Mr. Speaker, our country should be the most self-sufficient and most affordable country in the world, because we have the most resources per capita in the world. We have the fourth-largest oil reserve in the world. We rank fifth in natural gas. We have the longest and most accessible coastline. We have the largest reserves of uranium and other ingredients used in fertilizers. We have the largest reserves of drinking water. We should therefore be the richest, most self-sufficient and most affordable country in the world.
However, how do we rank? Canada currently has the worst housing prices in the G7. We have had the worst economic growth for the past 10 years and the worst investment levels in the G7. We now have the highest food inflation in the G7. Half a trillion dollars in Canadian investment has left Canada for the United States over the past 10 years, and that amount has increased since this Prime Minister came to power.
We know what the problem is. We have a country that is paralyzed by bureaucracy, which is preventing us from accessing our own resources. Because of this bureaucracy, it takes 19 years to get a mining project approved. This bureaucracy has blocked the construction of two major pipelines to our coasts, which would have allowed us to export our greatest resources overseas. Bureaucracy is also preventing us from building natural gas liquefaction facilities.
How do we solve this? The Prime Minister's solution is to create even more bureaucracy. Since taking office, he has not repealed a single anti-development law or eliminated any of the anti-development bureaucracy. He has not given the green light to a single pipeline. What he has done is add new laws on top of existing laws, new regulations on top of existing regulations and new agencies on top of existing agencies. If we all agree that bureaucracy is preventing us from building in Canada, then more bureaucracy cannot be the solution. On the contrary, the government needs to get out of the way so that Canada can build economic sovereignty.
That is why we are proposing the economic sovereignty act today. The act aims to eliminate capital gains taxes for those who reinvest in Canada, which will help us attract the $500 billion in investments that have gone to the United States. This will enable us to develop technologies and build mines, factories and other economic infrastructure. We need to eliminate anti-development laws, such as Bill C‑69 and Bill C‑48, so that we can export our energy overseas and approve a pipeline to the Pacific now rather than in two years. We must also immediately pass laws that prevent our technology from being sold overseas and to other countries. Finally, we must give provinces a bonus for every interprovincial trade barrier they remove in order to accelerate true Canada-wide free trade. The Prime Minister has given the illusion that he is taking action with signing ceremonies, photo ops and grand speeches. We do not need speeches. In fact, we do not need him to do anything but get out of the way.
We are moving this patriotic motion in good faith to liberate our entrepreneurs, investors and workers, to bring production and paycheques back to Canada and to allow us to truly be masters in our own house. By passing the sovereignty bill, we will become masters in our own house and we will control our own destiny.
Canada should be the most affordable and autonomous nation on earth. We have the biggest oceanic coastline. We are number one in uranium and potash. We are number four in oil. We have the sixth-highest production of natural gas anywhere on earth. We have the most fresh water. We have the sixth-largest amount of farmland per capita, yet somehow we cannot feed, fuel or defend ourselves.
It should be dirt cheap to live in Canada because we have the most dirt to build homes on, to dig resources from and to grow food in, yet we are one of the most expensive places to use energy, to buy homes or to buy food. In fact, food price inflation is now the highest in the G7 after a year of the Prime Minister promising to bring prices down. We have 2.2 million people who line up at food banks. We have the most expensive real estate in the G7. Our energy costs are soaring while we cannot get our own resources out of the ground and to markets.
What is worse is that our economy has become even more dependent over the last decade. Half a trillion dollars' worth of net investment has fled to the United States of America. Canada has had the worst economic growth of any G7 nation under the Liberal government. We have the worst investment. In fact, we get 15,000 dollars' worth of investment per worker, while the Americans get $28,000, both measured in United States dollars. This has left us poorer, weaker and more dependent on other countries.
We all understand the problem. Canada's economy is paralyzed by the high cost and slow pace of our massive bureaucracy. Everybody agrees that the permitting times are too slow. We know the only thing standing in the way is this bureaucracy, because we have trillions of dollars in pension fund investment waiting on the sidelines or invested overseas, tens of thousands of construction workers ready to get to work, and the most resources per capita in the world. The only things standing in the way are federal permits. Because these are interprovincial projects, they only require federal permits.
The Prime Minister's solution to the problem of too much bureaucracy is to create even more bureaucracy. We have too many agencies blocking resource development, so he creates a new agency to stack on top of it. We have too many laws that stand in the way of safe and responsible resource development, so he creates even more laws. He is confusing the problem with the solution. We do not need more signing ceremonies, more summits, more laws, more agencies, more corporate buzzwords or more abracadabra. What we need from the Prime Minister is one thing: for him to get out of the way and grant a permit. The unique power to build interprovincial pipelines is a federal power under the Constitution, and the legal power is with the Prime Minister, under Bill C-5. He only needs to get out of the way and grant the permits for these things to happen.
We propose a Canadian sovereignty act, which would make us strong and self-reliant and would let us stand on our own two feet. It would repeal the anti-energy laws, Bill C-69 and Bill C-48, so we can ship energy off our coast. It would rapidly approve a pipeline to the Pacific in order to move 30 billion dollars' worth of our oil to overseas markets, which is bigger than the total exports to China in an entire year. It would eliminate the capital gains tax on reinvestments in Canada, causing an economic boom and bringing that half a trillion dollars' worth of investment back. It would require incentives and other rules in order to keep the new Canadian technology we invent here in Canada. It would create bonuses for our provinces when they open up their markets to free trade across Canada.
This is a real and serious plan to make Canada the most affordable and autonomous country anywhere on earth, a nation that is strong enough to stand on its own two feet and sovereign enough to never have to bow before any other nation. We call on all parliamentarians to rally for this mission because our country is worth the fight.