Mr. Speaker, I will pick up where I left off. While families are counting every dollar, we must ask ourselves a question about public finances: Is the Liberal government holding itself to the same standard it expects of our youth? I would remind the House that the Prime Minister told young people that they should tighten their belts. Let us look at this together. The federal government's spring economic update projects a $65.3-billion deficit for the 2026-27 fiscal year. That is on top of last year's $67-billion deficit. We are talking about an average of $60 billion per year for the next five years, which means we are running a deficit year after year.
I understand that we need to invest and that there is necessary infrastructure, essential services and decisions that cost money. We know that, but the money must be spent for the good of the future. Simple questions should be asked about every investment. How much will it cost? How much will it bring in? Who will foot the bill?
There is a situation that we cannot ignore. This year, the government expects to pay $58.7 billion in interest on the debt. That is more than the $57.4 billion in health transfers. I want members to think about that. The government is paying more on the debt than it is transferring to the provinces to help our citizens stay healthy and heal. When we run up deficits, we are obviously also committing part of the following years' revenue. Who is going to have to live with the consequences of these decisions? It is our children and grandchildren, those who have not even started working yet, who have not even gotten their first paycheque, their first apartment or their first home.
I also want to talk about young Canadians. I believe that they are the ones who are going to have to live with the most troubling consequences of the cost of living crisis. For generations, parents worked with a very specific goal in mind: to give their children access to a better future. They made sacrifices to put their kids through school. They saved up money to buy a home. They built businesses and helped our regions and communities grow. They are not asking for their children to be ultrawealthy. They just want them to have the means to build a life for themselves.
Today, as reported by Statistics Canada, the reality is that 40% of young people aged 20 to 34 are still living at home with their parents. Young people do not stay home because they want to, but because they are unable to save enough money. Home ownership feels increasingly out of reach for them. In fact, 40% of renters say they have given up on the idea of ever owning their own home. When a young person has to spend all of their income on housing, food and transportation, there is nothing left to launch a business, start a family or achieve their goals.
When we talk about the cost of living, we are also talking about mental health, confidence and hope. We are talking about young people putting off important milestones in their lives, not because they want to, but because they do not see how they can afford their future. I think we need to collectively ask ourselves what this means for the future of our regions, our language, our culture and our country. We need young people who can fully participate in our society, young people who have a hope of achieving this, young people who can start a family and keep the Quebec and Canadian nations alive by having enough children to ensure births outnumber deaths every year. Our young people must not be condemned to wait for economic conditions to improve while decision-makers play politics with the future of our nation. Our young people should not have to put their future on hold.
I would like to take a moment to talk about our entrepreneurs. We cannot build an affordable economy without businesses that can create jobs, innovate and generate wealth here at home. I am thinking of young people aged 18 to 20 who start their own business. They take risks, work 60 hours a week, create jobs and pay their suppliers, all while trying to set aside a little for their future. We need to give them the opportunity to succeed. We also need to consider the role we assign to these Canadian businesses. This week, an analysis by the Toronto Star reported that U.S.-controlled companies have received $7.8 billion in federal contracts over the past 16 months, a 50% increase. All of this is happening at a time when the Prime Minister is telling us that we are in a trade war with the United States, and at a time when the Liberals walked away from the negotiating table without offering a single explanation, neither to the House of Commons nor to the public.
We also need to clarify a few things about some of these companies here in Canada. They employ Canadians, but the problem is that they siphon profits overseas. The Prime Minister tells us that investment in the country has never been higher, but we need to clarify something: About 50% of that investment consists of takeovers of Canadian companies that are being sold to foreign interests. This raises a legitimate question, in my view. When we want to invest public funds, we have to ensure that we are contributing to the sustainable development of our own capacity, our own businesses, and our jobs. We must demand efficiency when it comes to major projects.
Here is an example. The spaceport in Nova Scotia represents a $200-million investment over 10 years for a lease. We agree that developing our space capacity is a good thing, but we need to be able to explain why this approach was chosen and why it was better than the others. What are we getting for our $200 million? When we realize that Norway's spaceport, which is similar to ours, costs $45 million, not $200 million, and is 90% owned by Norway, we have to wonder.
I want to circle back to the case of the nurse from Charlevoix. She worked and contributed to the company for 38 years. She honoured her contract and now she worries that she might not be able to retire. The thousands of messages that I have received tell different stories, but one thing keeps coming up all the time. Will all the efforts being made actually get something built? I believe we have a responsibility here, in the House of Commons, the people's House, to take these concerns seriously.
We have a responsibility to make decisions that we can explain and justify and, above all, to preserve for coming generations the opportunity for them to build their own future. A country is not built solely on programs and announcements. It is built by people who work, people who take initiative, people who care for others and people who start families and pass something on to their children, and working hard should still make it possible to achieve that.
