Official Hansard
Mr. Speaker, I will be splitting my time with the member for Calgary Centre. I rise today because Canadians deserve a government that lives in the real economy, not in Liberal talking points. The facts are now impossible to deny: Canada has entered a recession. Canada’s economy has contracted in two consecutive quarters. It has shrunk in three of the last four quarters. Business investment has fallen for a fifth straight quarter, and household savings have fallen to their lowest level in years. Business and capital investment has also fallen by 0.7%. However, on Friday, a Liberal stood in the House and said, not once but twice, “let us be clear: Canada is not in a recession.” That is not economic leadership. That is economic denial. Canadians do not need another lecture from the Liberals about projections, models, forecasts or fine words. They need reality. They see reality every time they open their credit card bills. They see it every time they go to the grocery store. They see it every time they check their savings accounts, and they see it every time their paycheques run out. The Liberal Prime Minister likes to remind Canadians that he is an economist. He likes to quote projections. He likes to hold signing ceremonies. He likes the language of global summits, high finance, transition plans, industrial strategies and bureaucratic frameworks, but Canadians live in reality, and the reality is this: The Liberal Prime Minister is the only one in the G7 who has taken his economy into recession. Every other G7 country is facing tariffs. Every other G7 country is facing global uncertainty. Every other G7 country is operating in the same world economy, but only Canada, under the Liberal Prime Minister, is in recession. That means this is not simply a global recession due to global factors. It is not simply a tariff recession. It is not simply an outside shock. This is a homegrown made-by-Liberals recession. Let us start with a simple economics lesson. Growth comes from work, investment, productivity, innovation and capital formation. A country becomes richer when workers become more productive, when businesses invest in machinery and technology, when entrepreneurs take risks, when capital stays in or is attracted to the country, and when government policy rewards production and innovation instead of punishing it. Over the last 11 years, the Liberals have done the opposite. They increased the industrial carbon tax. They layered on antidevelopment laws. They buried our resource sector in red tape. They chased away investment, domestically and abroad. They created new Liberal bureaucracies staffed by Liberal insiders, new Liberal slush funds that benefited Liberal friends, new bloated programs and new political photo ops. They even doubled Justin Trudeau’s deficit and told Canadians it was all an investment. In capital markets, there is a simple rule: Capital goes where it is welcome and stays where it is rewarded. Under these Liberals, capital is not being rewarded in Canada. It is being regulated, taxed, delayed, blocked and politicized. That is why business investment is falling. That is why major projects cannot get built. That is why Canadian productivity is weak. That is why dollars that should be building Canadian mines, energy projects, factories, homes, ports, pipelines and technology are leaving the country. Since the Liberal Prime Minister took office, $109.3 billion in investment has left Canada, while only $88.4 billion has returned. That is a net loss of $20 billion. That is not a rounding error. That is lost opportunity, lost jobs, lost paycheques, lost productivity and lost national leverage. Canadian households now carry the highest debt in the G7, the least affordable housing in the G7, the highest food inflation in the G7, the lowest investment per worker in the G7, the second-lowest productivity in the G7 and the second-highest unemployment in the G7, and now Canadians are paying the price for this Liberal failure. Canada has lost 112,300 jobs in just three months. There are 45,800 more Canadians who are jobless now than when the Liberal Prime Minister took office a year ago. There are now three unemployed Canadians for every job vacancy. The promise of a better future is being replaced by the fear of falling behind. That is what happens when governments forget the basic lessons of economics. When we tax production and innovation, we get less production and innovation. When we punish investment and capital, we get less investment and capital. When we make it harder to build, fewer things get built. When government consumes more of the economy, families and businesses are left with a smaller part of the pie. That is not complicated; it is basic economics, but after 11 years of Liberal economic policies, Canada has become a case study in how a rich country can make itself poor. The Liberals inherited one of the world’s most resource-rich, highly educated and stable democratic economies. They inherited a country rich with energy, minerals, farmland, ports, universities, entrepreneurs and workers who want nothing more than to build a good life. They spent 11 years vandalizing this country by making it harder to work, harder to build, harder to invest, harder to hire, harder to buy a home and harder to feed a family, and now the consequences of this Liberal economic vandalism are being felt everywhere. Food Banks Canada’s 2026 poverty report card found that one in four Canadians is experiencing food insecurity and that food bank usage has more than doubled since 2019; one in 10 of greater Toronto area residents now relies on food banks. In 2025, food banks in the GTA saw a record 4.1 million visits, which is up 340% since 2019. Food bank visits have doubled since 2020. One person in five now visiting a food banks is employed, so a job is no longer enough to guarantee