House of Commons Hansard #59 of the 45th Parliament, 1st session. (The original version is on Parliament's site.) The word of the day was investments.
This summary is computer-generated. Usually it’s accurate, but every now and then it’ll contain inaccuracies or total fabrications.
Canada's International Development Assistance Members debate a motion to strengthen Canada's international development assistance by improving accountability and effectiveness. The motion proposes integrating reciprocal economic benefits for Canadian small businesses and innovators, establishing a dedicated economic partnerships window leveraging Canadian strengths like agriculture and digital technology, and requiring annual reports to Parliament on aid effectiveness and Canadian participation. The Bloc Québécois emphasizes ensuring regional organizations outside major urban centers can access federal funding. 6800 words, 1 hour.
Budget 2025 Implementation Act, No. 1 Second reading of Bill C-15. The bill implements Budget 2025, which the Liberal government calls an "investment budget" making "historic investments" in productivity, housing, defence, and clean energy. Opposition parties criticize it as the "costliest budget" leading to "generational debt" and higher inflation. Concerns include "creative accounting," "arbitrary firearms policy," and the "Prime Minister's nonchalance" on trade, while the Bloc highlights insufficient funding for provinces. 42800 words, 5 hours in 2 segments: 1 2.
Anthony Housefather Liberal Mount Royal, QC
Mr. Speaker, I share the hon. member's concern about wildfires that are caused by climate change.
This is a first step. It is a good first step. I want to continue to work with her and other members to continue to support the provinces in their fight against wildfires.
Glen Motz Conservative Medicine Hat—Cardston—Warner, AB
Mr. Speaker, it is an honour to rise in the House to speak on behalf of the good people of Medicine Hat—Cardston—Warner. Today it is to discuss budget 2025.
This fall, before the budget was tabled, my office sent out a survey across my riding to hear directly from constituents about their priorities and expectations for the 2025 budget. An overwhelming 76% of respondents listed the cost of living as their top concern, and nearly 80% of business owners said rising costs are hurting their operations. Of the respondents, 85% said that they are concerned about their financial future, and 88% said they do not believe that Canada's economic situation will improve in the near future.
Conservatives have heard these concerns echoed by families, individuals and businesses across the country, which is why, before the budget was tabled, we presented the Prime Minister with a common-sense plan that laid out our expectations for an affordable budget. In our pre-budget meetings, Conservatives demanded the Liberals include measures in their budget to address the cost of living crisis by scrapping hidden taxes on groceries and gas, cutting taxes on work and homebuilding, and ending the reckless deficits that fuel inflation.
Sadly, the November 4 budget missed that mark. It would fail to provide any meaningful relief for Canadians struggling to make ends meet. Budget 2025 would add nearly $80 billion to our national debt this year alone, the highest amount in Canadian history outside of COVID, all the while keeping Liberal taxes on groceries, work, energy and homebuilding. This budget would add $10 million to our debt every hour, and the Liberals intend to add another $321 billion to Canada's debt over the next five years.
What many Canadians may not know is that, as a direct result of the Liberal reckless spending, our national debt is now at $1.35 trillion. This means that every Canadian, infant to senior, owes $33,000 as their share of Canada's federal debt, and as our debt rises, so too does the interest burden on that debt. Budget 2025 revealed that $55.6 billion will be required to debt service or interest charges this fiscal year alone. What this unbelievable amount really means is that the federal government is spending more on annual debt interest costs than it is on federal health transfers to the provinces or than is collected in GST revenues.
This level of spending is not just reckless; it is dangerous and puts the future of our nation at risk. It is not just Conservatives who are concerned about this reckless spending. Experts from across the country have spoken out against this record-breaking Liberal deficit. Fitch Ratings, one of Canada's top credit rating agencies, warned that rising fiscal spending and debt burden have weakened the country's credit profile, putting Canada's AAA credit rating at risk.
