Madam Speaker, as always it is a pleasure to rise in the chamber and, in this instance, to contribute to the debate that largely revolves around the fiscal and economic health of our nation in uncertain and challenging times globally.
The sponsor of the motion went to great lengths to talk down the Canadian economy in an effort to score political points. I disagree with the vast majority of the points that he raised during his debate, so it is somewhat ironic that I plan on supporting the motion because the documents that may exist are not documents that we have any interest in keeping from the opposition nor the Canadian public.
Over the course of my remarks there are a few key themes that I hope to touch on, in order to provide an overview of the current economic and fiscal context in which we find ourselves; to highlight some of the emerging challenges that face the Canadian economy; and to introduce some of the measures that we have put forward in the past few years, which have yielded results far beyond what I thought possible when I was a candidate in the 2015 federal election campaign.
By way of background, it would be helpful to describe the context within which we find ourselves.
Canada is in a very healthy fiscal position compared to other developed economies in the global community. We are well positioned to respond to the kinds of challenges that are now making themselves present.
The narrative that somehow overspending has put us in a position where we cannot afford to deal with the challenges we are now facing is based on false pretenses. I honestly believe that it is designed purely to score political points based on misinformation, rather than making substantive points that contribute to the health of our democratic discourse in Canada.
The fundamentals of our economy are strong. We have seen extraordinary job growth in the past few years. We have seen, as importantly, that growth translate into benefits for middle-class and low-income Canadians. We have seen certain measures improve the competitiveness of our nation's economy and we have seen an overall improvement to the fiscal health of our economy.
Responsible management of the economy is at the forefront of our government. The mandate letter to the finance minister from the Prime Minister specifically mandates him to continue to see our national debt shrink as a function of our economy and to ensure that we preserve enough economic firepower to respond, in the event that an economic downturn does come to pass.
We have been planning to invest in Canadians to create growth but also making sure that we have enough fiscal room to operate, should the circumstances demand any kind of a change in course. Sometimes, the fiscally prudent thing to do is to take advantage of opportunities to invest that may exist.
If I look at the status of Canada's economy right now, what I see is a debt-to-GDP ratio that has actually been shrinking and is projected to continue to go down. What I see is the healthiest debt-to-GDP ratio of any G7 economy. Canada is one of only two countries within the G7 to have a AAA credit rating, the highest possible rating with all of the major credit agencies. Canada is one of only about 10 countries on the planet today that have a credit rating of this strength.
In addition, in our federal budgets that we table, we prepare for contingencies to deal with events that we may not have been able to foresee at the time of their crafting, specifically to deal with challenges that may present themselves that may not be apparent on the day a budget is tabled. Having that contingency in place is precisely the kind of thing we do to deal with emerging challenges, and I will deal with a few of them now.
Of course, the spread of COVID-19, or as most Canadian households would refer to it, coronavirus, in recent weeks may not have been something that could have been apparent months ago. When we became aware that this was an issue that needed to be dealt with, we responded professionally every step of the way.
When it comes to something like the coronavirus, I want to make clear that while it is also an economic issue, our number one priority is protecting the health of Canadians. I have been blown away by the leadership of the Public Health Agency of Canada and the level of co-operation with our international partners, whether it is the G7 or IMF on the economic side, or the World Health Organization on the public health side. I have also been blown away with the level of coordination between federal departments through the government operations centre, which was triggered by public safety in recent weeks, as well as the Public Health Agency's coordination of the efforts between the provinces and territories with federal measures that have been put in place.
To those front-line workers who are diligently protecting the health of Canadians, so that my family and I can sleep soundly knowing that we are in good hands, I want to thank them for their professionalism and excellence throughout.
I want to recognize that despite the fact that it is primarily a public health issue, there are also economic challenges that obviously arise when we see threats of this nature. We do not have to have a crystal ball to see that there is an impact on commodity prices when a particular region of the world has such a dramatic drop in demand that it suddenly has an impact on the countries that produce those commodities. This is having a particular impact on the metals and oil and gas sectors that Canada's economy has depended on for a very long time.
We also see that the travel and tourism sectors can be significantly impacted whenever there are affected regions of the world that have travel advisories. It also can have an economic impact at home. My home province of Nova Scotia was set to host the international women's hockey championship in the coming months. Unfortunately, out of concern of public health and safety, that event had to be cancelled. That will have an unfortunate economic impact on the communities that were so looking forward to hosting that tournament.
