Mr. Chair, when will the budget be balanced?
House of Commons photoWon his last election, in 2021, with 50% of the vote.
Business of Supply May 22nd, 2018
Mr. Chair, when will the budget be balanced?
Business of Supply May 22nd, 2018
Mr. Chair, fixed mortgage rates are linked to government bond rates. Does the finance department have any information on how much the government's existing deficits contribute to increasing mortgage interest costs for Canadians trying to afford a home?
Business of Supply May 22nd, 2018
Mr. Chair, the Brookings Institution estimates that a deficit of 1% of GDP drives up interest rates by approximately 0.6%. That might seem like a small amount, but actually is a very big cost to someone who has, say, a $300,000 mortgage. It is over $1,000 in extra interest payments for or that family every single year.
The finance minister, with his borrowing binge, is competing with Canadian borrowers when he runs these deficits and putting upward pressure on interest rates. Does he at all worry that his spending binge could contribute to higher interest rates and, therefore, higher costs for Canadians trying to own a home?
Business of Supply May 22nd, 2018
Mr. Chair, the minister is so unconcerned about the level of debt he is piling up that he did not even know how much interest we are paying this year and had to resort to help from his officials. He did not know how much we will be spending at the end of his planning horizon and now does not even seem concerned that we are going to be spending more on debt interest in that year than we now spend on health care as a government.
That higher debt interest means higher taxes for Canadians. The finance minister has already raised taxes on middle-class Canadians, 80% of whom pay more income tax than they did when he took office. How much extra tax will he have to impose to finance interest on the national debt over the course of his plan?
Business of Supply May 22nd, 2018
Mr. Chair, I wonder if he would also be willing to sign for me a copy of the Parliamentary Budget Officer's report, which says it will actually be $39 billion, a massive increase in debt servicing costs. In fact, that is more than we now spend on health care.
Does the finance minister have any concerns that his plan will see Canada spend more on interest on the national debt than the federal government currently spends on health care transfers?
Business of Supply May 22nd, 2018
Mr. Chair, the answer is $26 billion, at least according to the government's budget. His planning horizon goes to 2022-23. That is the farthest out it goes. In that year, how much will the government be spending on interest on debt?
Business of Supply May 22nd, 2018
Mr. Chair, how much will taxpayers spend on interest on the federal debt this year?
Business of Supply May 22nd, 2018
Mr. Chair, the finance minister has slipped into the back of his 500-plus page omnibus budget a provision that would allow accused white collar criminals charged with bribery, fraud, insider trading, and other offences to have all charges dropped by merely signing something called a “deferred prosecution agreement”. This amends the Criminal Code.
Why does the finance minister think it is appropriate to amend the Criminal Code through a budget bill?
Business of Supply May 22nd, 2018
Mr. Chair, has the finance minister discussed the Trans Mountain pipeline with any official at the Canada Pension Plan Investment Board or any of its employees?
Business of Supply May 22nd, 2018
Mr. Chair, the finance minister says that if there are any losses resulting from Premier Horgan he will indemnify those losses. In that case, who would pay?