Madam Speaker, the member is starting to sound more and more like our Conservative colleagues across the way, not so much in terms of concern about inflation but more in the rhetoric and manufactured outrage, in my opinion, that he seems to be displaying.
I apologize to him that he has asked this question five times. I hope he listens carefully, because my answers will be extremely direct. I will not talk about child care, I will not list countries and I will not talk about payments coming back to people from the price on pollution, despite the fact that they are all extremely important programs.
Indeed, I will talk about affordability being top of mind for our government, just as it is for most Canadians these days. We understand that Canadians are worried about inflation and that they are rightly asking what their government is going to do about it.
The current high inflation is a global phenomenon, driven in large part by the lasting impacts of a once-in-a-generation pandemic and amplified by China's ongoing COVID-zero policies and Russia's illegal invasion in Ukraine. These are not excuses; I am putting out the facts so that the member clearly understands where the problem originated.
As inflation is a global and multi-faceted issue, our government understands the importance of taking targeted measures here at home to help Canadians make ends meet. How have we supported Canadians, and what are we going to do to continue to support them? To answer the member's question directly, this was top of mind when the Deputy Prime Minister and Minister of Finance highlighted, just last week, the five real and tangible steps we are taking to help get inflation under control and make life more affordable.
First, the government recognizes the central role of the Bank of Canada. For more than three decades, it has been the bank's responsibility to tackle inflation here in Canada, and we will let the bank continue to do this important work.
Second, as we made clear in budget 2021, we will also address the shortage of workers in this country. Our plan to do so is part of a set of measures that Janet Yellen, U.S. Secretary of the Treasury, has described as modern supply-side economics.
Third, our government also understands that fiscal restraint is key in combatting inflation. Our government is determined to see our debt-to-GDP ratio continue to decline and our deficits continue to be reduced.
Fourth, our government is also committed to making sure that there are enough good middle-class jobs for Canadians. By doing so, we will continue to see our economy be prosperous, as we know that the middle class is so critical in ensuring that prosperity.
Last, we will help Canadians directly with the challenge of affordability, in issue the member has raised. Through the affordability plan, we will provide just under $9 billion in new support for Canadians. Our plan includes enhancements to the Canada worker benefit; a 10% increase to old age security for seniors over 75; a $500 payment this year to nearly one million Canadian renters who are struggling with the cost of housing; lower child care fees for families across the country; and benefits indexed to inflation, including the Canada child benefit, the GST credit, the Canada pension plan, old age security and the guaranteed income supplement.
This is how we will make life more affordable for Canadian families while controlling expenditures and maintaining Canada's AAA credit rating.