There is also an economic impact on global supply chains. Canadian businesses that may not be able to secure the products they rely on for the manufacturing process, for example, may not be able to provide their products to their typical end customers or they may have to pay a higher price. It is not lost on us that the events that are global in nature can have a very serious impact on us at home and they can also impact the general business and consumer sentiments. They can cause them to change course in the spending decisions they otherwise would have made.
One of the things we are doing to monitor the economic impact of this outbreak is to make sure that we have the resources in place so that Canada can maintain a world-class public health response. We also want to continue to monitor the impact on businesses and workers and ensure the measures that we are putting in place are going to serve the interests of keeping the Canadian economy operating at capacity.
We have a plan to increase our risk adjustment in the upcoming federal budget to make sure that we are planning for the potential impact that this illness could have on our nation's economy. We can look recently at the blockades that were canvassed in a number of debates in the House in response to the protests tied to the land rights issue in the Wet'suwet'en territory in western Canada.
We have also taken measures to address the economic impacts of the rail blockades. If there is a lesson to be learned from the past few weeks, it is that there is no straight path to reconciliation with indigenous peoples. Reconciliation requires dedication and hard work, and we have to recognize that there is still a lot of work to be done. This is a healing process that will involve good days and not-so-good days. We need to continue to show our determination.
Canada is a trading nation and we ship a lot of our goods to world markets by rail. Although it is too early to know the full impact of the blockades, we know that they were extremely challenging and frustrating for businesses and individuals. We have to keep in mind that many Canadians rely on rail transit networks to obtain basic necessities like food, to commute to and from work every day and to earn a living.
Thousands of workers were laid off, and many are still having problems. The situation is having real and immediate effects. Our government is working 24 hours a day to mitigate the economic risks of the rail blockades and to find a lasting solution.
From day one, we knew that we could not take shortcuts and that, no matter how difficult, dialogue was the best approach. Many people have criticized our approach, but it is working. For the most part, trains are running again. The people who were laid off are being rehired. Most of the blockades have been dismantled. In my opinion, the Prime Minister took the right approach even though other politicians proposed simple solutions to a very complex problem.
There is another emerging challenge for the Canadian economy. I do not know if I can even call it that, we have known about it for so long. I would be remiss if I did not raise the threat posed by climate change not only to our environment, but to our nation's economy.
The fact that we still have debates over whether human industrial activity is the primary driver of climate change is beyond me, and the fact that in the Canadian political context we still have debates on whether Canada can play a meaningful role in the fight against climate change is something that, as a representative who cares about this, I simply cannot accept. We cannot address challenges to our economy if we do not deal with the threats posed by climate change.
Canadians are feeling the effects today. We have seen storm surges in Nova Scotia, floods in New Brunswick, heat waves in Quebec and Ontario, droughts in the prairies, forest fires in the west and a glacial melt in the north. They are having a real impact on the traditional way of life of Canadians and on our economies.
Of course, there is also a direct economic impact. When representatives of the Insurance Bureau of Canada testified before the finance committee as part of our pre-budget consultations, they highlighted that in 1990, the losses associated with severe weather events was in the ballpark of $100 million. That number last year was in the ballpark of $2 billion, a twentyfold increase. I do not doubt that their motivations are pure, but I think they are motivated not only by the desire to do social good for our planet and environment, but also, as they represent the insurance industry, by the bottom line. If we follow the money, we can see that it costs more because life on planet earth has changed. We can address these challenges. They also testified that for every dollar in insured losses, three dollars in uninsured losses were being picked up by taxpayers today, whether municipal, provincial or federal. It is the same group of people who are now out of pocket far too much to deal with climate inaction over decades.
It is not just the cost of mitigating disasters or responding to floods that we need to deal with. There are also missed economic opportunities. When we look a the forest fires out west, we see that the impact they had on production, even in the energy sector, was immense.
Something that I am deeply concerned about, as I represent Nova Scotia, is what happened to the lobster fishery in Maine a few years ago because of high ocean temperatures. I fear that a similar kind of consequence will befall the lobster harvesters in Nova Scotia if we do not take action soon. I hope it is not already too late.
We also need to turn our mind to other things, not just the challenge facing our economy when we are dealing with climate change. There is a massive economic opportunity, according to Marc Carney, who is the former governor of the Bank of Canada and current governor of the Bank of England. He said there is a $26-trillion global opportunity.
