Madam Speaker, it is an honour to rise in the House today to talk about the budget. I will be sharing my time with the member for North Island—Powell River.
This budget, in my mind, is really a confirmation of what we have seen gradually increasing over the last 10 years. The Prime Minister himself has spoken about it. He gave a pre-emptive speech a few weeks ago and talked about the sacrifices that future generations will need to make, which was basically a confirmation of what we warned about, even 10 years ago, regarding the risks of deficit-heavy spending budgets and the accumulation of debt, which is where we are today.
This budget is a confirmation that the covenant with Canadians has been broken. By that I mean that gone are the days when somebody could work hard at school, get good grades, have an opportunity to get an education they were dreaming of, whether in the trades, at community college or in university, whatever it was, and graduate with a reasonable amount of debt, or in some cases no debt. They could get out into the workforce, get a meaningful job that hopefully they were trained in or inspired to do and save a few bucks. Maybe their parents would help them; maybe that was not an option, but they were able to save a few bucks and buy their first home. It could be modest or grand, whatever they saw in their own eyes, but they would be able to have a home.
Then they could find somebody special to raise a family in that home, have a career and an affordable retirement. With enough money set aside, saved and invested, when it was time for them to retire, they would be able to retire in the comfort of their community, perhaps in an elaborate way, and have a retirement they would enjoy and find meaningful and fulfilling. In addition, along the way their kids might have the opportunity to get involved in sports, music or the arts. Whatever it may be, they would be able to get behind them and support them in their extracurricular activities and maybe take a modest vacation once in a while. Also, their taxpayer dollars were being used in such a way that if they needed to go to the hospital or see a doctor, they would have a family doctor, and health care would be accessible to do that.
I think the vast majority of Canadians my age and younger now feel that this covenant with the government has been broken. I hope it is not permanently broken, but most people feel like it has been broken in one way, shape or form. I believe the Liberal government's propensity to spend and go for this theme of the day or that theme of the day, without real direction, has caused us to be where we are today.
I would like to go back in time, because it may help us shape where we need to go in the future. If we go back 10 years ago and look at the budget that Stephen Harper and Joe Oliver presented to Canadians, there was a budget surplus. It had a clear path and direction. It had an enticement to get private capital investment into this country. They knew this was a country where people could do business and grow and expand within the country, because all the frameworks were there for that.
The deficit this year will be $78 billion. I never would have believed at the beginning of this year, after Justin Trudeau stepped down as prime minister, that the current Prime Minister, who announced he was going to run for the Liberal leadership, won it, was successful in the election and became the Prime Minister, would outperform Justin Trudeau in the deficit department. I did not think that was possible.
Out of all the thousands of doors I knocked on, I do not think the people I talked to thought this is what they were voting for either, although there were a few, once in a while, who said they were voting for him. I think they thought they were voting for a business person, not a spender like the previous prime minister and the finance minister were. We have somebody who was supposed to be a responsible fiscal manager but who now makes Justin Trudeau look like Warren Buffett. It is hard to believe, but he has done it. It is sad to be here listening to him sometimes, but that is the reality.
We will have a $78-billion deficit this year, and until the 2029-30 fiscal year, it is going to average $64 billion per year, which outdoes Justin Trudeau every year, except for when we had the COVID pandemic. It is really shameful. It is going to leave a shameful legacy if it is allowed to go on.
The other thing is that Justin's deficit this year was only projected to be $42 billion. His accumulated amount of debt over the same period of time was only going to be $131 billion. It is shocking to say “only”. That is still a lot of debt. With this version, maybe $265 billion over the next number of years will be added to our debt.
As for interest, I did hear many times today in our debate that there will be $53 billion in interest this year, going to $76 billion per year in just a few short years. The interest on the debt in 2015 was $25 billion. That puts into perspective what the interest was then compared to what the interest is now and the perils of the path we are on.
There was a Liberal member of Parliament who said that compared to Japan, we are looking pretty good. We should never compare ourselves to them, because they are just a few years ahead of the path we are on right now.
Another cause for concern is the amount of GST we collect every year. Projected roughly, we will collect $52 billion in GST this year, which would roughly cover interest payments, although paying interest is not what GST was set up for. If we project it out to the year when interest will be $76 billion, GST is only projected to bring in $62 billion, which is a tremendous amount of money, but it obviously falls short of covering interest. As I said, this is not what GST was meant for; it is just a comparison.
Total debt is over $2 trillion. If we go out to 2029-30, it will be $2.9 trillion. Sometimes we use the net debt number, but I do not think we should be using that number anymore; it should be total debt. The total debt in 2015 was $1 trillion. If we look at that, everything has doubled. That is a troubling trend considering that we had a balanced budget 10 years ago. We are starting to lose our fiscal ability to recover from this, as well as our path toward balance and the light at the end of the tunnel for the investment community.
Government expenditures, this year, are getting pretty close to $600 billion for the annual spend. Ten years ago, it was $288 billion. That is the lay of the land of where we are.
The other thing, and maybe in questions and answers we can get to it, is trade. Trade has been a big issue, obviously, in the news headlines. It has been a reality for Canadian exporters.
For a long time, I have been saying that we need a reconciliation in all our trade deals. There are trade deals, for example the comprehensive European trade deal, in which we are not getting our fair share. I have said this many times in the House. We do not get our fair share of what we bargained for. It was supposed to be $500 million or $600 million a year in trade with beef and pork. It is a fraction. We have a trade deficit with the United Kingdom on beef.
All of these things need to be reconciled. Canada has been a fair trader for many years, and it is time for us to get our share too.