Madam Speaker, I will be splitting my time with the hon. member for Richmond Hill, my fellow York Region colleague.
I am speaking today on an important topic that the opposition has brought forward, and I will start by saying that Canadians have been through a lot over the last several years. To put that in context, Canadians have gone through a global pandemic. This was a once-in-a-lifetime event, a once-in-100-years event; obviously, it took a toll on Canadians. A massive component of our economy was frozen; kids needed to stay home from school, and businesses were shut. However, our government was there to support Canadians, Canadian workers and Canadian businesses. Yes, we invested in them during this time. We did this to ensure that, when the pandemic finished, the Canadian economy would exit the downturn it caused and people would get back to work. This is exactly what happened.
Of course, after the pandemic, we had the war in Ukraine. It was the first time in 80 years that war was brought back to Europe. There were supply chain snarls and, with them, global inflation. We saw inflation take effect across the world because of supply chain bottlenecks; the demand that was created during the pandemic, when everyone was stuck at home, and subsequent to it; and, of course, geopolitics.
In the Canadian economy, we are now at a point where, inflation has returned to 2%, the bank's target range. Interest rates are coming down, and we saw the Bank of Canada cut 75 basis points today. The governor indicated that further potential cuts will come down the road. My personal opinion, as an economist, is that the Bank of Canada will continue cutting rates through this next series of meetings. If I had to provide a forecast, it would probably be between an additional 150 to 225 basis points, but probably near the 200 basis-point range.
Where does this leave Canadians? We know that Canadians have endured a lot with global inflation, COVID, wars going on and uncertainty in the world. However, we have had the backs of Canadians, and we will continue to do so. Why is that? It is because we have put in place transformational pillars to strengthen our social safety net; create the conditions for economic growth, wealth creation and job creation; and move the country forward.
When I think about the Canada child benefit, which we put in place in 2015, it now sends nearly $30 billion in tax-free monthly payments to families across the country. This includes over $100 million in my riding of Vaughan—Woodbridge. It is helping tens of thousands of kids in my riding, lifting almost 400,000 kids out of poverty, and we are no longer sending checks to millionaires. These are substantive measures.
I think of the national early learning and day care plan; in the province of Ontario, fees have been reduced by 52.7%. Working in collaboration with the Progressive Conservative government in Ontario, we will see $10-a-day day care, on average, by September 2025. We know it is working because my daughter is in day care, and we have seen a reduction. Our family, who is blessed with much, has seen over $10,000 in after-tax savings. I have much gratitude for our blessings. Those are real savings for families.
We have also introduced the Canadian dental care plan, and 750,000 Canadians who could not afford to access a dentist have now gone to one.
These are measures that help Canadians. However, we must now create the economic conditions to ensure that we can afford these generous programs, such as increasing old age security by 10% to over three million Canadian seniors aged 75-plus. This made a real difference in the pockets of Canadian seniors.
We know the opposite party has a notion of what Canada is, but I have my own notion, and so I will disagree with them. Despite some of the headwinds we have faced, I like to refer to this decade as Canada's decade. I believe that Canada is the best country in the world. It is not because we are perfect. We are a work-in-progress. However, I know that there are millions of people who would move here tomorrow morning, and I would rather not live anywhere else. I like to vacation in other places, where it may be sunny, but this is the best country.
When we think about what we have put in place as a government, working with unions and industry, we can say that this is Canada's decade. Yes, interest rates are descending. Consumer confidence in Canada has hit a 29-month high, according to Bloomberg-Nanos. I think about our strategic investments in artificial intelligence, in electric vehicles, in critical minerals and in the supply chain for electric vehicles. BloombergNEF has rated us the number one country in the world. Depending on the year, it can be number two versus China, but we are number one. I think of our investments in Canadians and in learning.
We put all those measures in place, working with the provinces on our electricity system for a competitive advantage, in the sense that almost 90% of Canada's electricity system is green. We are working with companies in Alberta, such as Dow Chemical, with a $10-billion investment, or Linde, with a $2-billion investment. We are supporting Atlantic Canadians, ensuring that electricity rates remain low to be competitive and attract industry. This is truly Canada's decade.
Looking around the world, we can say that we have what the world wants. We have the energy, the natural resources and the human capital. I am looking at the sectors around the world and what we have, whether it is Alberta and the advantage on feedstock, British Columbia and the human capital that is powering that province forward in its film industry or here in Ontario and the electric vehicle sector or the fintech sector.
I am looking at the province of Quebec and the aerospace industry, which transcends industry in many parts of the country. We have what the world wants, and we are doing things in such a way that our fiscal finances and our budget are the envy of the world. We have a 1% deficit-to-GDP ratio. The United States and the European countries have a 7% deficit-to-GDP ratio.
We have a AAA credit rating. It matters. Our borrowing rates are actually lower than those of most of the G7 countries, if not the lowest. Yes, we have challenges. We absolutely have issues. Canadians know that. That is what governing is about: taking on tough challenges. We will continue to do that, but this is fundamentally Canada's decade. I truly believe that. As we go forward, we are projected to lead economic growth in 2025 in the G7. Our finances are probably the best, if not the best, in the G20.
I think of the programs we put in place: The Canada child benefit is helping millions of kids and families and lifting kids out of poverty; through the national early learning and day care plan, we have seen a 53% price reduction. We are the funding partner, and then the Progressive Conservative government in Ontario actually operates the program in my region and through York Region. I speak to day care operators in the province of Ontario, and they say the demand for day care spots has gone up. Therefore, we have responsibly said that we will provide those loans, incentives and grants for day care operators to expand spaces.
In terms of the dental care plan, over 8,000 residents in my riding have now been approved for dental care. I do not think any government wants to take away dental care from seniors and vulnerable Canadians. Does anyone? I do not think any government will take away the national day care and early learning program from any other government. Quebec has had it for many years. Would any party in this room, in the House, go to the Province of Quebec and say that they have to remove their early learning and day care plan? I do not think so, or I would love to hear from the opposite aisle.
This is Canada's decade on the economy, on our social programs and on making this truly what we call inclusive economic growth. We will absolutely see those flowers bloom. Inflation is at 2%. Rates are coming down. Consumer confidence is increasing. It is going to take time, but we are there.
