“We can vote in distinction inflationary scam”: Poilievre responds to the autumn financial assertion

When we learned that the costly Coalition would be introducing this economic update today we had two demands no new taxes on workers and seniors and no new spending unless matched by equal savings today this inflationary scheme triples triples triples the tax on home heat gas and groceries and adds 20 billion.

Dollars of inflationary spending that will drive up the cost of living and so conservatives will stand for the common people their paychecks their homes their savings and we will vote against this inflationary how do we get here well the cost of government is driving up the cost of living a half a trillion.

Dollars of inflationary deficits have been up the cost of the goods we buy and the interest that we pay inflationary taxes have increased the cost of businesses farmers and workers to produce those very same Goods now liberals will pretend that they had no choice but to dabble double the debt this prime minister will claim that it's.

Not his fault that he added more debt than all previous Prime Ministers combined let's start with the fact that he added 100 billion dollars of debt before the very first coveted case was ever discovered here in Canada he can't blame kovid for that in fact he blew through his promise that the deficit would never.

Exceed 10 billion dollars well it was already 100 billion dollars in total before the first case of covet then when covet came 40 percent of all the new spending measures had nothing to do with covet according to the prime minister's own named parliamentary budget officer 200 billion.

Dollars of spending unrelated to covet and even amongst the coveted spending was a an all-you-can-eat buffet of waste and Mission mismanagement they sent Serb checks to prisoners they sent them to public servants who were simultaneously drawing public.

Salaries they gave wage subsidies to wealthy corporations that were Rich enough to pay out dividends and bonuses to their Executives even after I warned that they should ban That Hideous practice they tried to give a half billion dollars to the we charity an organization that had given a half.

Million dollars to the prime minister's own family they spent 54 million dollars on an app we didn't need that didn't work and that could have been designed in a weekend for 250 Grand the previous conservative government had successfully delivered apps that.

Were actually necessary and useful of a similar complexity for two or three hundred thousand dollars but somehow this one went to 54 million many of the recipients admit they didn't do any work they just hired other people to do work so they gave the money to people who didn't do anything other than delegate the work to someone else don't we have.

Public servants getting paid within the government to deliver those sorts of Contracting and now the government won't even tell us all of the identity of the recipients of that money so don't tell me they had to triple they had to double the size of the national debt don't tell me that every dollar of inflationary spending was necessary they.

Were irresponsible and they were unnecessarily profligate with the dollars of Canadians and now people are paying the price now the Prime Minister will say well Russia caused the inflation in Canada well of course we do less than 0.3 percent of our trade with Russia and.

Ukraine combined Beyond which the stuff they make is the stuff that we have here already they have energy and food we have energy and food if only the Prime Minister would get out of the way of our farmers and energy workers and let them produce foreign under the previous conservative.

Government there were Wars there was war massive war in Afghanistan another one in Iraq and Syria and we never had inflation anywhere over four percent in fact we were able to successfully contribute to defeating terrorists and tyrants in those conflicts while keeping the inflation level low here in Canada we were able to get our spending under.

Control and our budget back into balance this government by contrast has spending today 30 percent higher than in the pre-covered year 2019. why they said all the deficits were the result of covet covid now is behind us and spending is still 30 percent higher because we know that is not coveted that has caused the cost to rise is a costly Coalition and.

An irresponsible prime minister who have put these burdens on the Canadians we all know that government spending today is 30 percent higher than it was the year before coven why well because kovid is not to blame for right all this Rising spending exorbitant spending.

What is to blame is a prime minister who has no control over Canadians the more the Prime Minister spends the more Canadians pay and that's why we have just inflation the highest inflation in 40 Years also loves to blame all the cost of living Rises on other people well why is it then that house prices in this country are the.

Second most inflated anywhere on planet Earth that's true thank you why is it that land costs have gone through the roof land is not imported from Ukraine or Russia land is right beneath our feet and we have this anywhere on Earth and yet Vancouver is the third most overpriced housing market.

