Deficits as far as the eye can see: The Toy Story of Canadian debt

Ajouté : 2026-05-07

[00:00:00]Thank you, Mr. Speaker. I'm pleased to rise today on the spring economic update, or as I call it, the spring deficit update. The Liberals on their introduction of this bill put out a good 250 page program called Canada Strong for All. I think it should be Canada deficits for all. It reminds me of a famous internet meme from Toy Story of Woody and Buzz Lightyear. And Buzz is pointing out saying, as far as I can see, and that's what this economic update is. It's deficits. Deficits as far as the eye can see. Now, do we remember not too long ago in the Trudeau days when he said balanced budgets from this Liberal government was set in stone? He said it was very cast in stone. Now, 75% of the current Liberal bench is made up of people that were here under the Trudeau government and about half of their cabinet. And yet somehow this cast in stone commitment to balance the budget has disappeared.

[00:01:02]Now instead of a balanced budget, what do we get? Well, we get deficits as far as the eyes can see. 67 billion last year, well up from the worst of the Trudeau days. 65 billion this year, 63 billion next year. 58 billion in 2028.

[00:01:22]56 billion deficit in 29, 53 billion in 2030. That's 362 billion dollars of added debt in just over the six years.

[00:01:36]Do you remember this government saying they were going to spend less and invest more?

[00:01:41]Now over the same period, this spending less is going to get us $46 billion on interest on the Liberal debt. Money for bankers. $46 billion for banker friends of the prime minister, not for Canadians, not for more doctors, not for more nurses, not for more schools or hospitals, not for lower taxes, heaven forbid, not for defense or more infrastructure. $46 billion just over a six-year period for this Liberal debt. Now, you remember repeated adnauseium by this government, by the ministers that they were going to cut programs or cut spending. Again, we're going to spend less so we can invest more. The president of the Treasury Board was in the operations committee yesterday, the Mighty Ogo, I have to mention that. He stated $60 billion in less spending. But what does the spring deficit update actually bring us?

[00:02:42]More spending and program spending that actually outpaces the rate of inflation over the next six years. So somehow spend less equals more program spending.

[00:02:56]And this is from their own documents.

[00:03:02]What about the public service? Again, this government, we're going to cut 35,000 jobs. And yet, the parliamentary budget officer has put out a report noting that spending on the public service is actually increasing 6%.

[00:03:18]From 71 billion is going up to 76 billion.

[00:03:23]in committee. We asked about this and the pre the Treasury Board told us, well, we're not actually reducing public servants or spending. We're just reprofiling, shifting it around.

[00:03:38]So, what does all this extra spending get us? 10 years this government's been sending or been excusing their deficits by saying, "Well, we need it because it's going to add growth. It's going to do this. It's going to do that." So, what did we get?

[00:03:53]Not a lot of growth. 1.7% average growth over the next six years. 362 billion of added deficit equals 1.7% growth. Now, it's interesting that Bank of Canada put out its monetary policy report about the same time as the spring deficit update came out from the government. Bank of Canada has actually shows growth. Their numbers for growth are 16% lower in 2027 than what the government is saying. 10% lower prediction in GDP growth the following year.

[00:04:33]So how is it the Bank of Canada has different numbers than this government?

[00:04:37]We actually asked and we were told well the Bank of Canada is using proper numbers.

[00:04:44]So who has the real numbers? How much higher is the deficit going to be if we were to believe the Bank of Canada over this government? It's about an extra two billion to3 billion deficit added per year.

[00:05:01]Now, it's certainly not adding to any productivity or growth.

[00:05:06]from the Bank of Canada report real GDP growth the contributions to real GDP growth over the coming years 2026 the year we're in now the vast majority of growth in our GDP is government spending almost as much is consumption it's not from added exports it's not from growth in productivity so I think it's 1.2% 2% this year.

[00:05:37]Almost all of it is government spending.

[00:05:39]2027 44% of the GDP growth that we're going to see in this country according to the Bank of Canada is not from pipelines, is not from building more cars, not from more industry or exports. It's government spending.

[00:05:56]2028 27% of the projected growth according to the Bank of Canada is going to be government spending. So what should we do to increase this growth? Well, it's simple. Unleash our oil and gas industry. We can start by repealing C48 that bans tankers off the British North Coast that stops Alberta oil from getting exported.

[00:06:23]We could get rid of C69, the no new pipelines bill. We could end the destructive oil production cap that this government still has not repealed.

[00:06:37]We could actually get to building pipelines and increasing revenue and wealth for this country.

[00:06:46]We saw a note from a very famous economist, Miss Exner Perau, and she was stated, "Just in the two months of the war in Iran and the issues of the Straits of Humus, the Straight of Hummus, if we had built Northern Gateway, we would be looking at an extra $3 billion in revenue for this country just on the added oil from the last two months.

[00:07:14]And here we have the government running a massive deficit and instead we could actually be making more. I'm going to talk about um Northern Gateway about the lost revenue caused by this government when this government cancelled Northern Gateway and they still not set up the regulatory regime to allow a pipeline to the coast.

[00:07:37]Total government revenue lost between 2019 and a 2048 if we had built Northern Gateway would be 131 billion500.

[00:07:49]72 billion for the federal government and about 59 billion for the provincial government on an annual basis. Revenue by region.

[00:08:00]Thank you speaker. provinces. 2.1 billion per year have lost out because of this Liberal government cancelled the Northern Gateway.

[00:08:11]1.7 for the federal government for jobs.

[00:08:18]Now, we just heard the member from Winnipeg North go on and on about in the spring deficit update about money for trades. We don't have a lot of trades jobs available in Canada right now. It's wonderful that we finally see a recognition by this Liberal government that the people who build things have value after 10 years. But where are the jobs going to be for them? I'll tell you where the jobs could have been helping build Northern Gateway.

