Mr. Speaker, it is always a pleasure to rise in the House to speak on behalf of my constituents in Chilliwack—Hope.
I will be sharing my time with the member for Algonquin—Renfrew—Pembroke, who is approaching a very important anniversary. She is coming up very soon on nearly 25 years in the chamber. I congratulate her. She is one of my favourite members to hear speak, and I look forward to hearing her after my remarks are done.
The budget implementation act, which is what we are debating today, would implement a budget of broken promises and failures. The government has broken its own word that it gave to Canadians during an election just six months ago.
The Prime Minister said he would keep the deficit at $62 billion, Well, the budget has it at $78 billion, so he broke that promise in less than six months. He promised to lower the debt-to-GDP ratio, but he is raising it and causing inflation by failing to keep that promise.
The Prime Minister promised to spend less, but we see in the budget that he is spending $90 billion more, which equals $5,400 more in inflationary spending per household in the country. It is hard sometimes for Canadians to picture $90 billion, but they understand $5,400. Having that inflationary spending piled onto each household should worry all Canadians.
The Prime Minister promised more investment, but the budget reveals that investment is collapsing. Since the Prime Minister took office, there have been over 48,000 fewer jobs in Canada, and billions of dollars' worth of investment has fled the country.
That is a record of failure, and I have outlined just a number of the broken promises.
The Liberal government is a government of slogans and a government that likes to say that this budget is a generational budget, which is true if we are talking about the impact of the increased debt on future generations. The key thing here for Canadians is to understand that because of the government's profligate spending and its disregard for taxpayer dollars, the government will now spend more on interest payments to bankers and bondholders than it will pay for health care transfers in this country.
The interest is $55 billion, and again that is a number that is hard for Canadians to grasp, because most of them will never have $1 million let alone $1 billion. It is $55 billion given away, spent on interest charges and not on making life more affordable for Canadians or on making health care better.
My province is mismanaged by the government of British Columbia, the B.C. NDP. I will admit that part of the mismanagement is with the provincial government. There are routine closures of emergency wards across the province, and people cannot access emergency medicine for hundreds of kilometres because they do not have adequate doctors, nurses and facilities.
If we tell the people in my province of British Columbia that sending $55 billion to bankers and bondholders is better than spending more on health care, they will laugh in our faces. They will not accept that this is a generational budget. They know that sending away the money that should be going to program spending, just frittering it away on bankers and bondholders, is an inappropriate use of funds. It will continue under the current Liberal government, which makes Justin Trudeau look like a fiscal hawk. It has doubled his deficit.
Right around this time last year, the Liberals did not know who was going to present the economic update, because the finance minister at the time had resigned because she could not in good faith present a budget that presented a deficit about 50% lower than the one just introduced in this budget. The whole government was thrown into turmoil and had to rip the page out of the economic update that had her name on it. It just tabled it in the House without even giving a speech, because she was so concerned that it limited the fiscal manoeuverability of the government to be so irresponsible in the face of the economic changes we keep hearing about.
The Liberal government said one year ago that there needed to be fiscal responsibility. Fast-forward to today, and the money taps are open; it is an open bar. Here we are spending money again, $55 billion in interest payments alone.
That is something that should concern all Canadians, as should the the figures on the national debt. As a continuation of the previous Liberal government, the Prime Minister will add $321.7 billion to the federal debt over the next five years. That is more than twice the $154.4 billion that Justin Trudeau would have added over the same time period.
The Liberals like to talk up the central banker's resume and what a genius he is financially, but he is doubling the burden being left to our kids and grandkids to pay back. They think it is such a master stroke to just spend more money. Why has no one thought of that before? Why do we not just spend more? Why not make it $600 billion? Why not make the deficit $150 billion? It is because they know it has to be paid back through taxes or program cuts, but they do not care.
The Liberals are just trying to get through today. They just want to get through the next four years. They do not care about 40 years down the road, when our children and grandchildren will pick up the tab. That is why we have called the budget a credit card budget. The Liberals are running up the credit card, and they are going to hand the bill to our kids and grandkids, living large for today so someone else can pay the bill tomorrow. It is irresponsible. We would never allow it to happen in our own families.
I know you are a father, Mr. Speaker. Can you imagine buying a Maserati and a huge mansion, living large, taking three or four holidays a year, and then saying to the kids when they reach working age, “Well, kids, Dad's had a good ride. You can pay the bill. Thanks for coming out“? Of course no responsible parent would do that, and no responsible government would look future generations in the eye and tell them they will have to pay tomorrow for what the government does today. That would be irresponsible, and it does not even deliver the results that government members say it does.
The Liberals talk about the Major Projects Office. They keep announcing the winners and losers of the major projects. Instead of creating an environment where all major projects can be approved if they meet the regulations, they say that certain projects do not meet the regulations but that they are going to allow them to go through anyway. They are going to give an exemption to certain projects.
Oh, and by the way, all the projects they are announcing had already been announced six or eight years ago. Many of them are already being built. The Liberals say, “Look at us. What a fantastic number of projects there are.”
I do not even know what the minister's portfolio is, as it changes so often; I think it is trade relations with the U.S. right now. In 2018 he stood in the Maritimes and announced that construction would be under way at the Sisson mine. Then he went out again over the last couple of weeks to say, “By the way, the mine I announced in 2018 is on the major projects list. Aren't you proud of us? Look at it investing for future generations.” That is a scam.
The government fails to understand that we do not need it to pick winners and losers but to create a winning environment for investment in the country, for everyone to make their investment choices and make those investments, instead of an environment in which investors are fleeing this country.
I want to talk briefly about more failures of the government. The Prime Minister said that he would have a deal with the United States by July. We are at the middle point of November with no deal, and the U.S. tariffs are twice as high. He said he would have a resolution with China, but there are still tariffs on our canola and on our seafood. There are new tariffs from India on our peas. For our softwood lumber producers, the tariffs have increased threefold, to 45% for softwood lumber producers in my province of British Columbia, with hundreds of layoffs and thousands more jobs hanging in the balance.
The government has failed to deliver for Canadians. It has broken its promises. We will not support the budget nor the budget implementation act.