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Results: 106 - 120 of 129
View Damien Kurek Profile
CPC (AB)
View Damien Kurek Profile
2021-05-06 15:25 [p.6808]
Madam Speaker, I listened with great interest to the member's speech. I am curious as to her thoughts about an increasing challenge to Canadian society, which is inflation. When inflation takes place, generally the only people who benefit are those who are wealthier and who own assets. Regular Canadians, especially those who are middle- and lower-income, are those who most often face the most significant consequences from inflation.
Does the member opposite share those concerns about the circumstances that would see growth in the inflation rate in our country?
View Julie Dzerowicz Profile
Lib. (ON)
View Julie Dzerowicz Profile
2021-05-06 15:26 [p.6808]
Madam Speaker, I think the cost of everything is top of mind for everyone. It is definitely top of mind for those who live in my riding. I know the Governor of the Bank of Canada is very much keeping an eye on that. It is important to know that we have leaders keeping an eye out on that.
The other thing I would add is that all the measures we have put in place to support Canadians through this pandemic have helped those on the lower end and our most vulnerable Canadians. They have helped give them a sustained quality of life and helped to ensure that they can afford to put food on the table and pay rent. We have been successful in doing so through all the emergency supports that—
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-04-30 11:21 [p.6464]
Mr. Speaker, the government’s recent budget failed to deliver the hope for which Canadians had been waiting. Instead of delivering an economic growth plan, the Prime Minister delivered an inflation plan: bigger deficits and bigger debt, but no plan to manage the financial consequences of this pandemic.
The best the Prime Minister could come up with was an enormous spending plan, which is now beginning to stoke the fires of inflation. Does he not realize that this economic crisis is now his failure?
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2021-04-30 11:22 [p.6464]
Mr. Speaker, from the very beginning, the Conservatives have been arguing that it was too expensive to support Canadians.
My neighbour, who told me she could buy groceries because she had to access CERB when she lost her job, does not think that these were too expensive. Business owners in my community, who were able to keep the doors open and workers on payroll because of the supports we advanced, did not think this was too expensive.
The Conservatives should acknowledge that in the time of need that we are experiencing, the Government of Canada should be there to support households and businesses, so they can contribute to the economic recovery when COVID-19 is finally a thing of the past.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-04-30 11:22 [p.6464]
Mr. Speaker, the Liberals have abandoned Canadians. They are now complaining about rising prices and the cost of living.
Groceries, gasoline, housing, and now long-term interest rates are going up. It is only going to get worse.
In his recent budget, the Prime Minister could have invested wisely. Instead, he spent his stimulus money on election goodies, adding to the inflationary pressures driving up prices. Canadians are literally paying the price for his management of our country’s finances.
Does the Prime Minister not realize that this economic crisis is now his failure?
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2021-04-30 11:23 [p.6464]
Mr. Speaker, it is incredulous that the Conservatives would describe election goodies as things like supporting women so they can take part in the economy when COVID-19 is over. It is ridiculous that they think investments that will grow the green economy and put people to work is something beyond what the government should be focused on. It is incredible to me that they think supporting young people after the impact COVID-19 has had on their job prospects is the wrong approach.
Why do the Conservatives insist that supporting Canadians has been too expensive every step of the way?
View Pierre Poilievre Profile
CPC (ON)
View Pierre Poilievre Profile
2021-04-30 11:28 [p.6465]
Mr. Speaker, during the great global recession, the Harper government refused to fund spending through money printing at the Bank of Canada. The result was that we ended up with growth that was better than the U.S., better than the G7 and better than the average of the advanced economies. Fast forward to the present and the government is funding its spending through money printing at the Bank of Canada, leading to the worst economic growth of any government since the Great Depression and now, predictably, inflation.
As Canadians struggle to find work, they are seeing food, fuel and housing prices skyrocket. Why is the government imposing an inflation tax right in the middle of a pandemic crisis?
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2021-04-30 11:29 [p.6465]
Mr. Speaker, the hon. member was at the same finance committee meeting I attended earlier this week with the governor of the Bank of Canada, who dispelled the very myth the member continues to perpetuate. I do not know what it is about the Conservatives. During an unprecedented public health and economic emergency, they refuse to acknowledge that the Government of Canada should step up and be there for Canadians in their time of need.
My message to anyone listening today is this: If they have been impacted financially or from a public health point of view, this government will be there for them, no matter what it takes, and for as long as it takes.
View Pierre Poilievre Profile
CPC (ON)
View Pierre Poilievre Profile
2021-04-30 11:29 [p.6466]
Mr. Speaker, yes, the government has been right there next to people with its hands in their pockets as they walk down the grocery aisle. The government's inflation tax is raising the price of meat by 5% to 7% this year, the price of bakery by 4% to 6%, and the price of vegetables by 5% to 7%. Real estate is up 40%. That is great news for those who own a mansion, but it is terrible news for a working-class renter struggling toward the dream of home ownership.
