QUESTION PERIOD — Finance
State of the Economy
December 12, 2023
Leader, the Trudeau government’s massive inflationary spending makes life more unaffordable for families by driving up interest rates. In turn, this drives up the cost of servicing your government’s enormous debt.
According to the Fall Economic Statement, the cost to service the debt just this fiscal year alone is a staggering $46.5 billion. Next year, the Trudeau government will spend more paying the interest on the debt than it will on health care, Senator Gold. Think about that for a moment, leader — more than on health care. This is gross incompetence. This is the very definition of the Prime Minister not being worth the cost, isn’t it, leader?
No, it is not. This is an example of a recycled question that was posed to me some months ago, and my answer will be the same.
The government is managing the economy in a prudent, responsible way. It invested significantly in Canada and in Canadians during the pandemic, allowing Canada to weather the storm and emerge in a strong position for recovery. Inflation is coming down and business confidence will continue to grow as Canadians settle into this phase of our economic cycle.
If it’s a recycled question, maybe you should learn the answer.
The NDP-Liberal government projects that, next year, the public debt charges will cross the $50 billion threshold to $52.4 billion. That’s not getting into “getting used to it;” that’s roughly double the amount spent on the Canadian Armed Forces this year.
Leader, how do you justify spending twice as much money to the bond holders and banks than to our Armed Forces? Does that make any sense, leader?
The Government of Canada continues to support our Armed Forces and our health network in an appropriate and generous fashion. Indeed, it will continue to do so.
The debt service that is assumed is a natural consequence and result of rising interest rates. Those rising interest rates are coming down, and the government continues to believe that it is on a fit and responsible path forward.
Honourable senators, the time for Question Period has expired.