On planet Earth and Toronto the 10th can you imagine that to our two of our biggest cities have more inflated housing prices than New York City then London England then countless other big metropolises that have more people more money and less land in fact Vancouver's house prices are more.

Inflated than Singapore Singapore is an island they're out of land Canada has more land where there's no one than we have land where there's anyone so what why is it that we have we cannot find a place to house everyone well the first reason is that government local government Gatekeepers prevent housing Construction.

By piling on massive delays that drive up the cost and drive down the supply of housing this prime minister has had seven years to stand up to the municipal and provincial Gatekeepers that stand in the way of housing construction but he would never do that because he does not out front the liberal and the Andy City Halls across the country that.

Have made this problem worse shovel money into their local bureaucracies to reward them for blocking the poor for blocking the immigrants from blocking our working-class kids from ever owning a home when I'm prime minister we will impose conditions that if cities want.

More Municipal want more Federal infrastructure money they'll have to remove The Gatekeepers we will connect their infrastructure dollars to the number of houses that actually get built so that young people can find a place to live and we will sell off 15 of the 37 000 Federal buildings so that they can be converted into housing and our young.

People can have affordable homes like that the second reason that we have such expensive housing and such expense of everything is because the Prime Minister engaged in a massive orgy of money printing over the last two years now he said he said that money printing wouldn't cause inflation right even.

Though that's exactly what it has done every single time it has been tried over the last roughly three thousand years right so here's how it worked the Prime Minister wanted to be able to claim that he was borrowing all this money on the cheap he loved to stand in the house and say that his debt wasn't costing any money because interest rates were so low.

Well the only reason he could borrow for next to nothing is because his Central Bank was creating the cash out of thin air if it had been real lenders they would have demanded a real rate of return on their loans so what would happen is they created something called quantitative easing whenever a word whenever they invent new.

Incomprehensible terminology Mr Speaker you can be sure that there's something sinister behind it and here's how it works very simple sales bonds to lenders Bank of Canada buys back those bonds at a higher price the lenders love it that's why the banks thoroughly endorse this strategy because they made the.

Money on the difference simple Arbitrage the government sells them something on a Monday and buys it back for them for at a higher price on a Wednesday who wouldn't go for that deal well unfortunately only about a hundred financial institutions are eligible to participate in it the rest of the ordinary hard-working Canadians who pay.

For it are not but the banks and the other of the insurance companies and other financial institutions profited off of this transaction now the Bank of Canada pay for those bonds by depositing money in the accounts of those large financial institutions held on Reserve at the Bank of Canada and so those reserves skyrocketed over the last two.

Years and um the gov as the bank bought up to 400 billion dollars of new debt and what happened that exploded the money supply and more dollars chasing fewer Goods reach higher prices much of the money then funneled into the financial system and was lent out in mortgages to wealthy investors who saw a massive expansion in the number of real.

Estate holdings they could accumulate thus housing prices went up 50 percent in two years creating the biggest housing bubble in Canadian history and now that banks are the central bank is forced to raise interest rates it risks bursting that bubble and all the people that were got on the balloon when it was on the ground floor and it went up into.

The sky now risks come coming crashing down as that balloon is bursting and worse than that the Bank of Canada now has hundreds of billions of dollars of deposits that it had it made into the it's into the accounts that it has on its reserves of those large financial institutions well what's happened to those deposits they now bear more.

Interest because interest rates have gone up so the wealthy Bankers that participated in this Arbitrage transaction at the beginning and were paid for it by having their more money deposited into their Accounts at the Bank of Canada now collect 3.75 percent because that is the policy.

Rate that the bank pays now why what does that mean that the central bank is now losing money for the first time in its history and Canadian taxpayers are forced to to bail them out to a tune of four billion dollars every year this entire wretched scheme of which I warned two years ago we all maybe in the end be this amount to the single biggest.

