QUESTION PERIOD — Finance
Fiscal Anchors
December 4, 2025
Government leader, the lost Liberal decade has achieved record deficits, record debt, a collapse in foreign investment — and, for that matter, domestic investment — a cost-of-living crisis and, of course, a Canadian loonie that is flying at the lowest levels we have seen in many years.
Further, the Parliamentary Budget Officer says that the Carney Liberal government has discarded any fiscal anchor entirely, without warning, debate or any respect for Parliament’s role in holding the government to account. That’s not me saying that; that’s the PBO.
Why does the Parliamentary Budget Officer say that your government has no fiscal anchor? Why does he say you have no accountability to or transparency with Parliament?
The government is transparently answering questions every day during Question Period, and I think your colleagues in the other place are trying to ask questions about the budget and for accountability from the government. As far as I know, the government is properly answering all of those questions.
Concerning the fiscal anchor, there are two things: We want to reduce expenses, and we want to increase investments so that we will monitor the ratio between the debt and the GDP.
We can give you a report card on answering questions, Senator Moreau.
The PBO suggested that any changes to longstanding fiscal anchors should be required to be approved by the House of Commons. The fact that your government has done so with zero parliamentary discussion is a condemnation of the Prime Minister’s respect for Parliament. We know he and the Liberal Party have very little for this institution, but don’t they have some respect for the other place? That is, at least, the place where you can’t have taxation without representation.
Senator Housakos, I totally disagree with your premises. I will repeat — because it’s fun to have the occasion to say this — inflation is down, GDP is up, unemployment is down and wages are up. The Leader of the Opposition’s popularity is down and the Prime Minister’s is up. I think it’s going well in Canada.