Madam Speaker, I too look forward to October 2019.
While I am glad to rise today and lend my voice and the voice of my constituents to this debate, I would be remiss if I did not also register my frustration that the majority of my colleagues in the House will not be able to give any input on this piece of legislation. The government has again moved time allocation, effectively ending debate.
Here we go again with more broken promises. Over and over during the campaign, the Liberals railed against time allocation and they railed against omnibus bills, yet all the promises they made are out the window. This is an 800-page omnibus bill. It would take Canadians more time to read this legislation than we have been given to debate it. It is outrageous and it is undemocratic, but it is made even worse because of the campaign promise of the Liberals not to use omnibus bills.
I will be focusing most of my time today on the lack of action taken by the Liberal government in order to improve Canada's competitiveness on the world stage. The imposition of a carbon tax, the spending spree and the debt spiral the government is plunging Canada into are all part of the abysmal track record of the Liberals on keeping their promises to Canadians.
Remember those promises? They were a maximum $10-billion deficit, and a balanced budget in 2019. Again, we have more broken promises.
The Business Council of Canada, which represents the largest companies operating in Canada, made the following submission to the finance committee during pre-budget consultations:
[W]e ask the government to introduce a comprehensive strategy to improve competitiveness, diversify trade and attract private sector investment. According to a recent survey of our members, only one in seven CEOs expressed confidence in the competitiveness of Canada's business climate. According to that survey, the tax and regulatory burden combined with concerns around the availability of talent were the most important factors affecting company investment plans in Canada.
Among other recommendations, we've called on the government to undertake a comprehensive review of Canada's tax system with the goal of strengthening the incentives for investment and growth. We believe the need for this review has only been intensified by the implementation of the U.S. Tax Cuts and Jobs Act.
It went on to say:
Effective January 1, 2018, the U.S. reduced its federal corporate income tax rate from 35% to 21% and allowed for full expensing of investments in machinery and equipment. This tax reform package also introduced new international tax rules. They encouraged multinationals to shift capital back into the U.S.
These changes have given the United States a significant tax advantage over many advanced economies but in particular Canada, given our very close proximity and dependence on that market. According to a...study that we commissioned by PwC Canada on the implications of U.S. reform, failing to respond to these changes threatens 635,000 jobs and $85 billion in GDP.
In their last budget and their most recent fall economic update, the Liberals have done absolutely nothing to address the concerns outlined by the Business Council of Canada on Canada's lack of competitiveness on the world stage. The Liberals are just out of touch with Canada's business community.
Our Conservative team has been on the ground from coast to coast to coast, talking with business owners, investors, and employees. Personally, I have visited Sault Ste Marie, Belleville, Guelph and all throughout the Waterloo region. I was proud to host a round table with local business several months ago, with the shadow minister for international trade, the member for Niagara West. While the round table focused on the trade negotiations between Canada and the United States and the retaliatory tariffs, we also heard how the Liberal government is not creating a healthy environment to enable small and medium-sized businesses to grow.
One business from southwestern Ontario that participated in our round table shared that in 2009, during the global economic recession, it lost 800 employees. However, because of the policies of our Conservative government at the time, it was able to recoup its loses in just eight months.
Contrast that with today. The same business is looking at job losses of over 1,000 employees as a result of slow economic growth. It is worried that the Liberal government is spending the cupboards bare, so that when a recession hits, it will not be able to recoup like it did previously.
We also heard that, just as the Business Council of Canada outlined in its submission to the finance committee, the competitive climate is causing many companies to move south of the border. Even worse, it is discouraging entrepreneurs from starting businesses here in Canada at all.
For those already in operation, any foreseeable plans to expand have been put on hold. Companies that once felt they were supported and encouraged by the policies of the federal government just do not feel that same level of support anymore. That the government is raising taxes and has no plan to balance the budget is making this climate of worry and concern much worse.
Speaking of debt, in the first three years of the current government, the Prime Minister added $60 billion to the national debt. Deficits are even higher than expected and higher than what was promised in the 2015 election campaign. The Parliamentary Budget Officer projects deficits of $22.2 billion in 2018-19 and $21.4 billion in 2019-20, which is $4 billion higher than the government showed in budget 2018.
Last year, Canada's net debt reached an all-time high of $670 billion, or $47,612 for every Canadian family. According to the finance committee, the budget will not return to balance until 2045, by then racking up an additional $450 billion of debt.
When the economy is strong and growing at 3%, a responsible government would pay down debt, so that we have more fiscal room in case of a downturn. However, we see the current government doing the exact opposite.
In 2009, the Conservative government was able to take decisive action to support the Canadian economy, yet it returned to balance and a surplus by 2015. However, with no plan or commitment to balance, the Liberals have budgeted the cupboard bare. The next time Canada is faced with a crisis, there will be nothing there.
The cost of interest alone on our debt will increase from $23.9 billion in 2017-18, almost doubling to $39 billion in 2021-2022. That is $39.1 billion, which is more than the $36.1 billion we spend on federal health care through the Canada health transfer.
Let us think of what that money could do if we were to provide our veterans with the help they desperately need. We could properly invest in mental health care throughout Canada. We could provide palliative care to every community from coast to coast. Instead, it is going toward paying for the government's out-of-control spending.
My last point is on the carbon tax. Following the Liberals' announcement of their forced carbon tax on Canadians, the president of the Cambridge Chamber of Commerce said that although he is a climate change believer, the senseless response by governments all over the world is, simply put, ridiculous. He said there should never be a cost to using less, that it makes no sense. If less use is required, he described punitive measures as the lazy man's way of reducing carbon emissions. As he said, it is completely counterproductive to take money out of circulation, hang on to it for a period of time, then give 90% of it back. That was a promise he had heard from the Prime Minister on a report by 570 News, which he felt was insulting to the intelligence of every taxpayer, like we need to be babysat.
The chamber of commerce president said he was reminded of an old saying: A tax is a fine for doing something good, and a fine is a tax for doing something wrong. He said the carbon tax is a fine everyone will have to accept, and that is just wrong. He said that today, when business is burdened in every manner by government, it's time that it be recognized by all politicians that without business there is nothing for anyone. Businesses, he said, need a path that clearly demonstrates our economy is first and foremost, so it can provide all the money government needs to save the world.
It is clear that the government is far more interested in imposing its ideology on Canadians than it is in listening to and working with Canadian business.
I am going to finish with this. According to a website that tracks the success of the Liberal government, after 1,119 days in office, the Liberals have broken or completely ignored as many promises they made in the 2015 election campaign as they have kept. That gives Canadians much reason to worry, because a government that campaigns on one thing and does exactly the opposite only increases Canadians' mistrust in our democratic institutions.