House of Commons Hansard #208 of the 44th Parliament, 1st Session. (The original version is on Parliament's site.) The word of the day was debt.

Topics

Democratic InstitutionsOral Questions

2:45 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, as the newspapers recently explained, the best way to disrupt an investigation is to discredit the investigators. That is what the opposition party is trying to do.

The Conservatives did not write that playbook. They took it straight from Donald Trump. They are attacking the investigators because they do not want to talk about the serious findings of this report and investigation.

We should all expect the opposition party to take this seriously.

Democratic InstitutionsOral Questions

2:45 p.m.

Bloc

Yves-François Blanchet Bloc Beloeil—Chambly, QC

Mr. Speaker, while the Prime Minister does more to protect Liberal government secrets and the Trudeau Foundation, he is not protecting the people with family still living under the Chinese regime, being oppressed by China as an intimidation tactic. These people have the right to security on Canadian and Quebec soil. He is not protecting them.

This morning, representatives from Taiwan, the Uyghur Autonomous Region, Hong Kong, Tibet and the Solomon Islands asked the Prime Minister for a public inquiry.

Will the Prime Minister act like a head of state and allow this public inquiry?

Democratic InstitutionsOral Questions

2:45 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, we all know that the primary targets of Chinese interference are always the communities of the diaspora. That is why we are so adamant in our defence of these communities and we are including them in the decisions we are making.

I look forward to the former governor general doing his tour this summer to speak with these communities and to make recommendations to the government on the best way to continue to protect them.

Unfortunately, we have seen a rise in intolerance and racism since the pandemic. That is why we will continue to be there for these vulnerable persons.

Democratic InstitutionsOral Questions

2:45 p.m.

Bloc

Yves-François Blanchet Bloc Beloeil—Chambly, QC

Mr. Speaker, it is not a diaspora, these people have been or are being conquered. I propose that he place the very dangerous file for Canada, democracy, the Liberal Party and the Prime Minister himself in the hands of a true independent commissioner.

I refuse to be part of any manoeuver that will keep his secret, that will not make available to the entire population all possible information, that will make those who have a right to security in Canada and Quebec fearful and unsafe, that abandons entire peoples to Beijing's oppression and that does not protect democracy in Quebec and in Canada.

Will the Prime Minister accept my proposal?

Democratic InstitutionsOral Questions

2:45 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, the member knows very well that there are elements of national security that cannot be shared with the public. That is the reality of the world we live in. There are people, members of our armed forces and CSIS, who put their lives in danger to uncover the secrets of other countries and countries that wish us harm.

We offered top secret information to the leader of the Bloc Québécois so he could better understand what we cannot share in public, and he has refused and is choosing ignorance rather than the facts.

Democratic InstitutionsOral Questions

2:50 p.m.

Liberal

The Speaker Liberal Anthony Rota

I would remind the hon. member for Lac-Saint-Jean that if he shouts in the direction of the hon. member for Beloeil—Chambly, he will not be able to hear the answer.

The hon. Leader of the Opposition.

The EconomyOral Questions

June 7th, 2023 / 2:50 p.m.

Carleton Ontario

Conservative

Pierre Poilievre ConservativeLeader of the Opposition

Mr. Speaker, asked by my associate, the finance shadow minister, if deficits had been smaller would inflation have been lower, the Bank of Canada governor answered yes. He also said inflation in Canada is increasingly reflecting what is happening in Canada. Former Liberal premier of Nova Scotia said that, on the inflation side, if governments both nationally and subnationally continue to spend beyond their means, spending to pay the credit card of the government of today, they are going to continue to have inflation that continues to increase.

If the Prime Minister will not believe me, will he at least believe his officials and his Liberal friends?

The EconomyOral Questions

2:50 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, I believe this is the first time we have heard the Leader of the Opposition even indirectly criticize provincial governments that are racking up significant spending, which is inflationary. On the federal side, we have been very cautious about targeting the measures so they are not contributing to inflation, even as we continue to support Canadians, families, seniors and workers with measures that, on top of that, the Leader of the Opposition is excited about filibustering and blocking tonight.

