MP Report: Federal economic update fails Canadians

By Glen Motz on November 25, 2022.

On Nov. 3, Canada’s finance minister tabled the government’s Fall Economic Statement (FES). Before its release, Conservatives advocated for two things: stop the taxes – no new taxes and stop the spending.

This included canceling all planned tax hikes, no increase to the carbon tax and any new spending be matched by an equivalent saving. Unfortunately, the Liberals ignored both suggestions and are moving forward with tax hikes and wasteful spending.

Families are struggling to heat their homes, buy their groceries and pay their rent or mortgages. Interest rates are increasing at the fastest rate in decades, and the Bank of Canada has signalled that it will rise even higher to tackle growing inflation.

Debt interest payment costs are making it harder for Canadians to afford their mortgages. With the alarming rate at which grocery and gas prices are rising, paycheques don’t go as far as they used to. Food bank usage is at an all-time high. These are the consequences of reckless decisions.

The FES ultimately demonstrates that the Liberal government fails to understand that the cost of government spending is directly driving up the cost of living. This government has doubled Canada’s national debt in the last seven years and Trudeau has added more debt than all previous prime ministers in Canadian history combined – over half a trillion dollars!

Liberals would have you believe that they had no choice given the pandemic. However, 40 per cent of all new spending measures, over $200 billion, have nothing to do with COVID. The resulting interest payment on that debt has doubled this year alone and will be nearly as much as the Canadian governments’ provincial health transfers next year. Canadians have never paid more in taxes at any time since Confederation. They are out of money and this government is out of touch.

During this Liberal-induced economic crisis, Conservatives are offering a better path forward. Instead of creating more cash we will create more of what cash buys – more energy, more houses, more food and more resources here at home.

Conservatives understand that ethically produced and environmentally responsible Canadian energy helps fuel our economy and should fuel the world. We will repeal anti-energy laws, like the carbon tax, and get Canadian energy to market thus making our energy more affordable. To restore Canada’s financial stability, we will eliminate wasteful spending and cut unnecessary taxes. We will be a government that partners with Canadians, not continues to punish them. Canadians welcome a solid plan.

Unfortunately, reckless government spending and further tax hikes as laid out by the FES will not end until the Liberals are out of government. Conservatives understand the day-to-day financial hardships of Canadians and will continue to be their voice in advocating for common-sense, evidence-based decision making in government. Canadians can no longer afford this Liberal government.

Glen Motz is the MP for Cardston-Warner Medicine Hat

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