“That's right, the Canada Strong fund is a gimmick. You have economic expertise. Can you help me understand the real difference between Norway's sovereign wealth fund and this Liberal version?”
What they said. What they meant.
Plain-language translations from the House of Commons.
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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.
“The so-called 'sovereign wealth fund' will fund projects chosen by an office under the Prime Minister. They say it's independent, but the Prime Minister picks the projects. It's not really independent.”
“You say this new government fund will make money for everyone, but it is based on debt not savings. I want you to say how much debt it will add, and how much that new debt will cost taxpayers each year.”
“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.”
“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.”
“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.”
“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.”
“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.”
“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.”
“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.”
“I'm criticizing you. It's not for any other reason. I just don't like your idea. Your proposal says it's like other funds in other countries. But it's not. None of those funds borrow money and pay interest. And the projects will be selected by the Prime Minister, not independently. So it's not like Norway's fund, or Saudi Arabia's fund, or Singapore's fund at all. Explain that to them.”
“The Liberals and Conservatives are fighting about who can build more pipelines. They don't care about climate change. Government is going to make climate change worse and make Quebec pay for it.”
“You're wrong. This isn't like Norway's fund at all. Stop comparing them. Answer my question - if you call something what it isn't, will people believe you?”
“When you agree with the Conservatives, the government should listen. The government's Canada Strong fund is supposed to be a sovereign wealth fund. But the Prime Minister will choose the investments. That's not independent.”
“I am talking a lot but not making a clear point. I want the government to spend money on something new.”