Even more shocking was the report released by the Parliamentary Budget Officer, Parliament's neutral, non-partisan official responsible for providing economic and fiscal analysis to parliamentarians and Canadians. The report found that Canada's traditional fiscal anchor, the debt-to-GDP ratio, “is no longer projected to be on a declining path”. This long-standing fiscal anchor is important not only for fiscal sustainability but also for preserving Canada's AAA credit rating.
This fall, to avoid accountability, the Liberals quietly replaced Canada's long-standing debt-to-GDP fiscal anchor with a new one, maintaining not a declining debt-to-GDP, but rather a deficit-to-GDP, ratio. This one-word change effectively dismantled the fiscal anchor that has existed for more than 30 years in a process that was certainly far from transparent.
Despite changing the goalposts, the PBO's report found that “it is unlikely that the Government’s declining deficit-to-GDP fiscal anchor will be respected.” It is disappointing, though not surprising, that the Liberals have resorted to accounting tricks to create confusion instead of working to get their deficit under control and stop their reckless spending.
On top of these shifting targets, the Liberals are trying to distract from their record-breaking deficit by differentiating between operating and capital spending, despite the bottom line of Canada's debt remaining unchanged. Their fiscal anchor of balancing the operating budget by 2028 gives the illusion of fiscal stability while allowing the government to rack up huge deficit spending on the capital side of the books.
In his report, the PBO found the Liberals' definition of capital investment to be “overly expansive”, going way beyond the internationally accepted definition adopted in other countries. Using a more accepted definition, the PBO found $94 billion in spending misclassified as capital and said, “based on our definition, the operating balance in Budget 2025 would remain in a deficit position”. This report by the impartial budget watchdog lays out a clear fiscal outlook for Canadians. Not a single fiscal anchor is likely to be met, and these dangerous deficits will continue to drive up the cost of essentials and make life even more unaffordable.
In light of this analysis, the Liberals are now trying to get rid of this PBO, looking for a new officer who has “tact and discretion”. The Liberals have only themselves to blame for Canada's fiscal outlook, their poor fiscal outlook, yet instead of bringing down the deficit, they are attempting to silence those who hold them accountable. While typical of the government's record of avoiding accountability and transparency, it is nonetheless completely unacceptable. Despite these accounting tricks, the Liberals cannot hide from the fact that every dollar they spend comes out of the pockets of hard-working Canadians, causing higher prices, lower paycheques and bigger bills.
In addition to massively increasing Canada's debt, budget 2025 fails to address the housing crisis so many Canadians are facing. Since the Liberals took office, housing prices have risen 32% faster than incomes in this country, turning Canada into the most unaffordable housing market in the G7. Despite the Prime Minister's promise to build 500,000 homes annually at speeds not seen for generations, his own agency confirmed that new home construction dropped 17% this past October alone, falling to less than half of his target. The president of the Building Industry and Land Development Association revealed the Liberals' misleading claims in the budget.
He reported:
This budget relies on backward-looking data that provides false reassurances that Canada’s housing sector is prospering and that affordability is improving. But these are stale statistics. The latest figures show that new home sales have evaporated across all housing types in every major city across Canada – and a hundred thousand jobs are at risk.
It is not just industry leaders who are concerned about the Liberal housing plan; the Liberal member for Beaches—East York, the Prime Minister's former minister of housing, said that the housing measures in budget 2025 are, unfortunately, very “unlikely to move the needle on development”. To use his own phrasing, budget 2025 “falls well short” of addressing the Liberal housing promises and “does not live up to its promise of generational investments.” If the Liberals want to get serious about restoring housing affordability, they should get out of the way and scrap the red tape and taxes that make it impossible to build.
The promise of Canada has always been that every person, no matter where they are from, can work hard and build a life with a stable job, an affordable home and a strong future in the freest country on earth. Unfortunately, after 10 years of Liberal mismanagement, that promise has become increasingly out of reach. When the Liberals took office in 2015, Canada ranked number nine on the global quality of life index. After 10 years of reckless Liberal spending and mismanagement, Canada has fallen to 27th place, the largest drop of any of the top 30 countries.
