QUESTION PERIOD — Finance
Interest Costs on Federal Debt
April 11, 2024
Senator Gold, the Department of Finance reports that between April and December of last year, public debt charges went up by an incredible $9.2 billion. This represents an increase of more than 35% compared to the previous year.
The total amount spent in that time frame by the Trudeau government just to service their debt was $35 billion. This fiscal year, Canadians will see more of their tax dollars spent to pay the interest on the Trudeau government’s massive debt than on health care.
Leader, why does the Trudeau government think that is appropriate? Why not just fix the budget and get your spending under control?
Thank you for your question. As I have said on numerous occasions for years in this chamber, this government believes that the investments that it has made and continues to make to help Canadians, whether it is in housing, the cost of living or other areas, are appropriate and necessary in order for Canada to continue to prosper.
In that regard, the facts do speak for themselves: The inflation rate in Canada is down from a high of 8.1% less than two years ago. Close to 1 million more Canadians are employed than before the pandemic. We have recovered 130% of the jobs lost and our credit ratings are strong. This approach to the economy — though not shared by your government — is one that puts Canadians’ best interests first.
I’m surprised that you and Prime Minister Trudeau think this is appropriate. He has added more to the national debt than all previous prime ministers combined. Only four months ago, the Fall Economic Statement said the cost to service the debt this fiscal year will be $52.4 billion. Is that projection still accurate, leader, or has it become even higher?
They don’t read numbers either.
I am not in a position to comment on the accuracy of the prediction. We will know more after the budget is presented.
Again, it is the position of this government that the investments it is making and its management of the economy are serving Canadians well. The facts demonstrate that in terms of our performance on the world stage.
