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Michael Guglielmin

Conservative on Budget 2025 Implementation Act, No. 2 2026-11-03

Replying to Kevin Lamoureux (Liberal)

“Mr. Speaker, when I take a look at the debt-to-GDP ratio, Canada is doing relatively well in comparison to all the G7 countries. When we look at Canada’s AAA credit rating, Canada is doing exceptionally well. When we compare that to G7 countries, only Germany has the same rating. The question I have is a principle question. If a government has fiscal capabilities, as we do, would the member not agree that, if we were to invest in Canada, work with provinces, indigenous communities and so forth, that we could build our infrastructure, which would help the economy, not only in the short term, but also in the long term?”

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Mr. Speaker, this is a theme that we have heard over and over again. Time and time again, we have heard the Liberals say they are going to be investing in the economy and they are going to be investing to grow, but we have seen the deficit climb higher and higher, and our public debt climb higher and higher. It is interesting that, on the debt-to-GDP ratio, we often hear the government cite net debt. Of course, that calculation considers the Canadian pension plan. I am sure Canadians would be alarmed if they understood that the government was considering their pension as potential debt repayment. I do not think people would appreciate that very much. The government has these fiscal anchors. It has these fiscal anchors that it needs to achieve, and it seems as though it is blowing through them. If we want to maintain our credibility, and maintain our credibility in markets, we have to make sure we make a plan and we actually stick to it.