Discussion · Government Orders
Pat Kelly Conservative
“The Parliamentary Budget Officer warns that the cost of paying Canada's debt will more than double, from $24.5 billion to $59.3 billion. The government is borrowing more and more money each year, like refinancing a home until you cannot pay. I want the member to say if he is worried about this growing debt.”
“Mr. Speaker, the member said that the motion was short on text, but the motion referenced the Parliamentary Budget Officer’s report, which is full of data and statistics. I bring to his attention page 3, which reads: Public debt charges are the fastest-growing expense. They are projected to more than double from $24.5 billion in 2021‑22 to $59.3 billion in 2026‑27. I will let him reflect on that and maybe check through the report for some of the other data there. He spoke about households and talked about buying a house and getting a mortgage. I was in the mortgage business for 22 years. The government’s household analogy would be more like buying a house and then going back to the bank every year to refinance the house and borrow continually against the house. Sooner or later one hits a wall. Sooner or later the debt becomes unsustainable. Is he concerned about the Parliamentary Budget Officer’s warnings about sustainability?”
Mr. Speaker, the member said that the motion was short on text, but the motion referenced the Parliamentary Budget Officer’s report, which is full of data and statistics. I bring to his attention page 3, which reads: Public debt charges are the fastest-growing expense. They are projected to more than double from $24.5 billion in 2021‑22 to $59.3 billion in 2026‑27. I will let him reflect on that and maybe check through the report for some of the other data there. He spoke about households and talked about buying a house and getting a mortgage. I was in the mortgage business for 22 years. The government’s household analogy would be more like buying a house and then going back to the bank every year to refinance the house and borrow continually against the house. Sooner or later one hits a wall. Sooner or later the debt becomes unsustainable. Is he concerned about the Parliamentary Budget Officer’s warnings about sustainability?