QUESTION PERIOD — Finance
Interest Costs on Federal Debt
June 6, 2023
Senator Gold, can you tell this chamber how much your government is spending this fiscal year on the servicing of and interest payments on the Trudeau debt? Can you compare that to the 1.29% of GDP that your government is spending on national security, defence forces and our NATO obligations?
Honourable colleagues, can you imagine if we had to carry out an operation today like we did this week in 1944 with our Canadian troops? What would happen if they had to carry out an operation on behalf of Canadians in the name of freedom? I can tell you what would happen, Senator Gold: We would be in quicksand. I read the CBC story a couple of days ago where we have Canadian soldiers paying out of their pockets for helmets and basic equipment that they need to do their job. One just has to shake their head.
Why is this government spending so much more on interest to pay for the debt that Trudeau has accumulated compared to supplying resources needed by our forces? Isn’t your government — the Prime Minister and its ministers — ashamed of the fact that you’re spending tons more to service the debt than you are to supplying our national forces with the equipment they need?
No, the government is not ashamed, and you’ve asked me this question many times. Then, of course, you answer it, so you’ll forgive me if I don’t always take notes of your answers.
Let me say two things: The investments that the government made and the debts that have been accrued — as I’ve said on many occasions — were investments in helping Canadians get through the pandemic and transition from the pandemic and were investments in our future. The position of the government is that these things were necessary, prudent and worthwhile investments for Canada and for our future generations.
With respect to defence spending, this government is not ashamed. On the contrary, this government’s contribution to defence spending has increased and is significantly higher as a percentage of GDP than it was under the previous government.
The government should be ashamed. When you have soldiers paying out of their pockets for helmets and the basic equipment they need to do their job, you should be ashamed. The fact that you’re not shows how shameless this government is.
But let’s return to the core of this issue and the problem that we have: You’re spending $44 billion in interest payments to service the Trudeau debt. That’s where the real shame and the problem are. If you’re not ashamed that our military is on their knees, are you ashamed that 6.5 million Canadians can’t find a doctor in this country? Are you ashamed that your government is paying just as much right now to service the Trudeau debt as you are in Canada Health Transfer payments to provinces, which is probably one of the reasons why 6.5 million Canadians can’t find a doctor? Are you, at least, not worthy of accepting that as shameful?
I am going to refrain from playing tit-for-tat — only to remind senators that the attribution of blame to the federal government for problems regarding access to doctors in this province is a shameful example of either ignorance or disregard for our constitutional framework, which I assume is well understood.
Health care —
Order.
Thank you, Your Honour. The government’s investments in our economy, and in our social safety net in partnership with the provinces and territories, are a necessary and important part of maintaining and strengthening the fabric of this country. All parties should appreciate that these measures are necessary for Canadians to weather the challenges that they’re facing, whether it’s economic challenges or challenges in accessing social services. This government is doing its part in partnership with the provinces and territories in order to make life better for Canadians.