Therefore, on behalf of the Canadians who can no longer afford to eat, heat or house themselves because of Liberal inflation, Conservatives do not support any aspect of this costly budget. We will continue to put forward amendments to improve Canada's quality of life by cutting taxes on groceries, work, energy and homebuilding. We will fight to restore the promise of Canada. My hope is that all parties in the House will work with us to deliver a positive, hopeful and affordable future.
Kevin Lamoureux LiberalParliamentary Secretary to the Leader of the Government in the House of Commons
Mr. Speaker, I think it is somewhat unfortunate that the Conservatives want to portray this false impression of Canada with respect to the deficit and the debt. The member himself refers to the G7. How is Canada doing in the G7? We are talking about Germany, Italy, France, Japan, England, the United States and Canada. We have the second-lowest GDP deficit, beaten only by Japan. When it comes to the debt, we are in fact the lowest in the GDP. The Conservatives know that. We have the International Monetary Fund's general manager saying how Canada is in a great position to use its fiscal responsibility to invest. That is what this budget is doing.
Why does the member not have the confidence to invest in Canada and Canadians at this time?
Glen Motz Conservative Medicine Hat—Cardston—Warner, AB
Mr. Speaker, it is always interesting to hear my colleague from across the way. I am concerned about his health, as excited as he gets all the time with his questions. The part that troubles me is that we can have all this rhetoric from the other side, from the government, about what is happening with the economy and how well we are doing in comparison to other countries. However, I listen to the people in my riding; I hear stories from across the country, and they are all the same.
I talked to a guy by the name of Bob, a senior from my riding, who called me on Friday afternoon. He has to sell his home because he cannot afford to live any longer. He cannot afford his groceries, cannot afford utilities on his house, insurance on his house. He cannot afford any of that stuff, and he cannot afford to rent once he sells his house. This is the reality people face in this country. We can have all the rhetoric we want about how well we think we are doing as a country, but the reality is that people in this country cannot afford to live. When is that going to change?
Jean-Denis Garon Bloc Mirabel, QC
Mr. Speaker, as we saw in the budget, health transfers will be indexed at a rate that is lower than the increase in system costs. This means that, at the end of the day, Quebec taxpayers will either have to pay more taxes or receive poorer quality services. The other alternative is that Quebec will have to take on more debt to finance health care services.
The government, through the Parliamentary Secretary to the Leader of the Government in the House of Commons, continues to misinform the public by saying that Canada has the best debt-to-GDP ratio in the G7, when that does not include the provinces. The Liberals are comparing us to Japan, which is a unitary state.
When provincial debts are included—
Some hon. members
Oh, oh!
Jean-Denis Garon Bloc Mirabel, QC
Mr. Speaker, I have a point of order. I have been interrupted several times.
The Assistant Deputy Speaker John Nater
Order. I will ask members to keep the crosstalk down.
I am going to both sides. We will have questions and comments on debate, but there is a member trying to ask a question, and the crosstalk does not serve anyone.
I will ask the member for Mirabel to repeat his question.
Jean-Denis Garon Bloc Mirabel, QC
Mr. Speaker, the member for Winnipeg North, who is more interested in chatting and fooling around than he is in listening to the debate, did not include the provinces in the debt-to-GDP ratio he gave us for Canada. That omission obscures the fact that, if provincial debt is included, Canada's debt-to-GDP ratio is 10% higher than Germany's.
The Parliamentary Secretary to the Leader of the Government in the House of Commons compared us to Japan, which is a unitary state. He ignored the fact that by insufficiently indexing health transfers, the federal government is shifting the financial burden to the provinces. Talking about Canada's debt-to-GDP ratio without including the provinces is misinformation.
Would my colleague agree with that?
