Calgary, AB - Candidate for Prime Minister Pierre Poilievre issued the following statement on the Bank of Canada’s rate hike:
“Today, the Bank of Canada hiked the interest rate by 0.5%, an oversized hike we haven’t seen since May, 2000. There is only one reason for this hike: JustinFlation. Trudeau’s big spending, deficits and taxes have driven up inflation which in turn is now driving up interest rates. His latest budget committed to over $50 billion in new spending, after the government already printed $400 billion, driving inflation up to 5.7%- the worst since August 1991.
Grown adults live in their parents’ basements because they are among the 9 in 10 aspiring home buyers who have given up on finding a home. Food inflation forces single moms to skip meals, so their kids don’t have to, 4 in 5 families cut back on groceries and carbon taxes inflate heat and gas bills on fixed-income seniors. Now, the interest rate hikes caused by this reckless spending will force families and businesses into debt, putting many at risk of bankruptcy. The hike will add $6 billion in additional annual debt interest costs to taxpayers. Homeowners, already struggling to pay the mortgages on their overpriced homes, will see a typical variable-rate mortgage payment increase by about $4000 a year.
I would reverse JustinFlation with common sense policy, including: axing the carbon tax, phasing out inflationary deficits by ending wasteful spending and canceling new promises and removing the gatekeepers to make more of what cash buys - energy, food and housing”.
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