Business of Supply

A Conservative opposition day motion calling on the government to cancel a proposed $25-billion sovereign wealth fund, arguing that real wealth funds are built on surpluses and resource revenues while Canada runs deficits, so the money would have to be borrowed, driving up debt costs and benefiting favoured corporations. Conservatives said the government should instead cut taxes and red tape to encourage private investment, and questioned who would run the fund. Bloc Québécois members agreed the fund is not a true sovereign wealth fund because it would be debt-financed and lacked details. Liberals defended the fund as a way to invest in a stronger economy, noting other countries have such funds and that it could benefit all regions. Some time was also taken up with a procedural notice dividing Conservative speaking slots and exchanges about pipelines.Written by AI from the debate. Updated .

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27 statements

Kevin Lamoureux, Parliamentary Secretary to the Leader of the Government in the House of Commons

Liberal
“I trust the Major Projects Office to make good decisions. The sovereign wealth fund can help all regions of Canada, not just pipelines. I want the NDP to support it.”
  • Reply to a debate question

    Relevance 43 of 100

    None of this reply addressed the specific point raised or the topic under debate.

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Official Hansard

Mr. Speaker, I have full confidence in the Major Projects Office being able to make recommendations and decisions on projects. The sovereign wealth fund has potential. The member referred to pipelines. It goes far beyond those types of projects. I am hopeful that we will see funds ultimately flow to all the different regions of the country, recognizing that all regions have a great deal to contribute to the wealth and future of Canada, as they do. I would encourage the NDP to support it. I am not too sure what the New Democrats’ position is on it, but I hope they will support it.

Anthony Housefather, Parliamentary Secretary to the Minister of Emergency Management and Community Resilience

Liberal
“Canada compares well to other G7 countries on many measures. The opposition ignores these numbers when they are good, but uses them when they are bad. I want the member to explain this contradiction.”
  • Question or comment in debate

    Relevance 46 of 100

    None of this question addressed the preceding speech or the topic under debate.

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Official Hansard

Mr. Speaker, I thank my hon. colleague for his passionate 20-minute speech. I— An hon. member: Oh, oh! Anthony Housefather: I also thank the member for Lakeland for having the best laugh in the House. Mr. Speaker, it is funny that there are so many statistics related to Canada’s performance within the G7 that are so favourable to Canada, and yet some in the opposition basically say, “Well, it doesn’t matter. We’re only comparing ourselves to ourselves, so what does it matter what the debt ratio is in France or in England?” Then with other statistics that they say are negative, they spout the same G7 statistics. Does the member find that to be a contradiction?

Kevin Lamoureux, Parliamentary Secretary to the Leader of the Government in the House of Commons

Liberal
“Compared to other wealthy countries, Canada usually ranks in the top two or three for overall performance. I am happy with how our country is doing compared to the rest of the world.”
Official Hansard

Mr. Speaker, many years ago, I took a course dealing with stats and how stats could ultimately be twisted and so forth. The bottom line is, I believe if we do a relative comparison between Canada and the G20 countries or the G7 countries, more often than not, we will find Canada in the top three and often the top two in terms of overall performance. I am very comfortable with where we are compared to other nations, in particular within the G20.

Kevin Lamoureux, Parliamentary Secretary to the Leader of the Government in the House of Commons

Liberal
“The member is spreading false information to make people think Canada is broken and a failure. No one believes him. Canada is still the best country in the world.”
  • Reply to a debate question

    Relevance 92 of 100

    Of this reply, 93% addressed the question or point raised.

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Official Hansard

Mr. Speaker, the member is trying to sell the Canadian public literally false information to try to give the impression that Canada is broken and that everything is an absolute failure. No one believes him. At the end of the day, I would ultimately argue, as I have in the past, that Canada is, and will continue to be, the best country—

Kevin Lamoureux, Parliamentary Secretary to the Leader of the Government in the House of Commons

Liberal
“I want the House to support Canada's new national wealth fund. Other countries have them. This fund will bring in investments, create thousands of jobs, and help our economy grow.”
Official Hansard

Mr. Speaker, I think Canadians as a whole are very smart. They understand that there are dozens of other countries around the world that have some form of sovereign wealth fund. The Canada Strong fund that is being created as a national sovereign wealth fund here in Canada is a positive thing. I can understand the Bloc does not want to see it. I am disappointed that the Conservatives are opposing it, but at the end of the day, this fund will generate significant investments. It will provide thousands of jobs, I would ultimately argue, into the future. It will provide an economic boost. It will provide improvements in the overall GDP. I believe we should be supporting it.

Kevin Lamoureux, Parliamentary Secretary to the Leader of the Government in the House of Commons

Liberal
“Conservatives always say the government should just get out of the way. I want to know if they believe the government should ever do anything to support the economy, like funding big projects.”
  • Question or comment in debate

    Signal 26 of 100

    Much of this statement went to praise, blame, greetings, routine procedure or general stories rather than reasons, requests or specific points.

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Official Hansard

Mr. Speaker, I have had the opportunity to ask a couple of questions already today. There is a theme coming out of the Conservative Party. I recognize that and it is a very simple one, which is just to get out of the way. It is something that the Conservatives have said, not only in regard to this policy but in regard to a litany of virtually all policies that the Conservative Party seems to want to favour. Do members of today’s new Conservative Party believe there are circumstances and actions that the government can take that would support the economy, that would involve things such as sovereign wealth funds or an infrastructure bank? Does she have any— The Assistant Deputy Speaker (John Nater): The hon. member for Thornhill.

Arielle Kayabaga, London West

Liberal
“The Conservatives oppose everything that helps Canadians and grows the economy unless it is their idea. Why do they keep voting against things that help our country?”
  • Question or comment in debate

    Signal 16 of 100

    Much of this statement went to praise, blame, greetings, routine procedure or general stories rather than reasons, requests or specific points.

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Official Hansard

Mr. Speaker, I have been listening to the Conservatives’ position on anything that supports Canadians moving forward and Canadians having opportunities to grow our wealth and to grow our economy. Unless it is their idea, they are against it. Listening to them talk, it is almost like they are against Canada. They are talking about unlocking opportunities for Canadians, yet they constantly vote against Canadians. Can my hon. colleague tell me why they continue to vote against Canada?

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