Glen Motz Conservative Medicine Hat—Cardston—Warner, AB
Mr. Speaker, I was going to say in French that my colleague is absolutely correct. I thank him for the information. I thank him for the realization that the government fails to recognize, which is that it can use all the accounting tricks it wants, but the reality is that we have a debt problem in this country. We have a debt problem for consumers, for governments and for businesses, which are struggling to make ends meet. We can have all the tricks in the world with the operating and the capital budget, and all that accounting, saying, “It is not here; it is over here. We can have the public lose track of it”, but I say no. There is one debt payer, and there is one debt. It is costing us a fortune. This $55.6 billion will continue to go up every year because of the government's reckless spending and mismanagement of our taxpayer dollars.
Marc Dalton Conservative Pitt Meadows—Maple Ridge, BC
Mr. Speaker, it is very troubling what we hear from the Liberals when we bring up plants closing in British Columbia, mills closing and thousands of people losing jobs; they say there are supports. When there are automobile lines closing down and moving down to the States, they say there are supports.
Does the member agree with me that workers do not want supports; they want their jobs?
Glen Motz Conservative Medicine Hat—Cardston—Warner, AB
Mr. Speaker, absolutely. It is interesting when the government rolls out these socialist programs to people who want to have a job, keep their job and be able to afford to feed their own children. They want to be able to afford to keep their house and have a job and a future for their children. This is not what has been happening over these last 10 years with the government. Yes, people want to look after themselves and not depend on government handouts.
Salma Zahid Liberal Scarborough Centre—Don Valley East, ON
Mr. Speaker, I rise today to speak in support of Bill C-15, the budget implementation act.
The legislation is more than a collection of policies and tax changes; it is a blueprint for building a stronger, more resilient Canada at a time when we face major global and economic challenges.
For decades, our prosperity has relied on stable international trade rules and open markets. However, today, the rules-based system and long-time trade relationships, including with our closest partner, the United States, are being disrupted. Canadian firms are facing new barriers. Supply chains are under pressure. Jobs and livelihoods depend on our ability to adapt.
This means that Canada must build a bigger, more innovative economy here at home, faster than ever before. We must diversify our markets, mobilize investment and unleash the full potential of Canadian workers and businesses.
Bill C-15 moves us decisively in that direction. It would grow our economy, build homes people can afford, make life more affordable and protect the environment while opening the door to a new generation of clean economic growth.
Budget 2025 is unapologetically an investment budget. We are making generational investments in infrastructure, clean technology, housing and the skills Canadians need to thrive. We must do so while maintaining higher environmental standards.
The legislation helps unlock the goal of catalyzing $1 trillion of investment over five years from provinces, municipalities, indigenous partners and the private sector. We are attracting capital by creating certainty, providing incentives and fast-tracking the infrastructure that will power our economy for decades to come. We are doing it responsibly.
Canada enters this moment with the strongest credit rating in the world, the lowest long-term interest rates in the G7 and the lowest net debt-to-GDP ratio of any major economy. International experts, including from the IMF, have said that Canada is pursuing strategic progrowth investment, and they project that we will have the second-strongest economic growth in the G7 in 2026.
In a changing world, we cannot rely on any single market. That is why the government is launching a trade diversification strategy that will double Canadian exports beyond the U.S. within a decade. Bill C-15 supports that goal by aligning our tax system with global competitiveness, boosting innovation and giving businesses the tools they need to grow and survive. The bill would support small- and medium-sized businesses, the backbone of our economy. This is an economy built by Canadians for Canadians.
Budget 2025 delivers the support our communities have been asking for through the new build communities strong fund, a $51 billion investment in local infrastructure over the next decade. This fund will help municipalities build the roads, water systems, community centres and, importantly, the health care facilities that growing communities desperately need.
