Madam Speaker, I am happy to speak to the bill, but I cannot say I am happy with the bill. However, I will start off with a few positive comments about the bill.
I am a teacher by profession. I know that one of the items here is a school supplies tax credit, which would increase the credit from 15% to 25% for teachers who spend on supplies out of their own pockets, including for electronic devices. I think it might be about $100 for the year that they would get back, so that is positive. School ventilation improvements in B.C. would come to about $11 million, so certainly the comfort and health of students is important. There is also the eligible air quality expenditures for businesses.
There are some carrots inside the bill, but that is to be expected because the Liberals, when the opposition might potentially vote against this, will ask us how we could vote against teachers and how we could do this and that when it is such a nice bill. These are just the carrots. It is the essence of the content of the bill that is very problematic.
One of the problems in the bill is that it would be adding $70 billion of inflationary fuel to the fire. Since the pandemic began there has been about $176 billion in increased expenditures beyond those that were COVID-related. That is very significant when our debt right now is about $1.2 trillion. The Liberals might yawn and say that for $1.2 trillion they can just print some more money and ask what the big difference is. There is a real impact being felt at the kitchen table, in homes, with seniors, with younger people and with people everywhere.
The policies from the current government, which has lost control of its expenditures, have an impact on the cost of living. Right now we are facing inflation of about 5%. The wage increase is about half of that, 2.4%, in the last year. As such, people are falling behind in paying their bills, and it is getting harder for them and for anybody who does shopping. I went shopping yesterday or the day before with my wife, and I was noticing that, at Costco and every store, everything is going up. The Liberals will say it is supply chain issues and a worldwide issue and deflect any criticism from themselves.
The fact of the matter is that their out-of-control spending has an impact. The Parliamentary Budget Officer was very clear about that and said, “It appears to me that the rationale for the additional spending initially set aside as ‘stimulus’ no longer exists”. Government deficits can and do contribute to inflation. The Liberals have more than doubled our debt load since they have been in. Think of all the prime ministers before this. Under the current Prime Minister it has more than doubled.
What is the problem with that? I think back to the eighties and nineties, when almost one-third of all the tax revenues from all sources, such as income tax and capital gains tax, went to pay for the interest charges on debt that had been accumulated. There are consequences to out-of-control spending, and it will only get worse because we are at historic lows as far as interest payments. However, as that increases, and the Bank of Canada governor has said that it will be going up, that will add to the debt and to the need for more revenues from people, because the government has to pay its interest charges.
More money spent on interest means less money spent on everything else, such as health care and infrastructure. All of these things have a real impact. The cost of living is going up $1,000 in just inflation alone, not including the hundreds of dollars more in CPP payments for individuals this year. It is difficult, but put the onus on this government.
When I was driving in the Vancouver area, Pitt Meadows—Maple Ridge, gas was $1.78 a litre. Someone driving a pickup truck for work is looking at $200 in the Lower Mainland to fill up the tank, and if one has to fill up every week, it is very expensive. However, it is interesting that when demand goes down, prices go down, and when demand goes up, prices go up. There is an increased demand worldwide for oil and gas, but the approach of our Liberal government is that this is an industry of the past and we need to move on.
Canada has the third-highest proven reserves of oil and gas in the entire world, yet the Liberals want to phase it out. Ten per cent of our economy is based upon this, providing hundreds of billions of dollars in revenue and hundreds of thousands of jobs, yet this is to be phased out because it is not appropriate. We provide some of the cleanest energy in the world, yet the Liberals would rather close down the sector with all the jobs and import from Saudi Arabia or other countries via oil tanker than to produce it right here in this country. I think that is a real shame.
Right now, outside on the streets we have protests happening all across Canada. People are very upset about the direction of this government and what it is doing. The Liberals call people who are not vaccinated “anti-vaxxers” and inside the report, the finance minister said that it is about 20% of the population who are not vaccinated. Well, 20% of the population is over seven million Canadians and the Prime Minister, when he was being interviewed in Quebec, was questioning if we should tolerate these people. That is irresponsible, inflammatory and wrong. It is inappropriate. I could not believe it. That is terrible, and that is why there is frustration.
I know the Liberals will point to some radicals and, yes, there will be some that are extremists, but it is being felt. People are upset. They are losing their jobs. If members across the aisle or other people lost their jobs, how would they feel? However, it is happening in the tens of thousands. Many of these truckers are losing their jobs because they cannot drive across the border. Not only does that impact our supply-chain issues, raising inflation and costs, but it impacts jobs and the economy. People are upset.
People may say that it is for health, but people need to be able to make their own health care decisions. We support that.
I am double vaccinated, but guess what. I was not here the past couple of weeks, because both my wife and I had COVID. A person who is vaccinated can carry it just as much as a person who is not. I would like to read this letter before I close. It is from a 35-year-old female lawyer. She writes that she is an ultra-marathon runner and spends eight, nine or possibly 10 hours a day running. Before that, she was a varsity athlete at a university in Ontario. Saying she has always been fit would be an understatement. She has no pre-existing conditions, but when she got the vaccine, she started having chest pains and operating at a max threshold, even on walks, doubling and tripling her heart rate. As it stands, she is a 30-year-old with chronic heart pain.
She feels this constantly, and even on a slow walk she is out of breath. She goes on to say that she is not a conspiracy theorist. She actually make a lot of money defending the largest pharmaceutical companies, but with that comes the knowledge that sometimes mistakes are made and sometimes we don't—