Mr. Speaker, just before we get going, I would like to put everybody in the festive spirit. This may be the last time we speak before we leave next week, and I want to say merry Christmas, happy holidays and the best of the new year.
I would like to remind people that there is a lot of great charity work going on in Barrie—Springwater—Oro-Medonte. Some of the charities are doing great work to help out the needy, and I remind people to keep supporting them and the people who are volunteering to do that. I thank them for the hard work they do.
I will be working the kettle a few times over the holidays, and I look forward to it. It is always fun, but it is also rewarding because it is nice to say hello to people and to get those donations, which are much needed. The Salvation Army does fantastic work.
I would like to remind all my colleagues here, in case anybody is in the Barrie—Springwater—Oro-Medonte area, as well as local residents, that we have some great parades coming up that I will be partaking in. We have one on Sunday, December 7, at Elmvale, which is always a great turnout. We have one on Saturday, December 13 in Warminster and on Sunday, December 14, in Anten Mills. I will be partaking in all those, and I am looking forward to that.
It is always nice to see people there and wish them a merry Christmas, so I encourage others to come out to enjoy the parade. I see my colleague down the row here smiling. He looks like he may be just driving over from the Goderich area to join us over there, so I look forward to that. That will be nice.
Let us get to business now. I am pleased to rise to speak today on behalf of the great people of Barrie—Springwater—Oro-Medonte about the Liberal government's latest budget, a budget that would fail Canadians on every front from affordability to jobs, housing and immigration. I would like to focus on the unfortunate state of this country's finances after 10 years of deficit budgets and how the Liberal government's inflationary policies are affecting families in my community.
Let us start with some facts. Under the Prime Minister, the budget would add $321.7 billion to the federal debt over the next five years. That is more than twice what Justin Trudeau would have added in the same period, and we all know that he was not afraid to spend. That eyewatering number equals roughly $10 million every hour added to our national debt. Every single hour that passes, the Prime Minister is saddling residents in my community and across Canada with another $10 million of debt.
Today, the national debt stands at $1.3 trillion, and it will cost $55.6 billion just to service this debt. That is more money than the government spends on Canada health transfer payments and more than the government collects in GST revenue. It works out to be more than $3,000 per Canadian household just to pay the interest on that debt.
Meanwhile, Canada's GDP growth is stuck at 1.1%, the second-lowest in the G7, and the unemployment rates will average 6.4% over the next five years. It is not just Conservatives speaking out about this Liberal disastrous deficit spending. Fitch Ratings said that this budget's massive spending increase and debt burden weakens our credit profile and underscores the erosion of the federal government's finances. Dan Kelly, the president of the Canadian Federation of Independent Business, called the budget, “a missed opportunity to provide meaningful...relief to Canada’s employers.”
In the spirit of collaboration, the Conservatives tabled an amendment to the budget to boost take-home pay and deliver affordable homes and food. This would have been accomplished by scrapping hidden taxes on food; cutting taxes on work, homebuilding, investment and energy; and stopping the inflation tax by keeping the deficit under $42 billion. Unfortunately, the Prime Minister and his finance minister ignored our pleas for a lower deficit and lower taxes and decided to add more than $90 billion in new spending, which would keep inflation interest rates higher than Canadians can afford. That means higher taxes, higher inflation and higher food costs. The numbers do not lie. This is not fiscal responsibility. This is a budget of recklessness.
Now, I will turn to how residents in my community and Canadians from coast to coast are paying the price for the government's irresponsible deficit spending. Statistics Canada's latest data show that Canadians are paying more for food, gas and rent under the Liberal government as inflation, particularly on food, continues to outpace the government's targets. Food inflation in Canada is nearly double the Bank of Canada's target, and food prices have been rising 48% faster in Canada than they have in the United States. The cost of strawberries rose by 25%. Beef stewing cuts rose by 20%. Ground coffee rose by 20%, and chicken drumsticks rose by 17% between March and September.
