Madam Speaker, the previous incarnation of the Liberal government was led by a man who believed that budgets somehow magically balance themselves. He clung religiously to that belief, even after 10 years of watching the deficit get bigger and bigger. No wonder he thought Canadians would forgive him if he did not think about fiscal policy. He obviously did not understand that the government deficit is a debt owed by the Canadian people. It does not magically vanish. It has to be repaid, or the government and the country go bankrupt.
With a change at the top of the Liberal Party, Canadians were hoping to be able to look to Parliament for serious leadership. They voted for a government willing to meet and deal with the challenges our country faces. What they have been given instead is an accounting flim-flam, another record deficit with no plan to pay the money back. We can let our great-grandchildren worry about that, as Canada's national debt has passed the once unfathomable $1-trillion mark and continues to grow at more than $4.5 million dollars every hour.
In 10 years, the Liberals have more than doubled the national debt, and what do Canadians have to show for that? Obviously, there is nothing. Bill C-15, budget 2025 implementation act, No. 1, will drive up the cost of living for every Canadian. Whether it is food, home, or anything else, Canadians will pay more.
Just six months ago, the Prime Minister promised to keep the deficit at $62 billion. When the finance minister announced in his budget that the number had grown to $78 billion, it was just another broken Liberal promise. There have been so many that the Liberals do not even keep track. Instead of being lowered as promised, the debt-to-GDP ratio is rising and inflation is rising with it. The Prime Minister promised to spend less. Instead, he is spending a lot more. He is spending $90 billion, which is equal to $5,400 per household in more inflationary spending.
The Prime Minister promised to help municipalities cut their homebuilding taxes in half, and this costly budget breaks that promise. Higher housing costs are the price of this Prime Minister. The Building Industry and Land Development Association has expressed deep disappointment and concern with the budget's response to the serious crisis impacting the housing sector in Canada's largest municipalities. It seems what once was a promise to deliver 500,000 new homes annually has now become a plan that will cost 100,000 jobs. How is that making things better for Canadians? The question and the answer are with the government.
Earlier this year, the Prime Minister was talking about big plans to improve Canada's economy. He promised more investment. His budget reveals investment is collapsing, and Bill C-15 does nothing to help that. There is consistency here, though. As our health care system is strained and in need of help, once again, the federal government plans to spend more on debt interest than on health care transfers. Anyone who can do basic math would tell us that adding to the deficit and increasing the national debt means less money for health care and the other things Canadians need.
Most people do not like paying taxes because they feel the government is just wasting that money. The attitude is understandable when we realize the Liberals are paying more in interest payments on their record debts than they collect through the goods and services tax. This means that every dollar the federal government collects through GST is going to paying off the Liberal debts. None of it is being used to help Canadians. Nothing in Bill C-15 can hide that fact and that reality.
The Liberals are adding $321.7 billion to the federal debt over the next five years, more than twice the $154.4 billion the previous administration planned for the same period. It is double what the previous administration was planning for. Numbers once considered to be unthinkable are introduced with a shrug. There is no plan to put our fiscal house in order. Canadians are going to be paying for Liberal boondoggles for generations to come.
When I look at these numbers, I feel like I am living in a fairy tale. It is not one of those nice Disney fairy tale movies with a happy ending, but a Brothers Grimm tale where, at the end, people get eaten. The Liberals are telling us this is a Disney budget, but the numbers are pretty grim and, like most fairy tales, not believable. We can forget the fancy Liberal words and look at the reality: Bill C-15 does not have a happy ending.
Under the Prime Minister, real GDP has grown by only 1.1% in 2025, which is the second-lowest growth in the G7. The unemployment rate is expected to be at 6.4% over the next five years and Canadians will still suffer from the effects of the job-killing industrial carbon tax.
In the Gospel of Matthew, we are told the story of two men. There was a wise man who built his house on rock. The rain came down, the streams rose and the wind blew and beat against the house, yet the house did not fall because it had its foundations on the rock. What is true in home construction is also true in government spending. The Prime Minister and his minister of finance remind me of the other man in that biblical story, the foolish man who built his house on sand. The rain came down, the streams rose and the winds blew and beat against the house, and it fell with a great crash.
This budget implementation act would firmly build Canada's fiscal house on sand. It is only a matter of time before our fiscal building and our nation crash.
Canadians expect better from the current administration than more broken Liberal promises. It was not even a year ago that the former Liberal finance minister resigned rather than tell Canadians that the deficit would balloon to $62 billion and that the government had lost control of the finances of the nation. The Liberal Party turned to the current Prime Minister as a saviour, believing his reputation for sound fiscal management. Instead of a plan to get government finances in order, we have a plan to spend, spend, spend and a record deficit for a non-pandemic year. That is not a plan; it is a disaster.
If I had run my business the way these Liberals run the country, I would have gone bankrupt almost immediately. Government is not a business, and I do not expect it to be run like a business, but I do expect it to run with an understanding that today's decisions impact the future. This is taxpayer money that we are entrusted with, and we need to spend it wisely. Deficit spending that adds to the national debt with no plan or hope of repayment is not wise. The Conservatives asked for an affordable budget for an affordable life. Instead, they got reckless spending that would do nothing to make life better for the people of this country.
On behalf of the Canadians whom the Liberals have priced out of food, homes and life, Conservatives will oppose this costly deficit budget that would gamble away Canada's future. Can this bill be fixed? Yes it can, if the Liberals are willing to listen to reason. Canadians need a boost to their take-home pay. They need affordable homes and food. To do that, the Liberals need to end the hidden taxes, cut wasteful spending, open our country to opportunity and get rid of bureaucracy to build affordable homes.
Is the Prime Minister willing to do the work, or to work with everybody, to support a positive, hopeful and affordable future for all Canadians? The question remains with the government and with the Prime Minister.
