Madam Speaker, I rise in the House today to speak to Bill C-15, the budget implementation act, a document that should reflect the government's true priorities and stand as an exercise in rigour, transparency and accountability. Once again, sadly, that is not what we have before us.
The budget is traditionally tabled in the spring. This year, in a completely unwarranted move, the Liberals decided to table it in the fall. They promised a fresh start, a new way of doing things. They even pilfered a few Conservative ideas to try to pretty up their plan and make it more appealing to voters. With the Liberals, however, the more things change, the more they stay the same. This budget does not offer a fresh start. It is just a continuation of the past 10 years of out-of-control spending, chronic deficits and haphazard management. The projected deficit for this year is $78.3 billion. That is the largest in Canadian history, not counting the massive pandemic-era deficits.
Here again, the Liberals' projections are usually about as reliable as the weather forecast for a month from now. Cost overruns have become a tradition, if not a Liberal hallmark. The amounts they announce are astronomical to begin with, but Canadians know that, as usual, they will balloon even more. Every billion adds to the burden on future generations and, while the Liberals continue with their wasteful spending, it is our children and grandchildren who will have to foot the bill.
In an attempt to conceal the scope of the problem, the government has come up with some new accounting sleight of hand. Its latest gimmick is separating operational spending from so-called investment spending so it can claim that it will be able to balance the budget one day in some imaginary future. In other words, it decided that part of what it spends is no longer spending. By changing the way the math works, it magically made the state of Canada's public finances appear less catastrophic than it really is. This is what we call creative accounting, but it is so creative that it may eventually create problems for the Liberals.
Canadians do not have that luxury. Canadian households do not have that privilege. When a family makes a budget, they do not have the freedom to decide that certain expenses do not count. They have to live within their means. When they buy a house, they know it is an investment, of course, but that does not change the fact that they will have to pay for it, that the mortgage has to be reasonable and that their income has to keep pace. This government, however, acts as though money grows on the trees behind the Parliament buildings. It refuses to acknowledge that today's choices have a real, tangible and unavoidable impact on tomorrow's taxpayers.
I am not alone in calling out this creative accounting. The Parliamentary Budget Officer, Jason Jacques, whom the Liberals want to send packing and whom I commend for his impartiality and rigour, expressed the major concerns he has. His report on the budget recommends establishing an independent expert body to determine what might reasonably be considered an investment expenditure according to objective criteria. He said this because the definition chosen by the Liberals is subjective, malleable and overly expansive. The Parliamentary Budget Officer, whom the Liberals are trying to get rid of in short order, noted that the government categorizes a wide range of expenses, some of which relate to business tax credits, operating subsidies and permanent tax measures, as capital investments.
That just does not wash. Even the U.K. model, which served as inspiration for the Prime Minister, does not include such measures. Applying objective criteria, the Parliamentary Budget Officer, whom the Liberals hope to fire a few days from now, estimates that the expenses characterized as investments are in some cases overstated by more than $20 billion. That is not a little mistake, that is major manipulation. This difference clearly shows that the government is attempting to hide day-to-day operating costs beneath a veneer of investment. In reality, this is simply additional spending on the government credit card that will drive up the deficit.
Let us also talk about how others are looking at our situation. Credit rating agencies are scrutinizing our finances. They are looking at our budget trends, our fiscal credibility, and our ability to bring spending under control. They are concerned about what they have observed in recent years, just as much as economists and financial institutions in the country are concerned.
Canada was once a beacon of fiscal discipline. It had an enviable reputation for its capacity to balance budgets, rein in debt, and provide a stable and predictable financial environment. This reputation is now fading. A loss of international credibility has tangible consequences, including higher borrowing costs for the government, families facing higher rates, less flexibility for investing in actual needs, and lower investor confidence. All these things will chip away at Canada's economic resilience.
What are families going through while the Liberals are spending recklessly? Their grocery prices are constantly on the increase, rents and mortgages are skyrocketing, day-to-day expenses are exceeding their income, and they are feeling more tax pressure year in, year out. This budget has not addressed these concerns. It does not offer any plan to make life affordable. It is not tackling inflation. It does not promote prudent fiscal management. In fact, it is adding more fuel to the fire.
We are dealing with a Prime Minister who calls himself an economist, but he is driving this country into a wall. The Prime Minister likes to talk about the fact that he is a former governor of the Bank of Canada, but his time there does not appear to have had a long-standing impact on his ability to manage public finances. He is now acting more like the prime minister of a bankrupt Canada than a responsible head of government. This may not be an enviable title, but unfortunately, that is the title he is in the process of acquiring.
Conservatives have a clear approach: we have to live within Canada's means, protect taxpayers' money, cut wasteful spending, promote actual economic growth, put an end to chronic deficits, and most importantly, put the fiscal house back in order. We know that a country cannot spend more than it makes indefinitely. We know that today's deficits are tomorrow's taxes. We know that prosperity cannot be decreed: It is built through work, innovation, private investment, and a stable and predictable economic environment. Our proposals make sense, they are realistic, and they respect taxpayers.
I cannot help but conclude by reminding members about the Prime Minister's world tour, which has not brought down any of the tariffs imposed by our trading partners. While the Prime Minister is gallivanting around the world, we may well wonder whether he is defending the interests of small and medium-sized Canadian businesses or the interests of Brookfield.
On that note, I would like to point to the convergence of the budget's orientations with Brookfield's own, a company that manages assets of over $1 trillion. Like the government, this firm has their hands just about everywhere. The Prime Minister was still with Brookfield just before he threw his hat into the Liberal leadership race back in January, seeing as he resigned from the company on January 16.
Brookfield has investment projects in minerals, petroleum, housing, the railway sector, carbon capture, clean energy, the nuclear industry, data storage, and artificial intelligence. All these projects have restrictions. In this budget, we can see that the government wants to loosen these restrictions. Some would say that this is a coincidence. I would call this overlapping interests between a powerful global investment fund and a government whose Prime Minister worked for this fund just a few days before getting into politics.
The fact that the Prime Minister was well familiar with Brookfield's orientation is an open secret that becomes apparent upon going through the budget page by page and seeing the overlapping areas. This budget is neither responsible, nor transparent, nor is it credible. It conceals expenditure and makes excuses. It saddles future generations with debt. It threatens Canada's economic stability. It shows contempt for Canadian families which have to balance their budget at the end of the month.
The government could have done better. It ought to have done better. Instead, once again, it chose the easy way out: spend, borrow, and hope no one would look at the numbers too closely.
We will keep a close eye on those figures. The Conservatives will continue to stand up for the interests of Canadian families, to speak out against questionable practices and to work for an affordable budget for an affordable life, because Canadians deserve better and because the country's future depends on it.