Mr. Speaker, with its $20 billion in costly new spending, this update can be summed up very simply: prices up, rent up, debt up, taxes up and time is up. Common-sense Conservatives will vote non-confidence on this disgusting scheme.
After eight years in power, this Prime Minister is not worth the cost. Today, he is adding another $20 billion to inflation, which will put more pressure on interest rates. He is also proposing to raise taxes on the backs of the middle class. That is why the common-sense Conservatives will be voting against it.
A year ago, the finance minister told the House she would have the budget balanced by the year 2028. In that time, she has announced $100 billion of additional debt, above and beyond having doubled that debt in the first place. This debt is already being paid by Canadians with the worst inflation in 40 years and with interest rates that risk a mortgage meltdown on the $900 billion in mortgages that will renew over the next three years. That is two-thirds of mortgages, and the IMF is saying that, of all 40 OECD countries, Canada is the most at risk of a mortgage crisis.
Her solution now is another $20 billion of inflationary spending. This is after the Governor of the Bank of Canada has said that deficits are adding two full percentage points to mortgage rates on the backs of Canadians. Finally, today, the government goes ahead with a plan to quadruple the carbon tax, quadruple—