MEDIA RELEASE: Canadians are racking up household debt while Liberals protect corporate profits

In response to a recent Statistics Canada report on household debt in Canada, NDP Finance Critic Daniel Blaikie issued the following statement

“This holiday season, Canadians’ budgets are stretched thin as the cost-of-living climbs. A new Statistics Canada report shows that Canadians are having to go deeper into debt in order to pay for necessities like food, home heating and gas for their cars. The report tells us that Canadian households now owe $1.83 for every dollar of disposable income they have. Canadian workers feel like they’re doing everything right but they just can’t get ahead financially.

While Canadians are increasingly relying on their credit cards to make ends meet, CEOs and big corporations continue to rake in massive profits.

The Liberals are making matters worse as they choose to protect corporate profits at the expense of Canadian families already scrambling to get by. With many economists predicting a self-inflicted recession ahead – many Canadians are at the risk of losing their shirts if the Liberals don’t tackle the cost-of-living crisis. Instead of taking action to help families cope with high costs, the Liberals are watching as the Bank of Canada increases the interest rate which makes things harder for those who are already struggling. A higher interest rate means higher mortgage payments and credit card bills for Canadians in a tough financial place.

Jagmeet Singh and the New Democrats are coming up with real solutions that will actually give you and your family real relief.

We have been asking the Liberals to implement a windfall tax to make CEOs pay what they owe. This will allow the government to invest for help for Canadian families who desperately need it now, with measures like removing the GST from home heating. And we will continue to push the Liberals to go after corporate greed that is driving up the cost of groceries for families.

New Democrats are fighting for you and your family, not for ultra-rich and powerful CEOs profiting off the inflation crisis this holiday season.”

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