Wealth transfer from Working Class People to ultra wealthy insiders from the have-nots to the have Yachts at any time in our history Mr Speaker and now we see that the painful consequences it's not just about numbers on a ledger it's about 1.5 million people forced to go to a food bank in a.

Single month it's about one in five people skipping meals or cutting portions because they can't afford their food it's about the forthcoming winter of which the minister spoke in metaphor IC arms who are now not going to be able to heat their homes as the cost of Home Heating is expected to double or even more for.

Those people who are on home heating oil it is about the 35 year old living in his parents basement despite the fact that he did everything we asked him to do he got a job he got an education he worked hard at every day and now he can't afford a home which means he can't build up collateral cannot build credit.

History cannot build savings for his future and therefore cannot start a family in Canada a country with the most abundance among the most abundant supply of land on Earth we can't find places for people to live these are the real world consequences of irresponsible decisions and meanwhile the Prime Minister sits and smirks at the fact.

That he took a six thousand dollar a night vacation to sleep in the fanciest hotel on planet Earth staying up in opulent hotel lobbies jazzing it up with his friends while people back home cannot pay the rent Canadians are out of money and this prime minister is out of touch.

Thank you so Mr Speaker the question is we're going to inherit this mess all of us we're going to have to fix the problem we have a big job ahead of us don't we yeah very big job ahead of us he'll leave a big mess just like his dad left he'll be off on a beach somewhere surfing and the rest of us will be busy.

Working and here cleaning up the mess he left behind the sooner that happens the better it is laughs only then he'll have to pay for his own hotels right because we won't be paying for them anymore he'll have to pay his own way like Canadians are today so how are we.

Going to clean up this mess well for one we're going to bring in a pay as you lagola so that every time we bring in a new dollar spending we'll find the savings to pay for it you know who does that everybody in the real world everybody in the real world that's how single mothers pay the bills.

When they want to take their children on vacation they find savings they make Savings in order to pay for it that's what small businesses do when they want to spend more money on Advertising they find ways to save elsewhere in the business that's normal that's what people do.

That is what people do in the real world is the condition that faces every creature in the universe if there's only so much to go around every creature in the universe except for the Prime Minister just takes everyone else's money to pay for his desires but we're going in in the real world when people you know if a family.

Wants a new deck well they might pass up on their vacation or they find a deal on both the vacation and maybe they pick up some abused lumber at a local construction yard in order to save some money right so that they can do it all within the same budget imagine if instead of just piling on you spending all the time the government actually had.

To find savings to pay for it that would force the same real world Tran trade-offs just going to interrupt The Honorable uh position the leader of the opposition I thought everything was going very smoothly and very nicely we're respecting each other let's keep up let's keep that up it's and we'll let this we'll let the honorable leader of.

The opposition continue thank you thank you thank you very much I'm not allowed to mention the presence or absence of the Prime Minister but I will just say that some people bring happiness wherever they go and others bring happiness whenever they go.

Government spending we're going to get the government the Bank of Canada back to its core mandate you know for 25 years the Bank of Canada had a very simple mandate two percent inflation brought in by the Moroni government stick to two percent inflate interest rates money supply were all governed to that purpose and it worked it worked.

Until this prime minister came along and pushed the bank to print cash to pay for his spending we're going to have no more of that we will fund our programs with real money rather than printed cash because we know that there are no freebies in this world and we know that ultimately the taxpayer and the consumer pay for everything we will reinstate.

That mandate and we will audit the Central Bank through the auditor general to make sure that never again is there such an a horrendous abuse of our money as we have seen seen over the last couple of years instead of creating more cash we're going to create more of what cash buys we're going to grow more food build more.

Houses and produce more resources right here in Canada here's how we'll do it here's how we'll do it we'll incentivize our municipalities to remove their Gatekeepers so that they can build we can build more houses on the ground we will remove The Gatekeepers off the back of our Farmers by canceling the tariffs.

And taxes on their fertilizers and on their fuel in this country and we will remove the government Gatekeepers that stand in the way of our resource sector do you know that in Canada today we have the second slowest building permits of any country in the oecd second the only worst country is.

