Canada's Original Think Tank





Published on 5 February 2015
Hansard and Statements by Senator Céline Hervieux-Payette (retired)

Hon. Céline Hervieux-Payette:

My question is for the Leader of the Government in the Senate. Since there has been no official announcement telling us that the government is planning to change its economic policy on Canadians’ debt levels, I would like to remind my colleague of a study that was recently completed and published by the McKinsey Global Institute. The institute looked at 47 countries and examined the weaknesses of countries whose financial instability could become extremely serious. Some of those countries are Holland, South Korea, Sweden, Australia, Malaysia and Thailand. Canada is part of the club too.

The study points out that Canada’s GDP has decreased and its unemployment rate has increased. Furthermore, the report indicates that Canadian household debt reached 162.6 per cent of disposable income in the third quarter of last year. I would therefore like to remind you — as we have already asked this of you — that it is imperative that your government create a working group to consult the provinces and sit down with financial experts to study this extremely important matter that threatens Canada.

In your opinion, does this government intend to find solutions to address all of this?


Please click here to read the full text of the Senator’s question


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