The Leader of Canada’s NDP, Jagmeet Singh, released the following statement in response to the newest interest rate hike by the Bank of Canada
MEDIA RELEASE: A seventh interest rate hike is more bad news for Canadian families
“Today’s newest interest rate hike will continue to be devastating for Canadian families whose budgets are already stretched thin. The cost of living is already making everything harder for families and the increased interest rate will make things worse.
A report yesterday showed credit card use was up 7% from last year: people are being forced to use their credit cards and increase their household debt just to make ends meet.
Many economists, and even the Liberal government, are warning families that we are heading towards a self-inflicted recession if things don't change. As a result, hundreds of thousands of Canadians are at risk of losing their jobs if the Liberals don't tackle the rising cost of living head-on.
And while families are reevaluating their monthly budgets, the most profitable industries in Canada, including big grocery chains, are making massive profits off of Canadians without having to pay what they owe.
While the Liberals let rich CEOs off the hook, Canadians continue to carry the heavy burden of paying more for their groceries and basic necessities.
New Democrats will continue to push the government to follow other countries in implementing a windfall tax on massive profits. Canadians deserve to see the Liberal government act to lower the cost of living, and help them make ends meet.”