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View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2020-03-09 11:56 [p.1777]
Madam Speaker, I accept that the member feels embarrassed in asking his question, but it is not because of the comments coming from this side of the aisle.
What we are seeing is the Conservatives coming to the very boundary of accusing the Prime Minister of causing a global drop in oil prices. Are they next going to blame him for the spread of the coronavirus in Iran or Wuhan? It is becoming a fool's errand to even engage, but I will do my best.
We recognize that there are structural challenges facing the global oil and gas sector. I actually spent five years working in Alberta, oftentimes in the oil and gas sector. This is not something that has come lately to my attention. It is something that the federal and provincial governments should have been preparing for a very long time ago.
What we are doing is investing in the Canadian economy. That is going to allow us to achieve growth not just in one sector of strategic importance, but across the board. At the same time, we are trying to help position Canadians so they can weather the storm and are preserving a fiscal economic framework that allows us to respond to these challenges.
Right now the balance sheet of Canada is the envy of the G7. We have come down to about 31% of our debt-to-GDP ratio. We were more than double that in our nation's fairly recent history. If there is a developed economy in the world that is prepared to respond to the challenges raised in the global marketplace, it is Canada's.
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