Within this fund is a dedicated health infrastructure fund, providing $5 billion over three years to upgrade and expand hospitals and urgent care services. In Scarborough Centre—Don Valley East, residents rely on nearby hospital systems, such as the Scarborough Health Network and the Toronto East Health Network. These systems often depend on extensive community fundraising just to modernize the emergency departments or to replace aging equipment. That model is not sustainable on its own. This fund will help ensure frontline care is not dependent on charity but backed by strong federal partnership.
We cannot build a strong economy without building homes people can afford. Housing is not just a social need; it is an economic necessity. Businesses will not invest if workers cannot live near where their jobs are. I have spoken to many families in my riding of Scarborough Centre—Don Valley East for whom home ownership seems to be a dream that is increasingly out of reach and for whom finding sustainable and affordable rental housing is difficult, if not impossible.
Bill C-15 would tackle this head-on. It would provide an accelerated capital cost allowance for purpose-built rentals, would make new investments through Build Canada Homes and would extend the enhanced GST rental rebate to co-operative housing and student residences. These measures would help get shovels in the ground faster.
Through budget 2025 and this legislation, we would create pathways for major housing investments and unlock municipal partnerships. We would support agricultural co-operatives, indigenous communities, students and working families.
We know Canadians are feeling squeezed. Bill C-15 would bring relief. It would extend eligibility for charitable donations, would expand the disability supports deduction and would exempt the Canada disability benefit from taxable income. Many of my constituents have asked for this and have told me how important it is that we strengthen and safeguard the Canada disability benefit from provincial clawbacks. Bill C-15 would also introduce a temporary tax credit for individuals whose non-refundable tax credits exceed the first income bracket, putting more money back in the pockets of lower- and middle-income Canadians.
Affordability is not just about taxes; it is also about care. That is why I will push to ensure that our work does not stop with respect to child care. We must continue to expand access, improve wages and workplace standards in this sector, and ensure that families in every region benefit from $10-a-day child care.
We must also protect and expand pharmacare. Canadians should never have to choose between groceries and prescriptions. Bill C-15 would lay the groundwork to ensure pharmaceutical manufacturing here at home in Canada and ensure better access to essential medicines. I will fight to make sure this momentum continues because health care must include pharmacare.
Climate action is not just a moral duty; it is an economic strategy. Countries that lead the clean economy will lead the 21st century. Canada already has an 85% clean electricity grid and some of the world's richest critical mineral deposits. The clean economy should be Canada's economic advantage, and this bill would help to make that vision a reality.
We would extend investment tax credits for clean technology until 2035, support clean electricity generation from waste biomass and create incentives for polymetallic manufacturing. This would power a clean economy while cutting emissions and protecting our environment. We must do this responsibly. We must build, but build right.
That is why I will continue to insist that every major project meets the highest environmental standards. We can and must have economic growth and environmental protection together. We would accelerate nation-building infrastructure. The high-speed rail network act would move forward faster rail transportation between Quebec and Ontario under full Impact Assessment Act oversight, ensuring transparency, consultation and strong environmental protection.
This legislation is the foundation for a new era of nation building. It supports child care and pharmacare. It would build clean-energy projects. It would fast-track critical infrastructure, and it would protect Canadians from consumer fraud, environmental risk and financial instability. Bill C-15 would also establish the consumer-driven banking act, giving Canadians secure control over their own financial data and making our banks more competitive and responsive to consumer needs.
Across this bill, the message is clear: Canada will depend less on others and build more at home. We will build projects faster, train workers better, attract investment earlier and open more markets for Canadian goods and services. We are not seeking to simply weather the uncertainty that surrounds us; we are choosing to meet it with confidence, resilience and ambition.
This is our moment to build. We cannot wait for the world to settle. We must build Canada's strength now by investing in our people, our infrastructure, our innovation and our environment.
Bill C-15 would build housing Canadians can afford. It would make life more affordable. It would protect health care and move us toward stronger pharmacare and child care. It would put workers first, and it would turn climate action into a competitive advantage for Canadians.
In the face of global uncertainty, this government is focused on what we can control. What we can control is our ability to build an economy that is more independent, more innovative, more inclusive and more resilient than ever before.
