Mr. Speaker, I will be splitting my time.
It is always an honour to rise in the House, and I rise today to speak to Bill C-30, on the spring economic update. Unfortunately, the legislation confirms what Canadians already feel in their daily lives: that after years of costly Liberal fiscal policy, life is becoming more expensive, less predictable and harder to manage.
Before I dive into the details, I would like to set the stage by looking at how the nation is actually receiving this update. If we want to know how far the Liberal rhetoric is from the Canadian reality, we only have to look at the headlines from The Globe and Mail and the National Post this week: “Canada Strong is still Canada deep in debt”, the Liberals’ “upside-down [fiscal] world”, and “[Canada’s] 'New Government' has no interest in arresting our economic decline”.
To summarize the content of these headlines, if someone has been wondering what meaning to attach to that irritating phrase the Liberals are so fond of, “Canada’s new government”, they should wonder no longer, as the spring economic update makes abundantly clear that it means nothing. There is no use in being disappointed; we should all be managing our own expectations. The new government is no more interested in arresting our economic decline than the old one was.
It is clear the Liberals have no intention of changing their high-spending, high-taxing ways. Economists have sounded the alarm. Without aggressive measures to boost productivity, our country will continue to slide, yet in the bill, we see no commitment to deep deregulation, no effort at broad tax reform and no plan for growth. This is not progress. This is just more of the same, wrapped in a new coat of paint.
As always, I want to speak specifically about how this impacts the wonderful people of Long Range Mountains. When they look at this, they do not see a plan for growth. They see a document written for a boardroom full of Liberal elites. It bears no resemblance to the reality of life in Newfoundland and Labrador. At a time when hard-working Canadians are looking for relief, this offers something very different. It offers a costly credit card approach that doubles down on spending, increases the deficit and risks driving inflation even higher.
The Liberal Prime Minister has now doubled the deficit left by his predecessor, from $31 billion to $65 billion, and the consequences of that decision will be borne not by the government but by hard-working Canadians. The Liberals certainly do not consider the unique challenges that the people of Newfoundland and Labrador face, especially the challenges of the island portion of our province, where most of our fresh produce and everyday essentials must be shipped in. Building materials have to be brought across on the ferry. In Long Range Mountains, fuel is not a luxury but a lifeline. We do not have subways; we have vast highways with no cellphone service and unpredictable coastal weather conditions. The bill doubles down on fuel taxes that act as a geographic penalty on rural, remote and coastal Canadians.
Across the country, families are already stretched thin. The rising cost of food, housing and basic necessities is forcing difficult choices at kitchen tables across the country. Seniors are being squeezed by fixed incomes that no longer go as far as they once did. Young Canadians are postponing major life decisions because the cost of home ownership feels out of reach. They are losing hope in their future in this country.
When a father in Deer Lake fills up his truck to go to work, he is paying a premium for the Liberal government’s ideology. When a senior in Burgeo looks at the cost of home heating fuel, she is being squeezed by a Liberal plan that makes her life harder every single day. In that context, one would expect the legislation to show restraint and focus on affordability, but instead, it introduces $37 billion in new Liberal spending, on top of tens of billions already committed. It proposes the creation of a sovereign wealth fund that has no wealth behind it, relying instead on borrowed money. It would allocate billions more to international climate finance, millions for conferences and billions in subsidies that would do little to address the immediate pressures facing hard-working Canadians.
This is not a targeted plan to help families. It is an expansion of government at a time when Canadians need the exact opposite.
Liberals brag about $37 billion in spending, yet if we talk to any small business owner or walk into any grocery store and ask how they are managing to navigate in this environment, they do not want to hear about billions of dollars for international climate conferences. They want to know when prices are going to start to go down so they can manage to drive their kids to the activities they love and, at the same time, keep food on their tables. Seniors still living in their homes on a fixed income want to know when their money will once again be enough to live off.
Entrepreneurs want to have confidence that they can grow their business and hire more staff instead of constantly facing more costs that create uncertainty and stress. They want to innovate and work on their business instead of constantly wondering how they are going to make payroll. They want to continue to contribute to their communities instead of having to cut back because of constantly higher costs.
At a time when we should be focused on bringing costs down for hard-working Canadians, the bill proposes a sovereign wealth fund with no actual wealth behind it, only borrowed money. Meanwhile, the cost of servicing the national debt continues to climb. This year alone, debt interest payments will reach $59 billion, which is more than the federal government transfers to provinces for health care and more than it collects in GST revenue. This translates to roughly $3,400 per Canadian family just to cover the cost of Liberal borrowing. This is money that could otherwise be invested in Canadians' priorities, but instead it is consumed by the growing weight of Liberal debt.
Even more concerning is that the government's own projections show slow economic growth and rising inflation. In other words, despite unprecedented levels of Liberal spending, the fundamentals of the economy are weakening. Canada now faces some of the most challenging economic indicators in the G7, including high household debt, unaffordable housing, weak productivity and declining investment. These are not short-term fluctuations. They reflect deeper structural issues that this bill fails to address.
We hear a lot about team Canada, but there is a massive gap between Liberal rhetoric and the reality being felt by hard-working Canadians. We have young people in the trades who want to build their lives at home. We have resource potential that could make us a global energy superpower, but we are held back by a Liberal wall of regulatory bottlenecks. Whether it is the punishing industrial carbon price or red tape preventing us from developing our own resources, the Liberal government is standing in the way of Newfoundland and Labrador's economic prosperity.
Conservatives—