[00:08:46]773,000 jobs on an FTE basis for that period are lost because this government threw up barriers and cancelled Northern Gateway.

[00:09:00]Now the government we will say well we need to have a carbon tax in order to sell our oil. We saw the president of Senovas today state quite bluntly that we would be the only country in the world handicapping our oil and gas industry in such a way. He states that under liberal policies the government is producing high-paying jobs in Saudi Arabia, in Russia and America instead of here in Canada. Canada where we have the most ethical oil production. Canada where we have an industry that's providing more jobs for indigenous than any other industry in Canada more wealth than any other industry in Canada and this government is trying to wreck it.

[00:09:46]This government needs to get out of the way recognize the oil and gas industry is to produce a wealth for this country and for the free world. Get out of the way, allow us to build and stop their inflationary practices. Stop destroying this country with their deficit spending. Thank you, Mr. Speaker.

[00:10:02]>> Questions and comments.

[00:10:04]commentary the honorable parl secretary to the government house leader.

[00:10:06]>> Yes, thank you uh Mr. Speaker. You know the conservatives have adopted this policy of just get out of the way and it's unfortunate in regards to the government has been able to achieve a great deal over the last year. Canadians elected a new prime minister. This new prime minister made a commitment to to build uh Canada strong by looking at things such as the major projects. That means working with premers and others.

[00:10:28]In fact, in in the province of Alberta, the members own province, there's anou of understanding that's going to see more natural resources getting to to the west coast. There's all sorts of opportunities in which the government is a major player in the Calgary uh the Calgary office has been set up. I'm wondering if the member could give his his thoughts in regards to is there anyone within the Conservative Party that supports the major project?

[00:10:54]>> The member for Edmonton West.

[00:10:58]The member from Winnipeg North overlooks the fact that this government has not repealed C48, which ensures no pipeline will get built to the BC coast. He overlooks this government has still not repealed C69, the no new pipeline bill.

[00:11:14]This government has still not repealed the oil and gas production cap. Who is going to invest in this country when you cannot get our oil to market? When your government is punishing oil and gas industries with a carbon tax that doesn't apply to other the similar industries in other countries, the major project office is like everything else the liberals offer. It's an illusion commentary.

[00:11:40]>> Questions and comments. The honorable member for Juliet Man.

[00:11:43]Thank you, Mr. Speaker. I thank the member for his speech. I have a rather technical question. Of course, the bill would amend many laws, including the banking act. The government would facilitate takeovers of Canadian banks by foreign entities.

[00:12:03]The government was elected on a promise to protect Canadians from Trump.

[00:12:10]Now, they're making it easier for foreign entities, especially American ones, to take over Canadian banks. Is this because Brookfield is now registered in the United States and they can use tax havens that they're making this change? Or is this just cowtowing to the American president?

[00:12:29]>> Brought up a great point. He's actually brought up two great points. This government when they were first elected 2015, the same old corrupt tired liberal government when they were elected stated they would no longer do omnibus bills.

[00:12:43]And that's what this is. I think it's 11 different pieces of legislation including the act you've mentioned. But on to the direct question about helping foreign entities come in and take over our banking system. I honestly wonder what he expects from our prime minister.

[00:12:58]One of his last acts in the private sector was moving his company out of Canada into the states and then denying actually did it. The prime minister is not dedicated to our country. I think he's dedicated to his business.

[00:13:11]>> Questions and comments. The member for Calgary Center.

[00:13:14]>> I thank my colleague for the excellent speech. One thing he missed in that speech that I think needs to be brought here very clearly and I know he'll be able to address this is the extra $3 billion put forward by this government in a horrendously overstretched deficit.

[00:13:29]$3 billion for international climate initiatives around the world. Does he really think Canadians can afford an extra $3 billion? and what this signals as far as the government's commitment to actually get things done properly with Canadian taxpayers money.

[00:13:43]>> Member for Edmonton Center or Edmonton West.

[00:13:45]>> I'd like to thank my colleague from Calgary Center for his speech and also for his continued advocacy for Alberta oil and gas industry. It is ridiculous.

[00:13:54]This government continues its virtue signaling tour around the world spending Canadian money on wasteful products I or projects I believe overseas when we have 2.2 2 million people annually or every month in food banks in Canada. We have seniors, we have parents who cannot feed their children. This government should be focused on growing our wealth, not spending our wealth abroad so they can have photo ops.

[00:14:20]>> It's a brief question. The honorable member for Sanish Gulf Islands.

[00:14:23]>> Thank you, Mr. Speaker, and honorable friend for Edmonton West. We frequently here said in this place when he said that the government was ready to move ahead under the previous government of Steven Harper with Northern Gateway and then it was then liberals who struck it down. We I think we forget and I'm certain that many people have forgotten which I don't forget that the conservative platform in 2011 was specifically against exporting bumen to Asia. Specifically, Steven Harper's platform said, "We should not ship Canadian fossil fuels to refineries in countries that had weaker environmental standards than we did." So, they were explicitly against pipelines across British Columbia to export to Asia. And as for Northern Gateway, it was struck down by the Federal Court of Appeal uh and due to actions by the previous government, not the Liberals.

[00:15:14]>> Member for Edmonton West, a very brief brief response. Well, of course I disagree with the uh the member from uh the Green Party as we probably disagree on everything. I think she needs to leave the past behind and like Marty McFly, go back to the future and understand Canada's in a different spot right now. We need to go get the pipelines built. We need to build the wealth in Canada to serve Canadians.