Ottawa, ON—After nine years of Justin Trudeau, Canadians are still suffering the consequences of his inflationary deficits and taxes that raised the price of everything and brought interest rates to their highest level in decades. Trudeau’s policies first drove inflation to its highest level in 40 years, then they drove interest rates and mortgage payments and now they are driving Canada’s economy into the ground.
Today, the Bank of Canada confirmed the economic damage that Trudeau’s policies have done. Inflation remains above the 2% target with the Bank specifically noting that the high cost of housing is keeping inflation high. The Bank of Canada has also raised significant concerns about the state of Canada’s economy after nine years of Trudeau. They highlight “overall weakness in the economy” and soft economic activity over the summer months. They also note that Canada’s unemployment rate has risen to 6.4% and hiring is weak, meaning unemployed Canadians, and particularly our youth, are facing difficult prospects in finding jobs. This is on top of their prediction of slow wage growth for Canadians across the country.
Trudeau has already caused endless misery for Canadians. Canada has had the worst growth in income per person since the 1930s and millions of people are having to line up outside of food banks just to feed their families. Canada has had the worst housing inflation and among the lowest economic growth in the OECD. Our GDP per capita has fallen to levels not seen in years with five consecutive quarters of negative growth. And now, on top of all this, Trudeau’s policies are set to make things even worse.
Common Sense Conservatives will end Trudeau’s inflationary deficits and taxes that are keeping interest rates high and bring an end to his destructive economic policies that are hurting jobs and wages. Only a Conservative government will axe the tax, cap the spending, fix the budget and bring home lower prices for all Canadians.