Why is the government hitting Canadians with an inflation tax right in the middle of a pandemic?
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2021-04-30 11:30 [p.6466]
Mr. Speaker, the hon. member accuses our government of having our hands in the pockets of Canadians. We have put, through CERB, direct income supports into the pockets of nine million middle-class Canadians. We have, from the very beginning, been supporting Canadians with programs, and not just CERB. If we go back several years, there was the Canada child benefit, which stopped child care cheques from being sent to millionaires, so we could leave nine out of 10 families better off.
Every time we put forward measures that help ordinary Canadians, the Conservatives can be counted on to vote against them. They continue to oppose our measures to support Canadians through this pandemic when we know they need support more than ever.
View Pierre Poilievre Profile
CPC (ON)
View Pierre Poilievre Profile
2021-04-30 11:30 [p.6466]
Mr. Speaker, wow. Is this guy ever out of touch. He better take a drive 25 minutes from here to a community called Riverside South, where a working-class family recently reported it was outbid nine times when trying to buy a house, the last time by $400,000 over asking price. Working-class people cannot find a place to live, and he says the government will send them a $2,000 cheque, for a $400,000 bid over asking price on a home.
People cannot find places to live. They cannot afford food. Why is the government hitting the most vulnerable with an inflation tax right in the middle of a crisis?
View Sean Fraser Profile
Lib. (NS)
View Sean Fraser Profile
2021-04-30 11:31 [p.6466]
Mr. Speaker, it is extraordinary for the hon. member, of all people, to accuse me of being out of touch. It was our government that advanced supports such as CERB during people's time of need, which allowed them to keep a roof over their heads and food on the table. It was our government that, during their time of need, advanced programs such as the wage subsidy, which kept more than five million workers on the payroll, so they could retain a connection to their employers and access to their benefits. It was our government that advanced the emergency business account, which has helped nearly a million businesses keep their doors open during their time of need.
Our message to—
Some hon. members: Oh, oh!
View Francis Scarpaleggia Profile
Lib. (QC)
View Francis Scarpaleggia Profile
2021-04-26 13:20 [p.6145]
Madam Speaker, I have been listening to the official opposition on the budget for the last few days, and it is difficult to ascertain, at least for me, if they are Keynesians or proponents of Reaganomics.
They say that they support the emergency measures our government quickly put in place when the pandemic broke, programs that helped so many Canadians, families and businesses, but at the same time they decry the deficit while saying they would not eliminate it, nor do they specify what kind of deficit they could live with and for how long.
International experts are urging governments around the world to stay the course, to maintain the stimulus, urging all governments to learn from the 2008 financial crisis. As we know, governments put the brakes on too soon back then and it took about 10 years for economies to recover.
The government’s economic plan is working. The Bank of Canada predicts our economy will grow by 6.5% this year, an upward revision of its forecast of 4% back in January. What is more, the bank’s optimism outstrips the government’s, which expects the economy to grow by 5.8% in 2021.
We hear a great deal from the opposition about how the government's stimulus, which obviously is contributing to the debt, is hurting future generations. However, let us not forget that a deep recession hobbles the career prospects of those about to enter the job market, not to mention of those already in the job market who have lost their jobs. This career drag can last a lifetime, and when a career gets off to a slow start, this could delay people starting a family. It could also mean lower lifetime contributions to an RRSP, which then translates into a lower future retirement income stream.
Our government is investing in the future at a time when interest rates are low. These investments, including in early learning and child care, will make Canada more productive, more competitive internationally and more prosperous. I will come back to child care in a moment.
The returns from investing in the future will be high, and what better time to invest in high future returns than when the cost of capital is low? That is business 101. Incidentally, we can also expect a better quality of life because, in addition to child care, the government is also investing in the green economy.
I would like to take a moment to bring some perspective to the deficit and debt. At the end of World War II, which preceded a period of great technological innovation and historic economic expansion, the deficit-to-GDP ratio was 21%. For 2020-21, the deficit will be $346 billion or 16.1% of GDP. This is below what was predicted by the Parliamentary Budget Officer, who forecast a deficit of $382.6 billion, and below what the government itself predicted in the fall economic statement, namely a deficit of $381.6 billion or 17.5% of GDP.
The difference between today’s deficit and the one the Conservatives left us in 1993-94 is that today’s is not structural. In other words, it is not based on long-term commitments that are politically difficult to reverse. Unlike the 1993-94 deficit, today’s will begin to fade quickly. The deficit will drop in 2021-22, to 6.4% of GDP, and then to 2.3% of GDP in 2022-23. What this means is that in 2022-23, the deficit-to-GDP ratio will be one-third of what it was at the end of the Mulroney government.
Some perspective is in order on the debt as well. At the end of World War II, the debt-to-GDP ratio was 100%. The debt-to-GDP ratio in 1993-94 was 71.9%. By contrast, the debt-to-GDP ratio for 2020-21 will be 49%, rising to 51.2% next year, and then declining as the economy grows and the pandemic eases. It is worth noting that Canada has the lowest net debt-to-GDP ratio in the G7. This includes combined net debt of all three levels of government: federal, provincial and municipal.