Michael Kram Conservative Regina—Wascana, SK
Mr. Speaker, I agree with a lot of what the member had to say about the need to diversify our export markets and increase non-U.S. exports. For many years, Conservatives have been saying that the northern gateway pipeline project would be a welcomed way to increase our non-U.S. exports. In order for that project to move forward, the Liberals would have to repeal Bill C-48, the west coast tanker ban.
Can the hon. member share her thoughts and views with the House on repealing Bill C-48 so that the northern gateway pipeline project can move forward?
Salma Zahid Liberal Scarborough Centre—Don Valley East, ON
Mr. Speaker, for any pipeline project to go forward, there should be consultations. All projects should meet our strict environmental standards. I will make sure that any projects that move forward go ahead with proper consultation and after looking at environmental impacts.
Rhéal Fortin Bloc Rivière-du-Nord, QC
Mr. Speaker, I would like my colleague to clarify a few points. When she reviewed the budget, did she see any investments for the administration of justice? For example, we are currently studying Bill C-9 and will soon be studying Bill C-14, which has been referred to committee. We are therefore talking about administering prison sentences, increasing sentences and establishing minimum sentences, among other things.
Does the budget include measures for rehabilitating those who are sent to our prisons and penitentiaries? Are there measures to work with social agencies on prevention in order to reduce rising crime rates in Canada? What measures are in the budget to fight crime in Canada?
Salma Zahid Liberal Scarborough Centre—Don Valley East, ON
Mr. Speaker, of course, on this side of the House, we are committed to making sure that crime levels go down, because it is very important that every Canadian live safely. Every mother should have the satisfaction of knowing that if their young children go out, they will return home safely. That is why we want to get guns off our streets.
I hope hon. members will join me in supporting the bail and sentencing reform act, which would make Canadians safer. I hear from my constituents about it every day, and we will do the work necessary to make sure we put an end to crime.
Bill C-15 Budget 2025 Implementation Act, No. 1Government Orders
Nipissing—Timiskaming Ontario
Liberal
Pauline Rochefort LiberalParliamentary Secretary to the Secretary of State (Rural Development)
Mr. Speaker, I would like to congratulate my colleague on her excellent remarks.
At the Standing Committee on Government Operations and Estimates, the Parliamentary Budget Officer said that separating operating and capital expenditures is, in fact, a best practice. It is a best practice in government and it is a best practice in private industry. He said it allows us to track investments from both a budget perspective and a reporting perspective.
Today, I was delighted to hear my colleague speak to the importance of investments. I welcome her views on where she will see further investments in her riding.
Salma Zahid Liberal Scarborough Centre—Don Valley East, ON
Mr. Speaker, I want to reaffirm that this is an investment budget. We were elected in April on the promise of investing in Canadians and reducing our operating expenses. The build communities strong fund is a great example of how we are investing directly in our communities. It is the first time in the history of Canada that there is money dedicated directly to investment in the health care sector. It will put investments in the health care system and in local hospitals, which my constituents rely on.
We will see investments in our community centres, in better infrastructure and in better roads. These are investments that our community members rely on. It is important that right now, in these circumstances, we invest in Canadians and make sure that we build a bolder, stronger Canada.
Jagsharan Singh Mahal Conservative Edmonton Southeast, AB
Mr. Speaker, less than a year ago, Canadians went to the polls, and we all know what was top of mind for voters: It was affordability. For 10 years, under these same Liberals, affordability was thrown to the side. Our country's spending was mismanaged. They spent all the money they could and took no responsibility for the public purse.
Then came the current Prime Minister. During the election, he told Canadians he would be different and would not be like his predecessor, Justin Trudeau. He said that he would be responsible. The Prime Minister persuaded Canadians that they could judge him by the cost at the grocery store.
