Fall Economic Statement Implementation Act
Resuming debate, the Honour member for Aurora Oak Ridge's, Richmond Hill. Um, thank you Madam Speaker, and it's my honour to rise today to speak on the Fall Economic Statement Implementation Act. As the member of Parliament for Aurora Oak Ridge's, Richmond Hill, I know that the people I represent expect at least two things from me.
One is to show compassion and the other is responsibility, and I know by extension it's what they expect of our government. And that's why when I saw the fall economic statement that was presented by our Deputy Prime Minister, minister of Finance, I was so pleased because I think it struck the right balance between compassion and responsibility.
We know that Canadians are going through a tough time right now. You know, global inflation, the, the post covid economy. Um, the supplies change disruptions exacerbated by the war in Ukraine has caused economic challenges for every country around the world, Madam Speaker. And we know that Canadians, among those that are facing challenging times.
And so in the fall economic statement, we have introduced a number of programs to help Canadians who are struggling the most. So, what programs did we introduce and, and how are they? Well, the GST rebate for one, doubling the GST task, tried for six months. The elimination of interest on student loans, the top-up to the Canadian housing benefit of $500 and changing the Canada worker's benefit so that hard-working families, people that are often making minimum wage but want to continue working, get a top up to their earnings.
And those are now going to be paid quarterly in an advanced mad and speaker expanding the healthcare program by including dental care and provide. Funding for children's dental care for families that may not have enough money to pay for it and have to make a choice between dental care or food and clothing.
And lastly, the Canada Early Learning and Childcare Program, a program that. We have managed to reach agreement with, with all 13 provinces and territories. Madame Speaker, a program that the liberal government has worked on for over 50 years and is finally being implemented with the agreement of the provinces and territories.
And this program is going to see parents receive 50% rebates in the province, Ontario, where my constituents live, um, this December. Either rebates to themselves or credits on future payments. And that is real money in the pockets of. That are right now struggling with inflationary, um, pressures, Madame Speaker.
So these are examples of in investing in social infrastructure, and we've heard from across the aisle many comments about spending and how, how we should stop spending, mostly based on the, um, doctrines of Milton Friedman, who the f the previous speaker had mentioned, and for whom, um, you know, the, the current, um, leader of the opposition is a great.
But we know that these failed economic theories of trickle down, um, economics have been disproven many times, Madam Speaker, and that the best way to help Canadians is not to hope that money trickles down from the rich, but that rather to give direct assistance. So these, these programs such as, um, the pro the investment in, uh, childcare, early learning in childcare will increase productivity in the Canadian labour force, not only for women, Madame Speaker, but for parents, both parents that.
Affordable, reliable childcare and the uptake in Ontario is 92%. Madam Speaker, 92% of licensed childcare facilities will be participating in this amazing program. Um, there are so many other things that we are doing, and we know though that we can't continue the wide set support that were provided to Canadians during Covid, the Covid Pandemic.
Madame Speaker because we are facing inflationary. And this is where responsible government comes in. As much as we would like to help every Canadian struggling, Madame Speaker, we know that we have to have targeted measures and be responsible. So, we, their spending has been reduced in this past budget and the fall economic statement.
Um, it has come down significantly from where it was during the Covid, um, year benefit programs, um, programs that will remind the members opposite that they voted for, knowing full well. Under another leader, however, that Canadians needed that support and that it would benefit our economy. Um, we now have, uh, a deficit of 1.3% of our GDP.
We've received the AAA rating from Moody, and we have the lowest, um, debt to GDP ratio of the G seven. In addition, we have increased selected taxes, Madame Speaker, to make sure that everyone pays their fair share. We're not increasing broad-based taxes, as the members opposite, like to. We are only increasing taxes such as the Canada Recovery dividend on banks and insurance companies who have made excess profits during this period.
Madame Speaker. So, we are being responsible, but we're also being responsible, Madame Speaker, in continuing the flight fight against climate change and other important social programs that we have in place. We know that the that climate change is one of the. Existential threats facing not only our country but the planet.
And we are committed to stay the course to follow the program we have put in place to combat this threat. Now, unlike the other side of the house, which has gone back and forth as often as their leader has changed on whether they support the price and pollution or. We actually are following through on what we have told businesses in Canadians we're going to be doing.
This is important mad speaker because the kind of uncertainty that the threat the service make about this program discourages investment in our clean economy and, and works against the ju just transition mad speaker. We know that the cost of doing nothing are far greater than the cost of doing something and we also know and the member's opposite.
No madam. That all the money that is raised from this price on pollution, all the money taken in is returned to Canadians. It is a net neutral program. It is not an additional tax Madden speaker. Um, and I'll just, you know, mention a couple of the costs. I, I talked about the cost of climate change that since 1983, the cost of climate change impacts have ridden risen from 0.4 billion to 1.9 billion annually.
Madam. In addition, the health impacts, the cost of the health impacts that a recent article in the Lant just talked about, the global impact, but the monetize value of global heat related mortality was estimated to be 144 billion in 2021. This is, these are significant impacts that can't be overlooked. Um, the responsible thing to do is to keep on a steady path to fight climate change.
Madden speaker, and we're doing. We're also, um, investing in our economy in businesses and ensuring that we are putting in the incentives to attract investment in Canada. We know that the recent, um, changes under the Inflation reduction Act in the United States has brought about some challenging, um, programs that we had to respond to.
And so the tax credit under the Clean Tech program, The tax credit under the Clean, the Green Hydrogen Program, Madame Speaker, are put in place to try and keep Canada competitive with the United States in this. But we need to be responsible and we have to be sure that we are not putting out irresponsible messages.
Madame Speaker, and, and on this point, I'd like to say that the disinformation, the misinformation that is being spread with half truths and with, you know, cute phrases and, and slogans, um, is really increasing fear and anxiety in. I mean, just now, Madame Speaker, the leader of the opposition, mentioned that everything in Canada is broken.
Well, I don't agree Madame Speaker things in Canada are actually going fairly well. We have challenges we have to get through, and we know it. There are real challenges due to these global inflationary pressures due to the post covid pandemic and due to the supply chain disruptions that we've experienced.
But those, those challenges. Are experienced worldwide and we are taking these responsible targeted meshes to help those who need the help most. This is the responsible thing to do. Madam Speaker, what is irresponsible is quoting partial pieces of oft Malin or, um, Carrie Carney's rather sorry, Carney's statements.
Um, and just using little quotes and and pieces or saying that things are happening that aren't. You realize that the price on pollution has not increased since April of last year. It can't be the cause of these inflationary pressures, Madame Speaker, and it's not due to increase again until April of next year.
So how is it counting for the inflation that's happening right now? There are many countries around the world that do not have a price on pollution, and they are expiring greater inflation than we are. So we, we are responsible for taking care of Canadians for addressing the challenges that Canadians are facing due to this, I.
And we are taking that res responsibility seriously. Madame Speaker with compassion. But let me end by saying that we have to also let Canadians know that our economy is strong. Not only were our results during the Covid 19 pandemic strong in terms of our health results, but also in terms of our economy.
Mad Speaker, we have five, over 500,000 more new jobs now than we had before. The. , our economy had the largest growth of any in the G seven as we've heard. Our deficits are the lowest and the only thing that's tripled is our TRE triple credit, a rating. So, Madame Speaker, we are in a good position. We are facing challenges and our government recognizes that in this taking action to address that.
But we should not be increasing Canadian's. We should focus rather on sharing the values of compassion and responsibility and all coming together and working together to make this an even better.