Now, let us turn to inflation. The member for Carleton spoke a great deal about monetary policy and inflation in his budget day speech. First, let us be clear, the government does not control monetary policy. Everyone knows that. Those who suggest that quantitative easing is Liberal government policy are being disingenuous, and it is disingenuous bordering on fearmongering to suggest that the Bank of Canada’s quantitative easing will bring Canada to the brink of German 1930s-style hyperinflation.
The budget forecasts inflation of 2.2% in 2021, 2% in 2022 and 2.1% in 2023, which is closer to a risk of deflation, I would think. The Bank of Canada, for its part, predicts inflation will ease back to 2% over the second half of 2021 and remain there on a sustained basis.
The risk of inflation is low because the money supply does not work the same way as it did in the past. The Conservatives have not caught up with that fact. Today, for example, quantitative easing involves encouraging banks to extend credit, which increases capacity and supply, and that works against inflation.
Judging from what members of the official opposition are saying, the Bank of Canada should have kept money tight, yet at the same time they agree that deficits were needed to support Canadians in a time of crisis, so what would a combination of emergency deficits and tight money look like?
Well, it would look a lot like the 1980s, a lot like the era of Reaganomics: namely, deficits with skyrocketing interest rates. What would that have done to Canadians struggling through the worst of the pandemic, lining up at their financial institutions for mortgage relief and loan extensions for their businesses? It would have meant disaster. Unfortunately, that appears to be the economic prescription of the party opposite: Reaganomics 101, to the detriment of the middle class.
I would like to turn to productivity growth and international competitiveness. Namely, I would like to turn to child care. Over the last 40 years, the rising number of women in the workforce has accounted for about a third of Canada’s real GDP per capita growth. Experts agree that our prosperity will depend on greater equality between women and men. RBC Economics has estimated that adding more women to the workforce could boost Canada’s GDP by as much as 4% and even offset expected economic declines associated with an aging population.
Any measure that would help increase women’s participation in the workforce would have a beneficial effect on the economy.
Canada’s strength and beauty lie in its federative structure. It creates a sort of laboratory where each province can implement programs that take its regional values and priorities into account, often with the federal government’s support. If one province has a good idea, the others can follow suit.
Quebec’s child care program is a good example of this type of cross-pollination, if you will. For many years, it was thought that the $7-a-day child care program was a luxury paid for through equalization payments. Thanks to an analysis performed in 2013 by renowned Quebec economist Pierre Fortin, in collaboration with Luc Godbout and Suzie St-Cerny, we now know that this is not true. I will quickly summarize the findings of the analysis, which confirms the merits of the Quebec experience that inspired the proposals in the recent budget.
According to Professor Fortin, the $7-a-day child care program allowed Quebec to increase the participation of women in workforce. In 1996, before the program was implemented, women's participation rate was 2.5% lower than the Canadian average. Fifteen years later, it was 2.5% higher. Professor Fortin’s analysis estimated that, in 2008, approximately 70,000 working mothers were able to work specifically because of the $7-a-day child care program.
It is also estimated that this influx of women into the workforce resulted in an increase of approximately $5.1 billion in Quebec’s GDP that same year. Overall, the program had a positive effect that led to a $919-million budget surplus in 2008 for the Quebec and federal governments, thanks to an increase in individual and corporate income tax, as well as a reduction in government transfer payments in the form of tax credits and deductions for child care expenses.
In short, both the economy and taxpayers will benefit from a child care program based on the Quebec model. This is a progressive budget in terms of social justice that will also benefit Canada’s economy.
View Tako Van Popta Profile
CPC (BC)
View Tako Van Popta Profile
2021-04-26 13:30 [p.6146]
Madam Speaker, I listened with great interest to the comments from my hon. colleague where he said that the government deficits are not the problem; inflation is, and as long as inflation is low, then deficits are the right thing to do. He rested his case on inflation being low last year, this year and into future years.
However, I speak to young families in my riding for whom home ownership has always been a dream, and now it has become an impossible dream because house prices are going up so much. For them, inflation is a real problem.
View Francis Scarpaleggia Profile
Lib. (QC)
View Francis Scarpaleggia Profile
2021-04-26 13:31 [p.6146]
Madam Speaker, I did not say that inflation is not a problem. What I said was that the current policies are not risking inflation above what really is the target for the Bank of Canada. Yes, house prices are going up, but from what I have read, one of the reasons for this is the new entrants into the market. Those are new families buying homes.
As the Deputy Prime Minister and Minister of Finance said last week, the problem when it comes to housing prices, as it is always a question of supply and demand, is the supply of housing. It will be important to increase the supply of housing. I believe that once the pandemic is over and the pace of home construction picks up, the supply will expand.
Results: 106 - 120 of 129 | Page: 8 of 9

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