Many Canadians were not fooled. They knew, after 10 years, who the Liberals were. They voted for common-sense Conservatives, and now we have the largest opposition in years, with 25 new seats. I am proud to be one of the new MPs in this House. I was elected by the common-sense people of Edmonton Southeast, who wanted to fix this budget.
I recently met with one of my constituents who is from the U.K. She made it clear why our Prime Minister, the former governor of the Bank of England, should not be the Prime Minister of Canada after what he did to that country. She was not misled, but many Canadians were misled. They believed the Prime Minister would be different from his predecessor, Justin Trudeau.
With this first budget, which is the first real test of the Prime Minister, he proved that he is no different from Justin Trudeau. Like Liberals often do, they say one thing to Canadians and do the other. They misled voters. This is the same budget, if not worse, that we saw during the 10 years of Justin Trudeau.
Here are some of the promises the new Liberal Prime Minister broke. The Prime Minister promised a deficit no bigger than $62 billion, but what we got is a deficit of nearly $80 billion. This is $16 billion more than he promised and twice the size of the deficit left by Justin Trudeau. Who would have believed it was possible to spend more than Justin Trudeau?
I am sure someone told the Prime Minister when he took office that he had big shoes to fill, but I do not believe this is what was meant. He is spending the most in Canadian history outside of the pandemic and is doing so with a smile. Every hour, $10 million is being added to the national debt. This is proof that he is no different than the Liberals have been in the past 10 years.
The Prime Minister also promised to lower the debt-to-GDP ratio, but the analysis provided by the Parliamentary Budget Officer says otherwise. The PBO found that the debt-to-GDP ratio will be even higher than it was in the last economic update, and Canada is no longer projected to be on a declining path over the medium term.
In last fall's economic statement, it was noted that a declining debt-to-GDP ratio was “key not only for fiscal sustainability, but also to preserve Canada's AAA credit rating, which helps maintain investors' confidence and keeps Canada's borrowing costs as low as possible.” By allowing the debt-to-GDP ratio to get higher, the Prime Minister is not only adding debt; he is also making our debt expensive.
If it continues down this road, Canada will be unable to handle a lower credit rating and increased borrowing costs. The amount being paid on borrowing costs is already higher than the revenue brought in from the GST. Yes, the 5% levy on almost everything we buy in Canada is essentially only covering our debt servicing cost.
Think about where all the money could go if we were fiscally responsible and started reducing the amount of debt and debt servicing we have to pay. Our health care system is in shambles. Millions of Canadians cannot get a doctor or specialist and often go to emergency rooms. Imagine if more of our dollars could go to doctors, nurses and hospitals instead of just paying off old debt. By creating more debt, we are making this problem worse. The future generation will pay more.
Look at the system now. It is already overloaded. What do people think the system will be like for our children? They will be paying off the ridiculous spending of the lost Liberal decade for much longer than we will be alive.
The Liberal Prime Minister also promised he would invest more. “Spend less...invest more” has been the tag line of the budget, but in the budget itself, at page 38, there is a graph showing that in every quarter of this year, private sector business investment will fall. Who would have thought that the Prime Minister, an investor, banker and economist by trade, would see private sector investment fall under his watch?
Even before he was the current Prime Minister, he was Trudeau's economic adviser. He is responsible for the problem, which is proven by the fact that he would not invest in Canada. It was not that long ago that the Prime Minister was moving his Brookfield operations to the United States. It is only with taxpayer dollars that the Prime Minister is interested in investing in Canada. Even then, with our money, he is misleading about the investment in Canada. It has become clear that he has cooked the books.
The Parliamentary Budget Officer has confirmed this, saying that the Prime Minister's definition of capital spending in the budget was “overly expansive”. It defies international accounting standards. In the budget, the Liberals lumped corporate tax breaks and subsidies in with capital spending. Within international public accounting norms, we cannot consider this to be real capital formation. According to the PBO, the government's real capital spending is 30% lower than it claimed. That is a $94-billion difference. The Liberals cooked the books and are getting caught. It is no wonder they want to get rid of the Parliamentary Budget Officer.