We are going to be there to help low-income workers, despite the Conservatives' political games.

The EconomyOral Questions

2:50 p.m.

Carleton Ontario

Conservative

Pierre Poilievre ConservativeLeader of the Opposition

Mr. Speaker, it is not just the Governor of the Bank of Canada who says deficits contribute to inflation. It is not just the former Liberal deputy prime minister and finance minister John Manley saying that deficits contribute to inflation. It is his own finance minister and deputy prime minister. She said that deficits pour fuel on the inflationary fire. That is exactly what she did with this budget with $60 billion in additional inflation. That is $4,200 per family, which has now led to higher interest rates.

Will the Prime Minister announce a plan and a deadline to balance the budget to bring down inflation and interest rates?

The EconomyOral Questions

2:50 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, the Bank of Canada is acting to bring down inflation, and it is working. Our inflation is coming down. At the same time, our job as a government is to be there to support Canadians, supports for families and supports for kids who need dental care. We will be there for supports for Canadians who are struggling right now. The Conservative approach is to cut programs, to cut supports for Canadians. At the same time, we are standing up to help Canadians through this difficult time and out the other side.

The EconomyOral Questions

2:50 p.m.

Carleton Ontario

Conservative

Pierre Poilievre ConservativeLeader of the Opposition

Mr. Speaker, it is clear the Prime Minister's staff handed him a stale briefing note because inflation is actually rising. It was up in the most recent reported month. It just so happens that that month followed the introduction of the $60 billion of brand new, above and beyond, inflationary spending by the minister. We now know that deficits contribute to inflation, which raise interest rates. He is right. The Bank of Canada is trying to bring down that inflation while he continues to pour the gas on the fire.

Will he stop that irresponsible practice and deliver a balanced budget to bring down inflation and interest rates?

The EconomyOral Questions

2:50 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, at least the Leader of the Opposition is consistent in not letting facts get in the way of a good political argument. Whether it is on climate change, foreign interference or the Bank of Canada and inflation, he is continuing to fearmonger. He is continuing to amplify erroneous fears that Canadians have while we are delivering supports in a targeted way.

We have the lowest deficit of any G7 country. We have the lowest debt-to-GDP ratio of any G7 country. We are continuing to be there for Canadians in a non-inflationary way that is targeted and right.

The EconomyOral Questions

2:50 p.m.

Carleton Ontario

Conservative

Pierre Poilievre ConservativeLeader of the Opposition

Mr. Speaker, did the Prime Minister say, “erroneous fears”?

Tonight families will sit down with their kids at the dining room table to say, “Sorry, we have to sell the house because mortgage payments are going to go up by as much as $1,500 per month”. That is not from me. That is according to the Bank of Canada, which predicts a 40% increase in mortgage payments. People cannot pay $1,500 more in mortgage payments. They have only $200 left in the bank at the end of the month.

Will the Prime Minister acknowledge that these are real fears by real people and stand on their side?

The EconomyOral Questions

2:55 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, where the Leader of the Opposition falls down is that his solution for those families is to do less for them, to take away their child care, to take away their dental care, and to take away the programs that are helping them, such as the Canada workers benefit.

We are bringing forward payments for the Canada workers benefit so that low-income workers can get more help right now, and that leader is going to stand up for hours tonight to block that measure. There is help for Canadians on the way, and those Conservatives are standing in the way with silly procedural games.

The EconomyOral Questions

2:55 p.m.

NDP

Jagmeet Singh NDP Burnaby South, BC

Mr. Speaker, today marks the ninth rate increase since March—

The EconomyOral Questions

2:55 p.m.

Some hon. members

Oh, oh!

The EconomyOral Questions

2:55 p.m.

Liberal

The Speaker Liberal Anthony Rota

It is starting to get noisy again. I am going to ask everyone to take a deep breath and quiet down.

