QUESTION PERIOD — Finance
State of the Economy
June 8, 2023
My question is for the government leader. My question has to do with Justin Trudeau and his government’s monetary policy, or, should I say, their lack thereof.
As the Trudeau government has been spending like drunken sailors, their achievements have been record-high deficits, record-high debt and we now see record-high interest rates that Canadians haven’t seen or felt in over two decades. Canadians are paying a heavy price for these bad policies. They’re hurting. We see it; we feel it.
My question is simple: Why is it that Prime Minister Trudeau and his government don’t hear them and see them? Why is it that you got up on this floor yesterday and took pride for these economic records rather than accept shame and defeat for them? My question is really this: How come?
Thank you for your question.
It’s the position of the government that the investments it makes, including the debt that is accrued to our national debt, were necessary, prudent and responsible in order to assist Canadians during this difficult and challenging time.
It is also the position of the government — and the facts are the facts — that its stewardship of the economy through the last many years is the envy of the Western world. Our position and our economic growth is the strongest in the G7. Our employment rates are higher than in pre-pandemic years. Inflation has been brought under control, and indeed, if the Bank of Canada raised interest rates — which have an impact on the day-to-day lives of Canadians, to be sure — it is in the service of bringing inflation down, which hurts and cripples all of us in the long term.
The unemployment rate is near its record low. The labour participation of women aged 25 to 54 reached a record high earlier this year.
The economy is in good shape thanks to businesses, workers, the provinces and territories and the contribution of the federal government, which can take some measure of credit for the responsible way in which it has managed our economy, along with all other sectors of the country.
The only things your government can take credit for are the exasperating monetary policies that are exacerbating inflation. That’s the only thing you can take credit for.
I can say something else: One thing about drunken sailors, Senator Gold, is that at least they spend their own money.
Now, my question has to do with the Bank of Canada, which, over the last few months, has acknowledged their error in following policy that has been put out by this government when it comes to dealing with inflation. They did delay, and their delay has exacerbated the situation, and now we’re starting to see it in compressed interest rate hikes. But at least the Bank of Canada has acknowledged that they were wrong in their forecast.
When will your government start acknowledging that you were wrong with your monetary policy and your approach to spending? The only thing the Trudeau government has ever done is point fingers and blame everywhere except in their direction. When will your government assume responsibility that your monetary policy over the last eight years has led us to the brink of economic catastrophe?
Thank you for your question. The position of the government is, as I just expressed, that it has been managing its affairs and our affairs prudently and responsibly for the benefit of Canadians.