The Slovak Republic in Canada you take all the types of building permits that exist everything from a renovation permit on a house all the way up to a full uranium mine and you average it out in Canada the average permit time is 250 days in South Korea it's 28 days so you want to wonder why investors are taking their money to places like South Korea.

Singapore Australia New Zealand Switzerland Ireland why because you can actually get things built in those countries so that's what we're going to do in this country we're going to compress the timelines and speed up approvals we're going to challenge all levels of government to meet the goal of having Canada as the fastest place to.

Deliver a building permit anywhere in the developed world the minister said today she's going to try she's going to go and Pitch the world on our critical minerals I promise you can't get them out of the ground right she's going to tell everyone that they.

Exist they're in that field there's some there's some lithium and copper a nickel but if you have to wait seven years for us to give a permit for anyone to dig that mine she says she's going to give out a bunch of corporate welfare to mining companies but those mining companies who can fill their bank.

Accounts with taxpayers cash if they can't get a bill a permit to dig the mine they won't be able to turn it into anything other than big fat boondoggles for taxpayers so we will repeal the anti-energy law c69 so we can build Canadian pipelines with Canadian steel to take Canadian around the world.

we're going to eliminate the anti-investment taxes that pile on the back of our entrepreneurs so that it is actually rewarding to build things in this country we are going to ax the carbon tax so that it's actually possible for our Industries to compete and for our people to afford energy in.

This country and ask for energy there are two different approaches over there they believe that that we should tackle climate change by making traditional energy that Canadians rely on more expensive we believe in tackling climate change by making New Alternatives more affordable right we'll do that yes.

We will do that by incentivizing and speeding up permits to to mine lithium copper Cobalt graphite and other necessary minerals that will eventually go into canadian-made electric cars and to other forms of renewable energy we will incentivize the production of these energies here in Canada we will incentivize nuclear energy here on.

Canadian soil so that we can power our economy emissions free and yet we oh see we will also cut down on red tape for dams in Quebec we know that in Quebec they don't sell enough electricity what's the future of electric cars and for the other needs of a green future the solution is to build dams the premiere.

For the Prime Minister wants to delay the construction of these dams by duplicating procurement processes we agree with the government of Quebec we don't need to add another three four years of delays for these projects because the government of Quebec already has processes in place to protect the.

Environment quebecers are able to protect the environment and we will help them by allowing the construction of hydroelectric dams foreign and finally we will make this a country where work pays again it doesn't pay to work for a lot of people whether you're.

On disability and you've recovered to a point or you've arrived to a point in your life where you realize you could work 10 or 15 hours and you want to get out into the world and contribute your the clawbacks right now mean that many people on disabilities lose more than a dollar for every extra dollar they earn this government published a report.

Showing that a single mother with three kids earning fifty five thousand dollars a year who earns another dollar loses 80 cents on that dollar so she earns about 25 dollars an hour she loses in clawbacks of her benefits and taxes on her income 20 of those dollars so her real wage on that extra hour worked is five bucks an.

Hour nobody in Canada should be expected to work for five dollars an hour that is an outrage and that is why that is why my government will reform our tax and benefit system to ensure that whenever somebody works an extra hour takes an extra shift or earns an.

Extra bonus they are always better off they always keep more of that dollar thank you we will do this every to restore the Canadian promise you know I look around this chamber and I see many inspiring stories like my finance critic Who Rose up today to ask the first question the son of immigrants who grew up in a tough.

Neighborhood with a difficult childhood but was able to get a diploma in accounting which he's putting to very good use he started the business build homes got elected to serve in a G7 Parliament I myself am the son of a 16 year old onward mother who had to put me up for.

Adoption to two School teachers but they always taught me that it didn't matter where I came from it mattered where I was going it didn't matter who I knew it mattered what I could do that is the country I want my children to inherit and that is the country we will fight for every single day in this house.

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