Madam Speaker, I rise here in the House of Commons to look at the economic situation that exists out there for Canadians. Certainly, to say that it is a dire, difficult and unpleasant situation is a misrepresentation.
I would like to point out the misrepresentation of the House by the members opposite. They are claiming perhaps their clairvoyant nature of understanding what the government over here might propose when we get to sit on the other side. As we all know, it is not our job as the opposition to present those cards, which we will hold very close to our chests, and we will make the economic picture much better for Canadians as we take office.
I would like to focus my remarks on the fall economic statement with respect to Atlantic Canada, and, to no surprise, the carbon tax and how it affects Atlantic Canada. I will also focus on the significant growing debt, the programs the government has introduced and perhaps try to make it a bit personal for Canadians as they try to balance their own budgets with difficulty.
When we look at Atlantic Canada in the fall economic statement there is absolutely nothing specific in there. There is really not much talk of Atlantic Canada at all. We find that very surprising given the fact that we all know that Atlantic Canada is still reeling from hurricane Fiona. I just came here this morning. There are still trees down everywhere. Multiple businesses are still affected by hurricane Fiona, and they are unable to get back on their feet again. Certainly, there are still many homes with significantly damaged roofs. How are we going to move forward?
We asked the ACOA minister to come and specifically have a look at some of the things going on in Cumberland County, which was one of the hardest-hit counties in the entire area. Sadly, that minister did not show up. When we asked the minister's office to provide information as to how the $300 million in pledged money was going to roll out to Atlantic Canadians, the answer was that it did not know yet. There were no details.
It has been a long time since the hurricane happened. For a government to not be able to roll out the pledged money, which Atlantic Canadians specifically so desperately need, is creating more problems. In fact, I had a call with the Canadian Red Cross this morning, and it was pointed out that the applications for its program are now closed, and I will get to that in a second. The Red Cross is seeing many Nova Scotians reaching out from a very difficult financial spot, hoping to get support not only with respect to the hurricane Fiona damage but also from a social services point of view. They are really struggling.
We know very clearly from words in the House that 1.5 million Canadians have visited food banks, and 20% of Canadians are cutting back on the food they consume simply for financial reasons. We know as well from my call with the Red Cross that the $31 million generously pledged by Canadians and matched by the federal government is now gone. It is $500 for about 124,000 households. That is $62 million. There is not going to be more money forthcoming from the Red Cross.
What other difficulties are we facing as we move forward in 2022? Of course, it is winter, and we know from this budget that difficulties will continue to exist. I have spoken here previously with respect to the words of the Premier of Nova Scotia. It is so bad out there with this carbon tax, which has been foisted upon Nova Scotians, that there is a petition circulating to buck the trend and attempt to not be required to succumb to the heavy burden of the carbon tax.
We know that by 2025 it is going to cost the average Canadian $2,200 and by 2030 it will cost $3,100. This is in a population that was not really mentioned in the fall economic statement at all. It is in a population that, sadly, feels the significant burden of what is going on in the world with the increasing interest rates and rising costs of everything very acutely. Imagine a provincial government starting a petition to try to get away from this burdensome carbon tax that is being foisted upon Nova Scotians.
We know that the cost of gas, groceries and home heating is continuing to increase. We know that the premier and the Government of Nova Scotia understand this clearly, but we have a government across the aisle that is continuing to spend and very sadly hoping that the budget is going to balance itself. That is a budget that has a debt of almost $1.3 trillion. We also know that this is a government that continues to spend money. It has been said in the House, perhaps somewhat tongue in cheek, that it is spending it like a drunken sailor. However, being mean to drunken sailors is no way to live.
We also know that estimates would suggest that the cost of the interest on this debt is going to be about at least $27 billion. In 2026-27, it could be as high as $42.9 billion. That is with the conservative estimates, not ours but budget expert estimates, that interest rates would perhaps stay the same as they are.
We also know that if it does not hold true and interest rates are one point higher than planned, the interest costs would move from $42.9 billion to $52.2 billion in a single year, in 2026-27, which is $9.3 billion. That is no small amount of change. In my mind it does not make any sense. Even when we look at $27 billion, we understand that is about 10% of the revenue of the federal government simply being spent on interest charges. The government continues to spend, which absolutely makes no sense.
To put it another way, over four years, the interest on this amount of debt is going to cost the government $180 billion. This is spending money as if it were water. To try to make it personal for Canadians, if I could not balance my budget, which I am thankfully able to, and there have certainly been years when my family has struggled, we would look at what we could do differently. We would cut our discretionary spending.
We would talk about maybe, in today's terminology, not getting the latest cellphone, not going out to eat, not going out to the movies and those things that everybody would say are “motherhood and apple pie” statements. People would say that if we cannot balance our budget, we are not going out to eat. We are going to stay in, buy the groceries, which are also expensive, and cook. We would not also add costs. We would not put a new front porch on our house. That really would not make a whole heck of a lot of sense when we still could not balance our budget.
However, the costly coalition across the aisle continues to add programs that add to the debt load of Canadians. I find it somewhat disconcerting and disingenuous that, across the aisle, they continue to say that over here we do not support those who are struggling. We certainly do. It is a little bit like letting the cat out of the bag about what we might do over here. We would not go at it by continuing to spend more money and throwing a $500 cheque here and a $500 cheque here and $200 there.
Imagine this. Regular Canadians are sending in their budgets for the month by email and asking me where I think they should cut or get more of their money. Obviously that is not my area of expertise. Given that, I find it absolutely incredible that people are saying that they do not know what else to do or what else they should be doing. We know, when we look at a budget from a household in a global sense, that having $500 more is really not going to help very much at all.
We know that Canadians, including Nova Scotians from my riding of Cumberland—Colchester, are continuing to struggle under the incredible burden that they feel from the reckless spending of the government. We wonder how they are going to feed their families and how they are going to heat their homes this winter. We know that the worst is yet to come. That is exceedingly disheartening for people who are already hurting. Canadians cannot afford the government anymore, and we cannot support the fall economic statement.