The world is changing and we have to decide whether we want to change with it. If we choose to change and be a part of this transition, we will be at the front of a wave of economic growth that we perhaps cannot contemplate now.
In fact, we are seeing it already today. In my own community, the Trinity group of companies is helping with energy efficiency initiatives. It grew from a shop of about two people to dozens and dozens of employees. It helps homeowners reduce their power bills and emissions at the same time.
We are seeing investments in green infrastructure that are able to create jobs, put people to work and prevent the worst consequences of climate change for future generations. We are also seeing investments in research at St. Francis Xavier University, a university in my own backyard, to the Flux Lab, where Dr. David Risk has helped to discover a new gas leak detection technology that is helping energy companies reduce their emissions. It has put people to work not just in his lab, but at some of Canada's largest energy producers, which have now adopted this technology.
We have put forward the first national climate action plan, and we have introduced more than 50 measures. We expect to see growth in the green economy as a result.
However, while it is one thing to experience economic growth, it is another thing to make sure that it actually benefits everyday, ordinary Canadians. To grow the economy, we have made investments in infrastructure, which put people to work and strengthen communities, and in innovation through our universities, as I just cited. We have also triggered private sector investment.
We have changed rules around immigration to ensure that employers are not missing out on growth opportunities because they cannot find people in their communities to do the work. We have invested in trade to help grow the economy and are now the only G7 economy with free trade access to every other G7 economy.
We have cut the small business tax rate from 11% to 9%, making it the lowest rate of small business tax in the G7. We have also put new rules forward to accelerate the capital cost allowance right now for companies that are investing in ways to increase their production and put more people to work.
What is the result of these investments? There are more than 1.2 million new jobs in our nation's economy, including more than 30,000 last month. We are seeing record low unemployment, with more Canadians working now than at more or less any other point in our nation's history since we started keeping track of those statistics. However, it is cold comfort for someone living in poverty or who cannot afford the cost of raising a family to hear that there are a number of new jobs across Canada or that our GDP has, in fact, gone up.
That is why we have introduced policies like the Canada child benefit, which ended the practice of sending child care cheques to millionaires and puts more money directly into the pockets of nine out of 10 Canadian families. It is why the first thing we did when we came here after 2015 was advance a tax cut for nine million middle-class Canadians and raise taxes on the wealthiest 1% of income earners. It is why the first thing we did when we got here in 2019 was put forward a measure to reduce taxes for 20 million Canadians and eliminate federal income tax altogether for more than one million low-income Canadians. It is why we have advanced OAS benefits, reducing the age of eligibility for old age security from 67 to 65. It is why we have increased the guaranteed income supplement by 10% for low-income single seniors. It is why we made enhancements to the Canada pension plan, which I am learning the Conservative party now opposes, to ensure our seniors can have a more dignified and secure retirement. It is why we are tackling the cost of education by improving the Canada student grants program, changing the timeline under which students have to repay debt they may have built up while studying, and why we doubled the Canada summer jobs program to put more young people to work.
What we are actually seeing, despite the clever use of statistics by some of the members opposite, is that the typical Canadian household, when we consider the totality of our body of work, is about $2,000 better off today than it was before we took office. More importantly, as we have seen recently, is that more than one million Canadians have been lifted out of poverty in the past few years. We have achieved the single greatest reduction in poverty over a three-year period in the history of Canada. About 334,000 of the people no longer living in poverty, who were living in poverty just four and a half years ago, are Canadian children. This is the kind of policy development that we should be shouting from the rooftops and sharing with the world to demonstrate how to successfully manage the benefits of economic growth to support Canadians.
The Conservatives' attack on the Canadian economy is not, in and of itself, an economic plan. What we have, when we look at the facts, is a rate of job growth that most would not have thought possible when the Liberals were coming into power at the end of 2015. More importantly, we have seen that Canadians writ large are sharing in the benefit of that growth, rather than it being concentrated among the wealthiest 1% of income earners. We have also seen more Canadians lifted out of poverty than almost any member of the House could have imagined four and a half years ago.
All of this has taken place while we have maintained a healthy fiscal framework that allows us to respond to the changing dynamics of the global economy. If members do not want to accept my word on this, I would invite them to read the report of the Parliamentary Budget Officer, who confirmed this to be the case just a few short weeks ago.
Yes, the world is changing and yes, there are challenges. However, Canada is up to them now and will be as long as the we remain in government.