Madam Speaker, I thank all my colleagues in the House. I thank the Liberals, the Conservatives, the Bloc members and the New Democrats for giving the Green Party of Canada the opportunity to make some comments. I appreciate that.
We have reviewed the 2022 fall economic statement. It is not a budget. We have yet to see the 2023 budget and the decisions that will be made in the spring.
Still, the Minister of Finance has made a few decisions. She has taken a certain approach and given some indication of where the government is heading.
What we see here is an honest assessment, more honest than that of many finance ministers, in saying that things are not going to be great very soon.
It is important to be honest, to face the economic reality. Canadians are not the only ones facing it. We are faced with a global problem, the increase in the cost of almost everything we use on a daily basis. In my opinion, that is not inflation.
The Minister of Finance was honest about what we are facing, as was the Department of Finance, in saying that we are not looking at economic growth in the next couple of quarters. We are looking at a slowdown. Yes, the minister has said we have a good house and we have a good roof, which are good things, but we are facing unprecedented global challenges. In looking at this statement, I am going to be as non-partisan as I can possibly be in saying that we have some new indications that suggest a growing awareness of something that I am going to say probably more boldly or baldly than other politicians will say.
First, let me say there are some good-news pieces to this budget and some missed opportunities. I really hoped to see a tax on the windfall profits of enormous oil and gas and other fossil fuel enterprises, which have been clearing billions of dollars every quarter. It has been described by others, not just the Secretary-General of the United Nations, that these windfall profits are not due to the economic wisdom or the genius of those in the fossil fuel industry who know how to ready their industry for great success. Let us be clear that this is because of Putin's war in Ukraine. This is war profiteering. No sector or CEO should be proud to return profits to shareholders because of war profiteering. They should not be proud to do that when they are raking in unprecedented levels of profit and Canadians are suffering. That is something of which no business's CEO should be proud.
I am from the Maritimes and I am friends with the Irving family, so forgive me if I mention the Irvings. They own the only refinery in Canada that imports Saudi Arabian oil and has also experienced windfall profits. However, it turns out from today's news, they also figured out a way to avoid paying taxes in Canada through a bit of a shell game with its own insurance company offshore. Canadian corporate leadership needs to look themselves in the mirror and ask what they are doing for Canadians, all of them.
The Minister of Finance missed the opportunity today to set a course for companies that are experiencing windfall profits, be they in the fossil fuel sector, banking or insurance. Banking and insurance have had some increase, but not sufficient to really deal with the excess profit problem. If a handful of Canadian families hold a great percentage of Canadians' wealth, should we not be looking at a wealth tax? When a government says it sees that rough weather is ahead, it sees that Canadians are going to be facing increasing costs for many things, should we not, right now, be saying we need additional revenue to be able to ensure that those who are suffering the most from this can pay their rent, can cover their mortgages and can take their kids to the grocery store and not the food bank?
How do we make that possible? It is not from trickle-down economics that the economy is going to do so well in a year or two or three that it is going to lift everybody up. We know that story. The rising tide, it was said, will lift all boats and trick-down economics will work. We know how it works. The rising tide lifts all yachts. It does not lift all boats, and we know that people are going to need help with their own little boats very soon.
Another way to have more revenue is to stop spending money hand over fist, handing billions of dollars over to a sector that we know is responsible for our having to spend hand over fist other billions of dollars in a climate crisis. We have promised in this country since Stephen Harper was prime minister in 2009, at a G20 summit—