Mr. Speaker, it is always an honour to rise on behalf of the soup and salad bowl of Canada, home to Honda Civic and the best potatoes this side of P.E.I.
In the spring economic update, and throughout this debate, the Liberals have made it apparent that they believe Canadians have never had it so good. The Minister of Finance even introduced this update by telling us, “the dream of Canada is alive and well.” I think we need a reality check.
Let me share what is happening in my community, because it tells a very different story. Last week, my son came back from running a booth at a local job fair. He came back upset and shocked. He told me he saw hundreds of people lined up, résumés in hand, hoping for a chance to work for one of the few employers in the area still hiring. That was not the shocking part, given that the unemployment rate is now almost 7% across the country. What was shocking to him was the number of seniors in those lines.
I am lucky. My son is an old soul. He does not come to me often, but he was very upset. He told me how sad it was to see elderly men in dated suits that had not been worn in years, helped along by wives for whom just standing in that line was an immense effort. Those couples were not there out of choice or ambition. Those people had already worked their whole lives, earned for their retirement and assumed that this chapter was behind them, but now they are pushed back into the workforce because the cost of everything has risen so far and so fast.
Unfortunately, very few will manage to get a job at all. It is not just them: All generations are struggling, right across the country. Young people have given up on owning a home. Families are choosing between groceries and rent. It is infuriating that this is the reality facing our people today. This is the new normal in Canada, after 11 years of the Liberal government. Canadians are being asked to accept what used to be unacceptable: crowded emergency rooms, no doctors, two million people lined up for blocks around food banks, and rampant crime and homelessness in our streets. We see it every day.
Now even our proud Snowbirds, a symbol of Canadian excellence for generations, are being grounded for years and replaced with inferior aircraft that do not come close to what we have today. In every corner of Canadian life, the message from the government is the same: “Lower your expectations.”
Instead of aspiring to build a better Canada and restoring the fiscal responsibility this country sorely needs, the spring economic update confirms that the Liberals are spending money they do not have and charging the bill to Canadians who can least afford it.
The Prime Minister promised to spend less than Justin Trudeau, but under his leadership, direct program spending has increased 12.4%, and the deficit has doubled from $31 billion to $65 billion. Their own projections in this update show the national debt reaching $1.63 trillion by 2031. Every dollar of that debt comes with a price tag. This year alone, the price is $58.7 billion in interest payments. That is more than the federal government collects on GST and more than it transfers to the provinces through the Canada health transfer. That is $3,400 from every Canadian family: not for hospitals, not for highways, not for any of the people in that job fair line, just for the interest alone. This level of overspending is indefensible, given the windfall of tax revenue the government has collected through higher-than-expected oil prices over the past year.
What did they do with this windfall? They spent 80¢ of every new dollar. They fell short of their own promised savings in operating expenditures by $30 billion. The debt-to-GDP ratio, the government's own preferred measure of fiscal health, will continue rising until 2030. Instead of returning that good fortune to Canadians through lower taxes or applying it against the deficit, the government used it as a licence to spend even more. We see this with the so-called Canada Strong fund. There is another slogan. The Liberal government cannot even manage its own finances, but now it wants to leverage Canadians' own money towards projects underwritten by even more debt.
The key to a sovereign wealth fund is wealth, after all. After 11 years of the Liberal government, Canada has none. Our country is poorer due to Liberal policies that have blocked economic growth, fuelled inflation and increased our national debt to record levels. Now, just as they did with the failed Canada Infrastructure Bank, the Liberals claim that this $25-billion fund will attract investment that it would not otherwise attract. This begs the question that I have asked so many times in this chamber: If this fund is so great and will produce such an amazing return on that investment, why would we stop at $25 billion? Put in $100 billion. Why not put in $250 billion? After all, according to the government, it is just a capital investment. It is basically free. Well, we all know the answer to that, because at some point even the Liberal government has to own up to the fact that incurring massive amounts of debt is not an investment strategy. It is a liability, and $25 billion of it deployed into projects of the government's choosing is not a true wealth fund; it is a gamble, and Canadians are being asked to cover that bet.
This is a recurring theme with the Liberal government's approach to the economy. It is always our people who have to suffer the consequences of this Prime Minister's economic and trade failures, and right now they are struggling in record numbers. New insolvency data shows that over 37,000 Canadians filed for insolvency in the first quarter of 2026, the highest level since the great recession. Our people are carrying $2.6 trillion in household debt, while mortgage delinquency has reached its highest level in five years. With this spring economic update, the Liberals are adding more debt, more costs and more taxes on the backs of Canadians, who are already at the breaking point.
Even worse, all this is taking place while Canada is still without a trade agreement with the United States. The uncertainty, tariffs and job losses that flow from that into auto manufacturing, into agriculture and right across the economy have more of an impact than anything announced in this update. The Liberals are failing on both fronts: They have not lowered the debt, increased investment or unleashed our economy, and they still have not gotten Canadians the trade deal they need.
The Liberals would have us believe that if one does not support their spending, their failures and their misplaced priorities, they somehow do not support this country. It is crazy. Some members in this House may choose to set aside their principles to prop up this government. However, as a member of His Majesty's loyal opposition, my job is not to blindly support the government's agenda. It is to make Canada the best it can be by holding the government to account on behalf of Canadians.
The spring economic update is not a plan to make Canada stronger. It is a plan to make Canadians poorer, and that is just not good enough. I believe in a Canada where hard work is rewarded, where the dream of owning a home is within reach and where the generations that follow us inherit something better than a lifetime of debt with nothing to show for it. That Canada is possible, and Conservatives will fight every day to make it happen.