stability. That is an indictment of the Liberal government’s economic vandalism. That is what this homegrown made-by-Liberals recession looks like. It looks like empty fridges, empty grocery baskets and empty bank accounts. It looks like parents skipping meals so children can eat. It looks like workers doing everything right, but still falling behind. The Liberal Prime Minister and his state-sponsored Liberal media machine may call it technical, but there is nothing technical about a quarter of Canadians being unable to adequately feed themselves. There is nothing technical about a young family paying double the rent they would have paid a decade ago. In 2015, rent for a one-bedroom unit in major Canadian cities was about $970 a month. Today, it is about $1,850. That is not a technicality. That is a generation locked out of independence. There is nothing technical about housing costs. In November 2015, the typical housing cost in Canada was $435,000. Today, it costs $659,000, so it is up 51%. In 2015, it took 39% of median pre-tax household income to own a home. Today, it takes 52.4%, and that does not even account for housing units having smaller square footage today than they did in the past. Every leading economic indicator is flashing. That is not prosperity. That is a decline managed by Liberal press releases. In public finance, Liberal deficits matter because they have consequences. A deficit is tomorrow’s tax bill with interest. It is a claim on future wages due to higher inflation. It is a transfer from young Canadians, working families and seniors to fund today’s Liberal ideological vanity projects. The Liberal Prime Minister is expected to increase our federal debt to nearly $1.63 trillion by 2031. That is $1 trillion more than when the Liberals took power. Canadians are expected to pay $58.3 billion per year just to service the interest on that debt, which is more than what the Liberals collect on the GST and what the federal government pays provinces for health care. While Canadians were tightening their belts, the Liberal government was loosening its own. While families were cutting back, the Liberals were spending more. While small businesses were watching every dollar, the Liberals were expanding government and bureaucracy. The Liberals wonder why inflation became embedded, why affordability collapsed and why household balance sheets are breaking. Canada now has the highest household debt-to-disposable income ratio in the G7. That is according to Statistics Canada. That means Canadian families are more exposed, more leveraged and more vulnerable when interest rates rise, when household costs increase or when their jobs disappear. Equifax has reported severe stress in household credit. More than 1.5 million Canadians missed a credit payment in the fourth quarter of 2025. Mortgage delinquencies are up 32%. Consumer insolvencies are up 19%. The financial stability is gone for too many households. This is where economics and finance meet real life. When Liberal governments run inflation deficits, it pushes costs into the economy. When inflation rises, interest rates rise. When interest rates rise, households get squeezed. When households get squeezed, consumer spending slows. When consumer spending slows, businesses need to pull back net new investment. When businesses pull back, jobs disappear and productivity tanks. That is how a homegrown Liberal recession is made. It is the chain reaction of disastrous Liberal policies. The Liberals taxed energy and made everything that is moved by truck, train, ship and tractor more expensive. They blocked development and weakened the investment case for Canada. They ran deficits that fed inflation. They created uncertainty with endless rules, reviews, delays and political favouritism. They expanded bureaucracy instead of productivity. Then when the bill came due, the Liberals blamed global factors, but the world did not pass Liberal antidevelopment laws in Canada. The world did not impose Liberal carbon taxes on Canadians. The world did not double Justin Trudeau’s Liberal deficit. The world did not create Liberal slush funds for connected Liberal insiders. The world did not chase away Canadian investment. The world did not tell the Liberal government to put politics ahead of everyday Canadians. The Liberals here in Canada did all of that. Liberal excuses do not create growth. Liberal speeches do not create growth. Liberal signing ceremonies do not create growth. Liberal Party slogans do not create growth. Growth comes from workers, builders, farmers, miners, manufacturers, entrepreneurs, innovators and families that are allowed to keep more of what they earn and build more of what this country needs. That is why Conservatives are calling on the Liberal Prime Minister to reverse the policies that created this homegrown made-by-Liberals recession. That means ending inflationary spending and Liberal credit card deficits, repealing Liberal antidevelopment laws, scrapping uncompetitive Liberal red tape and stopping the creation of new Liberal bureaucracies and slush funds for Liberal insiders. We need to get projects built, bring investment home, reward work, restore productivity and put money back in the pockets of Canadians. Canada does not need managed decline. Canada does not need another Liberal lecture. Canada does not need another glossy strategy document written by Liberal consultants and announced at a podium. Canada needs a government that understands the economy is not built in Ottawa boardrooms. It is built by Canadians who get up every morning, go to work, take risks, pay taxes, raise families and keep this country moving. They have done their part. Now it is time for the government to let Canadians build again, let Canadians work again, let Canadians invest again and let Canadians hope again. That is how we reverse this Liberal recession.
