a very important measure that will allow them to be more secure and save some money over the next few months. I am really pleased to support that.
With that, I look forward to questions and comments from my friends.