Hon. Andrew Cardozo: Honourable senators, I was hoping I would not be called upon after Senator Woo, but here we are.
As we end the fall sitting of Parliament, it is time to highlight a few issues. We live in turbulent times in Parliament, in Canada, in North America and around the world. There is a mix of dynamics in the economy and society. Inflation is down from a high of 8.1% two years ago to 2% today. Our debt-to-GDP ratio is around 20%, the lowest in the G7 countries. The deficit for the previous fiscal year was set at a high of $62 billion, as announced in the Fall Economic Statement yesterday, while it is expected to be $48 billion in the current fiscal year. Our projected growth is 2.25%, the highest among the G7 countries. The immigration system, I hope, is moving from out of control to under control.
The Bank of Canada rate was just further reduced to 3.25% last week — a recognition that the fundamentals of our economy are sound. However, the cost of living remains high for too many Canadians. Prices have not come down, while wages have kept pace. Urban crime appears to be on the rise. The unemployment rate has been creeping up in recent months, and it now sits at 6.8%.
While the climate crisis is growing, not enough consensus exists either in Canada or worldwide. The pushback on equality is growing, with worrying backlash against DEI and ESG. I don’t have time to spell out those acronyms, but please look them up.
The most recent threat comes from our neighbours to the south. We worked with President Trump in his first term, and there is no reason to believe that we will not rise to the challenge this time.
My last thought is that senators should get ready to get out and meet our federal and state counterparts in the United States as much as we can in the four years ahead. Team Canada needs us. There will be many challenges ahead, so let’s get ready. As my late mother would say to me, “Pull up your socks, stand up straight and speak clearly.”
Dear colleagues, I wish you all a happy Christmas, Hanukkah, Kwanzaa and new year. Thank you.