Food Banks Canada gave the Liberal government an F on poverty and food insecurity after both rose nearly 40% in two years. A decade ago, individuals with full-time jobs were not relying on food banks to feed themselves and their families. Now, the high cost of groceries is exasperating food insecurity, and many Canadians are turning to food banks to make ends meet.
Just recently, Food Banks Canada released a report stating, “Employment is no longer a reliable buffer against poverty”, and Canada is becoming “a country where hunger is normalized”. In October, in my community, the Barrie Food Bank served 8,100 people, including a record number of children and seniors. That is a 16% increase from this time last year, and it is outpacing donations. Karen Shuh, the executive director of the Barrie Food Bank, stated:
We’re sourcing as much food as possible at the lowest cost and recovering food that would otherwise go to waste just to keep pace, but the gap between what we can provide and what our community needs keeps widening. If someone gave $1 last year, we now need $1.16 just to keep food distribution at the same level.
Residents with full-time jobs, seniors and young people should not have to rely on food banks to make ends meet.
In response to these startling numbers, Conservatives put forward a motion calling on the Liberal government to stop taxing food by eliminating the industrial carbon tax on fertilizer and farm equipment, the inflation tax, the food packaging tax and the clean fuel standard, which adds 17¢ per litre of gas. Unfortunately, the Liberal government voted down this motion to remove grocery taxes, which continue to drive up the price at the till.
Housing is no better. The Prime Minister promised that the Liberal government would build 500,000 homes. However, a report from the housing industry indicated that the Liberal government's housing plan has gone from a promise of 500,000 to a plan that will cost 100,000 jobs. This report highlighted the latest preconstruction home sales data, which shows that, across Canada, sales have collapsed. In the greater Toronto area, sales of preconstruction single-family apartments have collapsed by 82%.
The Liberals also abandoned their promise to cut development charges, which can make up 25% of a home's cost. These fees have soared 700% in two decades, pricing countless Canadians out of the market. The Canadian Real Estate Association stated that this budget offers limited concrete measures to support Canadians aspiring to achieve affordable home ownership and risks slamming the door on home ownership for many.
Conservatives have a real plan to restore the promise of home ownership for a generation that has sacrificed enough. We want to end the federal sales tax on new homes under $1.3 million, tie federal infrastructure dollars to homebuilding, cut building taxes by half and axe the capital gains tax on reinvestment to get the housing we need built.
The Liberal government's budget also fails on the immigration file. Instead of fixing the housing crisis or controlling costs, the Liberals are making their immigration levels permanent, keeping over two million temporary residents in Canada by 2027, a 300% increase since 2015. The Liberals have no plan for the 500,000 undocumented persons or three million temporary workers whose visas are expiring. This failure erodes wages, increases unemployment and reduces access to housing, health care and child care for everyone. Canadians deserve an immigration system that is fair, just and sustainable, not one that hides costs and ignores security risks.
Our immigration system must put Canada first, which means inviting the right people in the right numbers, which we can absorb into housing, health care and jobs. It means having a system that allows newcomers to succeed as part of the Canadian family. It also means restoring the value of citizenship so that everyone who calls this country home, regardless of where they came from, is Canadian above all else. Conservatives will continue to fight to make Canada a place where anyone from anywhere can achieve anything by working hard, following the rules and contributing.
Finally, the cost of living crisis and the Liberal government's deficit spending is tragically affecting our young people. The most recent Statistics Canada's September labour force survey found that youth unemployment is increasing to 14.7%, which is the highest rate since September 2010. Students trying to balance school and work are in an even more desperate position, with 17.1% unable to find a job. This follows a brutal summer for our young people as the unemployment rate for returning full-time students averaged 17.9%, the highest rate since the great recession, excluding the first year of the pandemic.
I see that I am out of time. Perhaps during questions, I will be able to add the little I have left of my speech.