The PBO also found that the budget will not even balance the government's operating budget over the next five years, abandoning what has been a key fiscal anchor. Very quickly, Canadians have learned that “spend less...invest more” really means otherwise; it means spending more and investing less.
Let me recap the broken promises. The Prime Minister broke his promise on the deficit. He broke his promise on the debt-to-GDP ratio. He broke his promise on investing more. In less than a year, the Prime Minister is showing us very quickly that the government is the same old Liberal government we have had for 10 years, maybe even worse. It is not what Canadians voted for. It is not what they want.
Conservatives could not support the budget. I am very proud of my vote against it. I am proud because my constituents voted for affordability. They are struggling.
Let me remind the House of the cost of living crisis due to 10 years of Liberal spending. Over the past year, the price of coffee has gone up 34%. Carrots are up 11%; beef, 17%; oranges, 7%; baby formula, 6%, telephone services, 8%; rent, over 5% and new vehicles, 4.5%. Do members know what is not going up this year? Paycheques, home ownership and the standard of living are not.
The people of Edmonton Southeast are fed up with Liberal spending. Conservatives will continue to stand up for Canadians and affordability. There must be no more cooked Liberal books.
The Assistant Deputy Speaker John Nater
It is my duty pursuant to Standing Order 38 to inform the House that the questions to be raised tonight at the time of adjournment are as follows: the hon. member for Courtenay—Alberni, Natural Resources; the hon. member for Regina—Lewvan, The Economy; the hon. member for Bruce—Grey—Owen Sound, Veterans Affairs.
Kevin Lamoureux LiberalParliamentary Secretary to the Leader of the Government in the House of Commons
Mr. Speaker, the number one issue I sensed at the door in the last federal election was the issue of Trump, tariffs and trade. People were genuinely concerned in regard to Canada's economy and the impact the issue was going to have. The Prime Minister made a commitment to Canadians to look at ways in which we can expand trade opportunities beyond the Canada-U.S.A. border. We will be patient, and we will work toward getting the best deal for Canadians on the U.S.A.-Canada-Mexico deal, going forward.
Does the member support the initiatives that the Prime Minister has taken in recent months to support expanding exports, whether it is with Korea, Indonesia, Philippines, India or England, and beyond?
Jagsharan Singh Mahal Conservative Edmonton Southeast, AB
Mr. Speaker, I honestly like that the senior member of the Liberals can speak for hours without saying anything or making any sense.
To answer his question, I want to say that the Prime Minister has been to the U.S., and there has been no progress. He has been to India, and India has increased tariffs on peas. He has been to China, and there are increased tariffs. He has been to England, and our beef exports are not at the level of what it is exporting to Canada.
The Prime Minister is touring country to country, a new country every time, but he comes back with literally nothing.
Luc Thériault Bloc Montcalm, QC
Mr. Speaker, earlier on, the Liberal member for Mount Royal tried to convince us that Quebec's Bill 2 is what weakened the health care system, when in fact years of chronic underfunding are to blame for Quebec and the provinces' struggles to meet their obligation to care for people.
The budget contains absolutely nothing for health care, apart from a measly $5 billion over three years for infrastructure. However, we know full well that a single hospital expansion project in Quebec can wind up costing about $4 billion. Does my colleague not think it is obscene that we are ending up with a $72-billion deficit, yet health care is not a priority?
Jagsharan Singh Mahal Conservative Edmonton Southeast, AB
Mr. Speaker, yes, indeed I do. There has been the same situation in my riding of Edmonton Southeast, where a hospital was projected to be built, with earlier costs set at $1.5 billion. The province had to push that because the cost is now over $5 billion.
The cuts that the government is making to essential services and to critical things like hospitals do not make sense. The amount allocated in the budget, $5 billion nationwide, is just peanuts, nothing but a joke to the health care system, which is already broken.