Madam Speaker, before I get started, I want to notify you that I will be splitting my time with my good friend, fellow Calgarian and sometime airline seatmate, the member for Calgary Crowfoot.
There is nothing technical about the 2.2 million Canadians waiting in a food bank line hungry because of rising grocery prices due to the Liberal government's failed policies. There is nothing technical about the dad in Windsor who has just lost his job telling his kids around the dinner table that times are going to get tough because of the failed policies of the Liberal government. There is nothing technical about the single mom who is at the grocery store wondering what she can and cannot buy this week and how much she will actually be able to eat because of failed Liberal policies.
The Prime Minister is the guy who said he could get Canada back on track. He sold himself as the guy who would have the fastest-growing economy in the G7. He sold himself as that during the election. What he ended up doing was plunging Canada into a full-blown Liberal recession, and in fact the only country in the entire G20 to do so. The Prime Minister is the only leader in the entire G7 to plunge their economy into economic decline in three out of the last four quarters. He has been Prime Minister only for a year, and he is already delivering these failed results. Canadians are the ones who are having to pay for it: through food bank lines that are growing, through the insolvencies that are growing, and just through the pain and suffering we are seeing all across this country because of failed policies.
Last week, the independent PBO came out with a very scathing report on the government and its so-called fiscal anchors, which seem like they do not even exist anymore. First, members will remember, back in the day, when Chrystia Freeland was here and claimed that the debt-to-GDP ratio would go down. The Liberals were so confident in that, they completely removed it as a fiscal anchor altogether. Poof, they got rid of it, but now they quietly, sneakily, brought it back. However, the PBO slammed them, just last week, saying that the debt-to-GDP ratio would go up, debunking their claim that it would go down.
In their last budget, the Liberals brought in another fiscal anchor. They said they would do deficit-to-GDP ratio. However, the PBO slammed them last week, saying that they will have a less than 1% chance of meeting that fiscal anchor, but that percentage is still better than actually having a Liberal answer a question in this place. Then they said they would balance their operating budget, but we just found out last week that they are actually going to spend $7 billion more than what they sold Canadians.
It is always these fake promises, these fake handshakes and fake MOUs. Everything about this government is fake. The Liberals sell themselves as economic kings or someone who can handle the economy, but at the end of the day, it is always failure. It is more costs, more debt, more taxes, and it is always on the national credit card. At the end of the day, Canadians have to pay for all these Liberal failures.
The PBO said, “Business investment continues to lag”, which is something the Bank of Canada has been warning about for years now. In fact, the deputy governor of the Bank of Canada, Carolyn Rogers, many years ago, said that Canada is in a “break glass” emergency. They said it is about our productivity, which has not gone up. Productivity and the cost of living or the way people live, their standard of living, are the exact same thing, according to them, and that is why we are seeing so much pain and suffering across the country.
The PBO said that “firms postpone expansion plans amid heightened uncertainty.” The PBO also said, “Persistent uncertainty is...weighing on business investment and household spending”. Businesses are not investing, expanding or hiring because they do not have confidence in the direction of the economy.
That is clear to see in the numbers. In the last year alone, $1 trillion of net Canadian investment has flown out of Canada to the U.S., and since this Prime Minister took office, $20 billion of net investment has also left Canada.
We hear the Liberals brag about how good the economy is and how good Canadians have it. Then why do we not see it? They will cherry-pick or come up with random things that they think Canadians will fall for, but every time a Canadian goes to the grocery store or fills up a tank of gas, whenever they pay for something or get their taxes done, they see clearly and fully experience this full-blown Liberal recession, because when costs go up for them, that is what they experience. When their wages are not going up and their incomes are not sufficient, that is something they actually experience. The Liberal government continues to tell those 2.2 million Canadians in a food bank line that they are just technically hungry, technically out of food, technically out of money, and the people missing their mortgage payments are just technically experiencing that, but this is what they are actually experiencing.
Canadians are suffering. The Liberals refuse to even listen to Canadians. In fact, the Prime Minister is so out of touch, he said that affordability is the best it has been in an entire decade, which is completely false. Canadians have increasing grocery prices because of things like high taxes and the burden that the Liberal government has put on businesses. On top of that, it is slamming Canadians, farmers, truckers and other industries with its industrial carbon tax, which does not make just the cost of food go up. It makes the cost of everything in the supply chain go up. With Liberal thinking and Liberal math, Liberals think they are just charging the highest emitters or the corporations. Those corporations and businesses will pass on the cost, and that cost, ultimately, has to be paid by the average Canadian. That is why Canadians cannot keep up.
In fact, today, under the Liberals, an average Canadian is spending 120% of their paycheque on necessities like food and shelter. Liberals have doubled the cost of housing and made the cost of food go up. In fact, the Prime Minister gave Canadians the worst food inflation in the entire G7. That is why Canadians are now using up their entire paycheque mostly on housing, and everything else goes on a credit card or they borrow money. We are seeing debt loads. That is why Canadians are now also the most indebted households in the entire G7. They are picking up more and more on credit just for necessities.
It is not like the government does not have solutions in front of it. In fact, for the last 10 years, Conservatives have been putting forward solutions, but for every solution, it seems the Liberal government puts up two or three more problems for Canadians. For instance, what Conservatives would do and what we are proposing is to scrap all the antidevelopment laws the Liberal government passed. Let us get rid of Bill C-69, the “no new pipelines” bill. Let us get pipelines built in this country, along with LNG plants, mines, dams, all the infrastructure that Canada needs to get its resources to market and spread them out to the world. Let us get those antidevelopment laws out of the way. Let us get rid of the tanker ban. My colleague from Calgary Signal Hill has put forward a bill in this place to get rid of the tanker ban. Let us get pipelines built. Let us get a pipeline built to the west coast, but it needs to be able to get from the west coast to Asian markets. We have to get rid of the tanker ban. Let us get rid of and scrap the industrial carbon tax, which will make Canada more competitive on the world stage.
The world needs what Canada has. We have it all under our feet. We just need the Liberal government to get out of the way so we can produce more and spread it to the world. We need to lower taxes, whether it is personal, business or corporate tax, so we can create a better investing environment so that investment comes back to Canada and does not flow out. Let us get the capital gains tax deferred, as in the plan the Conservatives have put forward. Any company reinvesting its earned capital gains will be able to defer its capital gains tax so we can get more people investing in more jobs and more equipment and have more investment back into Canada, not let it flow out as the Liberals have done over the last 10 years. The government waste seems endless, whether it is the $20 billion in Liberal-connected insiders or the $90-billion train boondoggle.
Let us get rid of those. Let us get Canada back on track and make Canada the most profitable country in the world.