Mr. Speaker, I rise to speak to the motion as it relates to the Liberal government's spring economic statement. It may be the spring season that prompted the Liberals to use this update to paint a rosy picture of our economy, but the reality on the ground is that the real and non-partisan numbers show a stark picture for residents in my community, especially among working families and struggling seniors.
The economic statement shows spending continuing to rise rapidly and no binding fiscal anchors. The growing deficit will only worsen as the Liberal government borrows more against the national debt. Debt service costs are rising rapidly, eating up more of each tax dollar than total spending on health care or defence. The fact is, Canada's economy has entered a recession. That is not a political talking point but an agreed economic viewpoint for decades.
Any period in which our economy sees two consecutive quarters of declining GDP is widely called a recession. This has been a mantra of economic statistics for decades. If others want to fight over the difference between a recession and a technical recession, the fact remains that there is nothing technical about a weak economy, as the Governor of the Bank of Canada described it just last week. A weak economy is what we see in 2026, when 112,000 more Canadians are out of work in just the first four months of this year and where, by per-person GDP, Canadians still have a lower standard of living than they did in 2022.
Worsening signs like this for Canadian household finances are, sadly, not hard to come by. Household savings fell to the lowest level in two years, with Canada having the highest household debt in the G7 by far. Statistics Canada found that Canadian household debt has outstripped income for six consecutive quarters. Equifax reported that insolvency volumes increased to levels not seen since 2009, up nearly 19% year over year. There are 1.5 million Canadians who have missed a debt payment in the first three months of this year alone, with mortgage delinquency rates climbing 32% year over year.
The Prime Minister promised us he would build the fastest-growing economy in the G7, yet we are alone among the G7 in having our economy shrink in three of the last four quarters. Promises to build quickly and build big to fortify the Canadian economy, through measures like the major projects act, a bill that I voted for, have not come to pass. Canada has neither designated nor started a single major economic project to fast-track a year after we passed that legislation. Instead, years of Liberal laws creating burdensome regulations, high taxes and persistent large-budget deficits have all made it increasingly expensive for businesses to invest in Canada.
I understand that many want to hold on to the belief that the rosy picture the Prime Minister paints of the country is accurate, but looking at his peers outside politics, we see the real story. The Prime Minister's own choice for the non-partisan Parliamentary Budget Officer said that the Liberals' deficits are billions higher than they claim. She showed that promises to reduce government spending are not reflected in rising personal costs, which will also increase by billions of dollars over the next several years. She showed that the government's revenue forecasts will fall short because of expected weaker wages and slower salary growth in a worsening economy. Lastly, she said the government's fiscal plan has a 1% chance of meeting its fiscal anchor to reduce the deficit-to-GDP ratio each year.
As someone who knows balance sheets in both the private and public sectors, I can say that if a fiscal plan showed only a 1% chance of succeeding, any small business or local government would be revising the plan. Instead, the Liberal government moves forward with more spending and more debt, which will only result in more taxes and more inflation. These are the national figures, but I would like to take a moment to focus on how these national trends are causing real tension in communities like mine in Similkameen—South Okanagan—West Kootenay.
A real and growing consequence of higher-than-average unemployment, sluggish wages and food inflation is that more people are turning to local food banks. No one should ever be ashamed of turning to food banks, but government should be ashamed of the worsening affordability crisis pushing more workers, more seniors and groups that have historically not availed themselves of food banks to use their services for the very first time in their lives. The government's allocated funding for food banks is insufficient. It will not curb the worsening affordability curve. We have seen that it is pushing these groups toward food bank services. The Liberal government has overseen the worst rise in food bank use in a generation, surpassing levels during the 2008 financial crisis and the height of COVID-19, and rural Canada is really suffering.
The amazing volunteers I recently met with at the Boundary Community Food Bank told me that they have seen a 73% increase in demand for their services since 2020, with 25% of their regular clients having only applied within the last year and 20% of their clients working full- or part-time. They told me that they now see over 100 seniors from within this little community needing their services each month, and this is just in the Boundary. It does not cover the Kootenays, the Similkameen, the South Okanagan or Penticton.
Similkameen—South Okanagan—West Kootenay has one of the oldest demographics in Canada. Seniors used to be the demographic most likely to donate to food banks. They were more likely to fill out a volunteer form than to apply for a food hamper. That is now changing rapidly. This increased turn for our seniors is leaving them financially vulnerable and less able to participate in their own communities as much as they once did. This is a huge loss.
Volunteers at community events have traditionally been older, partially because they had a little more in their bank accounts to fill an extra tank of gas for volunteer driving, for buying extra hamburgers or hot dogs, or for giving a little more of their day. After speaking with people in my region, and after speaking with colleagues from across the country, I feel that seniors are increasingly unable to volunteer because of the cost of living.
Over the last few years in my region, we have seen the loss of community events, such as those in the community of Penticton. In the last few years, we have lost Ironman, the Pentastic Jazz Fest, Ribfest and Okanagan Granfondo. Service clubs, which in the past were made up of seniors volunteering, are dwindling. It is impacting the entire community as a whole, and many seniors who are facing a financial crunch are considering even more dire options than simply not volunteering.
My office has heard from too many seniors who have exhausted their benefits and drained their savings and are inquiring into the terms of an application for MAID. It is a horrifying thought that, in Canada, the financial burden being carried by seniors should have them think that the best option is to end their life early, not on medical grounds but because of a harshly rising cost of living. This symbolizes an unaffordable Canada none of us should accept. Unfortunately, the spring economic update shows us little change in course to restore an affordable Canada for workers, families and seniors.
I move, seconded by the member for Oshawa:
That the amendment be amended, in paragraph (b), by replacing the words “paragraphs (b) to (f)” with the words “paragraphs (b) and (d) to (f)”.
