Madam Speaker, I rise to speak to the fall economic statement for the constituents of Kootenay—Columbia and for Canadians.
After nine years, the Prime Minister has repeatedly demonstrated a concerning lack of regard for the best interests of Canadians. The pattern is unmistakable and is underscored by a persistent tendency toward overspending that has become all too familiar.
Instead of prioritizing the needs and concerns of Canadian citizens, the Prime Minister has consistently favoured overspending, disregarding a balanced budget essential for economic growth. The irresponsible approach not only undermines the trust and confidence of Canadians, but also jeopardizes the long-term economic stability and prosperity of our nation.
It is our duty, as representatives of the people, to hold our leaders to account and to demand accountability for their actions. We must ensure the government's spending is aligned with priorities and the values of Canadians, promoting transparency, efficiency, effectiveness and accountability at every turn.
The Prime Minister's track record of overspending serves as a stark reminder that he refuses to acknowledge the role in Canada's massive debt, which has grown to a staggering $1.2 trillion. It is an absolutely unfathomable amount. Along with that debt comes interest. The interest is $54 billion. To put this into perspective, $54 billion is more than what we spend on a Canada health transfer to support provinces and territorial health care.
It is deeply disturbing and downright offensive to Canadians that the NDP-Liberal government treats our constituents' hard-earned money this way. The level of management is unacceptable and undermines the fundamental trust between constituents and elected officials. We owe it to our constituents, frankly, to do better.
It is not just about fulfilling our duties as elected representatives, but also about honouring the trust and confidence our citizens have placed in us to steward our nation's resources wisely and responsibly. There is a profound expectation for us to make decisions that will foster prosperity and progress for our country, to build a Canada that Canadian citizens are proud to call home.
Regrettably, what I am hearing from my constituents paints a different picture. The country's debt has a ripple effect that touches every aspect of our society.
One area where we see this impact is in housing. The cost of housing has skyrocketed to the point where many young families in their thirties are realizing that their dream of owning a home may never become a reality. They have resorted to renting from homeowners who are also experiencing record-breaking interest rates on their mortgages, which is forcing higher rent increases.
At the same time, our population is growing rapidly, but we are not building enough homes to accommodate everyone. The imbalance between supply and demand is inflaming the housing crisis and is making it more difficult for people to afford housing.
Those who try to help are denied. Stephen from Revelstoke reached out to me regarding his grant application, which is approximately $15 million over the course of a few years to a housing accelerator fund that he and his organization had been denied. Realizing that the lack of housing and affordability is the number one issue in Revelstoke, the same as in many other communities, especially those in the hospitality and tourism industry, Stephen was curious how the communities would keep up with demand. They were shovel-ready, yet they were told they were too organized, so they would not be getting the funding.
Another area where we see increases is with taxes. Allan from Kimberley wrote to me quoting the Prime Minister and the Minister of Finance saying that the budget is “to help Canadians.” However, in his words, he said that it would not help his granddaughters, aged 3 and 14, and that they would be the ones to pay for the federal debt when they start work.
Brenda from Creston is frustrated and wrote to say that surely it is understood that burdening the already overly burdened public with yet more taxes is unfair, while those in office take liberties with how they spend money. She said that she was adding her voice to those who have already asked that steps be taken to reduce spending and that the Government of Canada identify with its citizens during these expensive times. In other words, they are asking that the Government of Canada be accountable to the taxpayers.
Rick from Cranbrook said that he just wanted to drop a quick email to state his opposition to the budget. He said that it does nothing and provides no benefit for Canadians other than the privilege of paying a rapidly increasing proportion of their taxes to service ballooning debt. Again, it is $53 billion.
My constituents are fed up. They are fed up with the financial stress, the limited financial flexibility due to higher interest payments, the lack of economic growth and the certain intergenerational burden the government has brought upon us.
A question asked by many is about how such a resource-rich country is in so much debt. With the minerals, forestry and energy, we should be global leaders and well into the black.
The lengthy permitting process for new mines in Canada can take up to 25 years to get approval. This is a significant challenge for the mining industry and hinders the timely development and export of critical minerals. To address these challenges, it is essential for the government to allocate the necessary resources to expedite environmental reviews and permitting processes. The government has to recognize the need to accelerate the permitting processes and the production of the critical minerals that are essential for a variety of industries, including technology, renewable energy and defence. However, these permitting policies continue to undermine Canada's attractiveness to mining, investments and others.
Trail has critical minerals, and the Elk Valley has steel coal, a critical mineral for steel. Yesterday, KC Recycling came to Ottawa to talk about how it recycles 95% of lead-acid batteries, yet we are still shipping batteries from Canada to third-world countries instead of recycling them here.
The ongoing U.S.-Canada softwood dispute has placed Canadian manufacturers in a prolonged period of uncertainty with no negotiated settlement in sight. The extended period of instability has a significant impact on the forest industry, limiting its ability to generate revenue and to contribute to the economic growth of our country. Canadian lumber producers are burdened with punitive tariffs that impede their competitiveness and that hinder their ability to thrive in the global market. The imposition of tariffs has not only undermined the profitability of Canadian lumber exports, but also exasperates the existing challenges faced by manufacturers, including the rising production costs, supply chain interruptions and market unrest. Furthermore, the uncertainty surrounding softwood lumber stifles innovation within the industry, hindering long-term capability.
Canada has an abundance of natural gas, especially in British Columbia and Alberta. Exporting liquefied natural gas to the EU presents a fantastic opportunity to tap into a new market and potentially to boost our economy. Selling LNG to the EU could play a critical role in diversifying Canada's energy exports. Right now, we rely on the U.S. market for energy exports, which leaves us vulnerable to shifts in its energy policies and market conditions. By expanding our reach to the EU, we could spread out our risk and could ensure a more stable income stream for our natural gas industry.
Moreover, exporting LNG to the EU aligns with global efforts in the transition to cleaner or more sustainable energy sources. Natural gas is a cleaner alternative to coal and oil, and supplying LNG to the EU could help it reduce its carbon emissions and meet its energy needs in a more environmentally friendly way. This can strengthen Canada's reputation as a responsible energy producer. Additionally, fostering strong economic ties with the EU through energy trade can enhance our diplomatic relations and co-operation with other countries. It is a win-win situation that benefits both Canada and the EU.
With the basic examples provided, it is absolutely a disservice to Canadians for the NDP-Liberal government to not try harder to keep the debt down and balance the budget. Every family knows that if they spend more than they bring in, they go into debt. The main difference is they realize they have to pay back their debt, while the Prime Minister tries to pay back his debt by increasing taxes on Canadians.
When will the Prime Minister own up to his financial failings, admit we need to do better and balance the budget?