“The Saskatchewan NDP tried to run businesses in the 90s. They lost millions in taxpayer dollars. The Liberals want to do the same thing now. They don't care that they have no money. They just want to borrow and spend.”
What they said. What they meant.
Plain-language translations from the House of Commons.
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Business of Supply
A debate on the government's proposal for a 'Canada Strong' sovereign wealth fund, which the opposition argues is not a real sovereign wealth fund since the government has no budget surplus to fund it with. The Conservatives and Bloc both criticized it heavily as expensive, based on debt not surplus, and likely to distort markets by having government pick winners and losers. The Liberals defended it as far-sighted leadership investing in Canadian growth and potential.
“I want Canadians to be able to invest. The government will help them invest. I bought savings bonds as a kid. I think it worked well. I think people should do the same thing now.”
“The government says the wealth fund is sovereign and independent. But they also say the Prime Minister decides what projects it funds. Those can't both be true. I want the Liberals to explain that clearly and honestly.”
“Don't worry, the wealth fund will be independent! It will get Canadians a good return. I want the government to invest more of your money. There are other countries that have sovereign wealth funds and I think they're a good idea.”
“Which one of the Prime Minister's banker friends will get to run this new pot of money?”
“IMF says Canada has strong fiscal position. We want Canadians to benefit from generational wealth.”
“What is the point of this fund? It's not sovereign, it's financed by debt, it's outside the budget, and it's controlled by the government. It's not accountable to Parliament, but it will invest in risky projects and hope for the best. It sounds good, but it will cost us $25 billion.”
“The government will take our tax dollars. It will not be voluntary.”
“I agree. The government will borrow money to invest in projects that the private sector does not want. The private sector is supposed to invest but instead the government will take taxpayers' money.”
“There is nothing wrong with the government borrowing more money to invest in these projects. Many other countries do it. The Bloc and Conservatives should not oppose this.”
“The Canada Strong fund is not a real sovereign wealth fund. Canada has no surplus to invest. The government is going deeper into debt to create this fund with no clear details. This is just a gimmick to hide $25 billion of debt and make the deficit look smaller.”
“The government should not create a sovereign wealth fund using debt just because other countries have them. That would be like buying a house I can't afford just because my neighbor did it. We cannot afford this fund.”
“The government shouldn't create a sovereign wealth fund with debt just because it wants to look like other countries. I agree with my colleague. This proposed fund is a gimmick with no clear objective. I don't think the government should spend more.”
“I'm agreeing with the Conservatives. The government shouldn't create a sovereign wealth fund with debt just because it wants to look like other countries. This proposed fund is a gimmick with no clear objective. I don't think the government should spend more.”
“What I really want to know is, does this politician agree with me that Canadians don't need or want this expensive new fund?”
“Thanks for the easy question. I'm going to rant about how the government is just copying existing programs for no reason, except their real goal is to hand out cushy jobs to their friends. The government is just adding new programs to look good, not because they're needed.”
“The other parties don't understand what they're talking about. Having a sovereign wealth fund is good leadership; those other things we already have are completely different. I don't know why anyone in Canada would say no to copying what other countries do. Let's spend money to make the economy stronger.”
“He says I don't know the difference between these two giant new spending piles. I say the government is the one who doesn't know! They can't explain what this fund does or how it works, except it has 25 billion dollars to spend on what the Prime Minister's office decides to allow.”
“You say the government can't explain what this new slush fund does or how it works. That's because it lets the Prime Minister reward his friends with taxpayer money! I bet this sovereign wealth fund will be just as corrupt and full of Liberal insiders as the infrastructure bank is. Watch them give money to their pals and donors all over again.”
“This government keeps grabbing powers it shouldn't have. It should be giving people services and getting out of businesses' way. Instead it wants to control everything by picking winners and losers. It wants taxpayers to pay the bills without getting anything back. The government has no business gambling people's money away on risky pet projects. Grandchildren will be paying off this debt for years. I want the government to do less and stop spending so much taxpayer money.”