Poilievre says government costs behind inflation as central bank raises interest rates

Conservative Party leader Pierre Polivre said government costs are pushing up Canadians’ cost of living after the Bank of Canada announced another rate hike today, raising the key rate to 4.5%. .

“It’s a surprise. That’s why the government hit Canadians today by raising interest rates after Prime Minister Trudeau and his government promised to keep them low for a long time,” Polivre said. . Press conference January 25th.

“They said interest rates would stay low, so Canadians were left with hundreds of thousands of dollars in debt.

Interest Rate Rise as of January 25 8th increase That’s an increase of 425 basis points, or more than 16x from a year ago, compared to 0.25% in January 2022.

“Government costs are driving up the cost of living. The $5 trillion Trudeau deficit is driving up the goods we buy and the interest rates we pay,” said Polivre, noting that the Trudeau administration has so far It added more debt than all of Canada’s prime ministers combined.

Ah July 2022 survey The Trudeau administration has increased per capita debt by 35.3% since taking office in 2015, the third highest since World War II, according to the Fraser Institute. Under the Liberal government, federal debt per Canadian increased from $34,791 to $47,070, the study says.

‘We have more to do’

At a press conference on Jan. 25, Prime Minister Trudeau touted his government’s support for Canadians amid a cost of living crisis, including doubling the GST tax credit for some Canadians. He also pointed to a dental care program for children under the age of 12 that was part of a deal agreed by the Liberals in exchange for support from the NDP.

Prime Minister Trudeau also touted Canada’s strong economy, which boasts a historically low unemployment rate and record female participation.

“All of this is keeping our economy and middle class strong and empowering more people than ever before. We know there is more,” he said.

Andrew Chen

Andrew Chen is a reporter for the Epoch Times based in Toronto.