I will ask the hon. member for Burnaby South to start from the top.

The EconomyOral Questions

2:55 p.m.

NDP

Jagmeet Singh NDP Burnaby South, BC

Mr. Speaker, today marks the ninth interest rate increase since March 2022. For families on a stretched budget, this means a lot more pain. However, more and more economists are coming to the consensus, something that neither Conservatives nor the Liberals are willing to talk about, that the greed of CEOs exploiting this inflationary crisis to jack up profits is the major cause of inflation.

Will the Prime Minister finally take greedflation seriously and stop greedy CEOs from gouging Canadians?

The EconomyOral Questions

2:55 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, the global inflation crisis that faces Canadians and people around the world has global roots, whether it is the war in Ukraine, which Putin is responsible for, or coming out of the pandemic.

We can say that Canada's economic recovery has been much faster than it was during the much shallower recession in 2008 under the previous government and that employment is up higher than it has ever been. At the same time, too many Canadians are hurting, and that is why we have been stepping up with targeted supports, which are not increasing inflation, but are responding to the reality of Canadians who are struggling.

The EconomyOral Questions

2:55 p.m.

NDP

Jagmeet Singh NDP Burnaby South, BC

Mr. Speaker, my question was about greedflation. Again, neither the Liberals nor the Conservatives have the courage to talk about it.

In these tough times, economists have warned that interest rate hikes will lead Canada into a recession. With another hike, people are going to find it even harder to make ends meet every month. Meanwhile, multinationals and grocery giants like Metro are making record profits.

Will the Prime Minister finally tax the excess profits of his billionaire friends?

The EconomyOral Questions

2:55 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, we are well aware that Canadians are having trouble paying their bills. That is why we are taking action. We are taking action to support Canadians with investments like the grocery rebate, with support for low-income workers, with support for low-income renters, with dental care for families who cannot afford to send their kids to the dentist.

We are there with targeted, non-inflationary assistance that works, while the Conservatives are proposing austerity once again.

The EconomyOral Questions

2:55 p.m.

Liberal

Charles Sousa Liberal Mississauga—Lakeshore, ON

Mr. Speaker, as Canada continues to recover from the pandemic, it is important to make sure that no one is left behind. That is why our government has introduced programs such as the Canada child benefit, $10-a-day child care, the Canada dental benefit and the grocery rebate.

With us today in Ottawa are a group of single moms and their daughters from my riding of Mississauga—Lakeshore. They are some of the millions of Canadians who have benefited from these programs. I am proud that our government has delivered real action for families in my community. Unfortunately, the official opposition refuses to support these measures, which help Canadians get ahead.

Can the Prime Minister remind the House why it is important to help make life more affordable for—

The EconomyOral Questions

2:55 p.m.

Liberal

The Speaker Liberal Anthony Rota

The right hon. Prime Minister.

The EconomyOral Questions

2:55 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, I want to thank the member for Mississauga—Lakeshore for his dedication to his constituents. We are all extremely proud of the accomplishments we have made since 2015, but we know there is a lot more to do. That is why our budget aims to make life more affordable for the middle class, while creating great middle-class jobs in a clean economy.

However, Conservative politicians continue to block us from delivering these important measures. We hope they will end their partisan games and help us send the BIA to the Senate this week.

The EconomyOral Questions

3 p.m.

Carleton Ontario

Conservative

Pierre Poilievre ConservativeLeader of the Opposition

Mr. Speaker, after eight years of the Prime Minister, he has not only doubled the national debt, adding more debt than all prime ministers combined, but he has overseen a doubling in the average cost of rent, the average mortgage payment and the average necessary down payment.

Household debt in Canada is now the worst of any country in the G7. In fact, our household debt in total is 7% bigger than the entire GDP of the country. The IMF reports that we have the largest risk of mass defaults of all leading economies.

Will the Prime Minister stop heaping on inflation and interest-rate hikes now?