Mr. Speaker, I am pleased to participate virtually today. I would like to take this opportunity to say hello to my House of Commons colleagues and everyone following our proceedings. I would like to point out that I am taking part in today's proceedings from the city of Lévis, which is currently in a red zone. I want to commend the resilience of the people of Bellechasse—Les Etchemins—Lévis who are experiencing the strains of the lockdown.
The purpose of my intervention today is to convey that I cannot support the Speech from the Throne delivered by the Governor General on September 23, 2020.
The role of government and of parliamentarians is to help and support people, to minimize the impacts of the pandemic and to try to make things run smoothly. I simply cannot support the throne speech because there are two fundamental components missing from it, things that would help people in red zones, like the people of Lévis.
Measures need to be put in place immediately to deal with the resurgence of the pandemic. That includes quicker testing and results analysis. For example, the wife of one of my colleagues who works in the education system was tested for COVID-19 and has been waiting for three days now for her results, which means that my colleague also has to wait for the results. That is paralyzing the work of our organizations, despite telework being an option. It slows things down, not to mention the fact that some jobs require staff to be on site.
In our region, there are a lot of manufacturing jobs. These measures are needed immediately to support public health authorities in order to make testing faster, something that is not clearly set out in the throne speech.
Another necessary measure involves providing reasonable and targeted support to businesses and individuals during the pandemic so that the government remains agile and flexible once it is over. Unfortunately, even before the pandemic, the Liberals were already caught in a deficit spiral. Right now we are far from improving our situation.
What is in a throne speech? As my colleague from British Columbia mentioned, we usually expect a throne speech to present a vision.
This vision could have explained how to fight the pandemic and help people right now while presenting a plan for the medium term. However, neither of these elements is in the throne speech. On the contrary, it is chock full of all kinds of promises. Having many priorities means that there are none. It is just a jumble of words. Unfortunately, this does not meet our immediate needs as the pandemic surges and we are experiencing a second wave.
In my view, the best analysis of the throne speech is the one provided by the Parliamentary Budget Officer. His analysis leads us to conclude that the throne speech is not what Canada needs right now to face the pandemic. We should remember that the Parliamentary Budget Officer is an independent officer and he is in some ways the government watchdog. He is there to remind the government that it must stay on track if it wants to prevent problems from arising further down the road.
We have seen the warning signs. Before the throne speech, my old colleague and former finance minister, Joe Oliver, said that it is time for Canada to pick a fiscal anchor.
Of course we need to support people. In 2008, the Conservatives did that through massive infrastructure investments to stimulate the economy. Many projects got built in my riding, including the Lac-Etchemin arena, the Lévis water treatment plant and the Notre-Dame-Auxiliatrice-de-Buckland infrastructure project. Those were measurable outcomes of targeted investments, and the Conservatives also had a plan at the time to balance the budget.
A former Liberal finance minister, John Manley, said it is important to have a fiscal anchor because that shows the financial markets that Canada is supporting people and knows where it is going in the medium term. Unfortunately, the throne speech proves that this government is going in the opposite direction.
According to the Parliamentary Budget Officer's economic outlook, it is possible to get through the pandemic and stay on track with realistic fiscal anchors, but that will not be possible if the government engages in new spending.
As my colleague from British Columbia said, the Liberals are interfering in programs that are provincial responsibilities. As the saying goes, they are throwing money out the window. That is not the sound management we expect. Moreover, financial markets are worried. Firms such as Fitch Ratings have downgraded Canada, and credit rating agencies such as Bloomberg and Moody's have warned Canada that if it does not stop spending shamelessly and keeps introducing poorly targeted measures, it is going to crash and burn.
We want to support Canadians, but we want to be able to do that now and in the long term. The measures proposed by the Liberals combined with the government's extravagant spending would threaten the social safety net in the medium term. That is troubling. We are not even close to achieving sustainable development.
According to the Parliamentary Budget Officer, there is a risk that the sustainable debt-to-GDP trajectory could be reversed. In other words, if we continue to spend excessively on extravagant and poorly targeted measures, we will be temporarily “doped” by a significant cash injection, but we will have to pay for the damage in the medium and long term, since this is borrowed money.
There is another aspect that concerns me. The Speech from the Throne says that interest rates are going to stay low for decades to come. Of course that is unrealistic. The Bank of Canada's key interest rate is currently 0.25%. According to the Parliamentary Budget Officer's assumption, that rate could remain stable for the next three years, but it is expected to increase by 1% within five years' time. That is five times higher than the current key rate. The rate would remain fixed at 1.25%, but that would still increase the debt by $8 billion. The government seems to be deluding itself regarding easy credit.
The third thing that worries me is the government's poorly targeted measures. People received more money than they lost from their savings. This is borrowed money, though. It belongs to the government.
Canadians' household income went up by 5.4%. That is nice to see, but since this is borrowed money, it will have to be paid back. The problem is that the Liberal government makes poor spending choices and implements measures that hurt the economy. For example, it did not encourage people to stay connected to their jobs or to return to work.
I will not support the throne speech because it contains extravagant expenses, is devoid of any fiscal anchors and does not present short-term measures to combat the pandemic.
In conclusion, I would like to thank the Chair for coordinating the hybrid sitting. This is the first time I have participated.
I will now yield the floor to my colleagues and I would be happy to take questions.